The Income Tax Department has recently enabled the filing of ITR-1, ITR-2, ITR-4, and ITR-6 for Assessment Year (AY) 2024-25 through both offline and online modes on the e-filing portal. Additionally, Excel utilities for ITR-1, ITR-2, and ITR-4 for AY 2024-25 can be accessed under the ‘Downloads’ section on the e-filing portal. Let’s go deeper …
Continue reading “Understand ITR Forms 1,2,4,6 for AY 2024-25: A Comprehensive Guide”
As a seller when you are selling property, it’s crucial to inform the buyer about your residential status, whether you’re a resident or non-resident of India. If you’re a resident, the buyer will deduct TDS at a rate of 1% on the sale consideration when it is up to Rs 50 lakhs. The buyer deposits …
Under Indian income tax law, any individual earning an income exceeding the basic threshold of Rs 250,000 is required to file an income tax return for the Assessment Year (AY) 2024-25. This applies to both resident taxpayers and non-resident Indians (NRIs).NRIs are also subject to the basic threshold of Rs 250,000. Therefore, an NRI earning …
Continue reading “Reasons why ITR filing becomes mandatory for NRIs”
NRI (Non-Resident Indians) are receiving notices from the income tax department under section 148 of the Income Tax Act, and their assessments are being made under section 147 of the act. Lately, by March 31st, income tax officers have issued several orders under section 147 or draft orders under section 144C. These orders either reject …
Continue reading “Income Tax Notices to NRIs for cryptocurrencies and other data mismatch”
Dear taxpayers! We’ve got some exciting news hot off the press from the Central Board of Direct Taxes (CBDT), under the Government of India’s Ministry of Finance. Starting April 1st, 2024, the CBDT has made it super easy for you to file your Income Tax Returns (ITRs) for the Assessment Year 2024-25, which corresponds to …
Continue reading “CBDT Enables Easy Income Tax Filing for A.Y. 2024-25!”
If you’ve been keeping an eye on recent news about the Income Tax Department’s actions regarding House Rent Allowance (HRA) claims, we’ve got some clarity for you straight from the Central Board of Direct Taxes (CBDT). In a recent press release dated 8th April 2024, the CBDT addressed concerns raised by certain media reports and …
News has circulated that the income tax department is cracking down on thousands of taxpayers who have falsely claimed House Rent Allowance (HRA) deductions on their income tax returns. In a recent case, it was found that some employees had been using the PAN number of another person, to claim HRA deductions. However, investigations revealed …
Continue reading “Claiming the Fake deduction of HRA could result in Interests and Penalties”
Facts of the case: The taxpayer filed their income return on August 27, 2015, declaring a total income of ₹5,93,520/-. Following this, the case underwent limited scrutiny assessment, and a notice under section 143(2) of the Act was issued and served to the taxpayer. During the assessment, the Assessing Officer (AO) noted that the taxpayer, …
Continue reading “Stamp Duty value applies on the date of agreement not on the date of Sale Deed”
Selling property can be quite challenging, whether you’re an NRI or a resident of India. As an NRI, the first step is finding a buyer who truly appreciates your property. Once you’ve found the right buyer, negotiations begin and the final terms are settled. After finalizing the deal, the buyer is responsible for deducting TDS …
The final installment of advance tax for the year is approaching, due on March 15, 2024. As a taxpayer, you’re required to pay advance tax on all your income sources, including capital gains from selling shares, mutual funds, interest earned on fixed deposits, and savings accounts. According to Section 208 of the Income Tax Act, …
