Introduction Filing your Income Tax Return (ITR) is an essential responsibility that every taxpayer must fulfill. With the deadline of 31st July 2023 fast approaching, you have only 37 days left to complete this crucial task. Filing your ITR not only ensures compliance with the law but also offers various benefits, such as claiming tax …
Continue reading “Only 37 Days Left to File Your ITR: Don’t Miss the Deadline!”
The Income Tax Return (ITR) filing session is underway, and employees have begun receiving Form 16 Part A and Part B from their employers. This document plays a crucial role in the income tax filing process as it provides essential details required for accurately reporting income and taxes paid. It is essential for employees to …
Continue reading “ITR Filing Season Begins: Employees Receive Form 16 Part A and Part B”
Filing income tax returns (ITR) is an important responsibility for salaried individuals. It helps ensure compliance with tax laws and enables individuals to claim deductions and exemptions, thereby minimizing their tax liability. However, filing ITR can be a complex process, and it’s crucial to take certain precautions to avoid errors or potential legal issues. Here …
Continue reading “Precautions for Salaried Individuals While Filing Income Tax Returns”
Introduction Filing income tax returns (ITR) is a crucial responsibility for individuals generating rental income. Rental income is considered taxable under the Income Tax Act of most countries, including India. Whether you are a landlord renting out a residential or commercial property, understanding the tax implications and the process of filing ITR is essential to …
Continue reading “Filing ITR for Rental Income: Everything You Need to Know About Filing ITR”
Filing an income tax return (ITR) is a legal requirement in many countries, including India, where it is mandatory for individuals and entities with taxable income to file their returns. If you have income from house property, it is crucial to file your ITR to fulfill your tax obligations and avoid potential penalties and legal …
Continue reading “Filing Income Tax Returns for House Property Income Importance”
In the case of Geeta P. Kamat v. PCIT, the petitioner, who served as a director in a company, received a show cause notice demanding the recovery of tax dues on behalf of the company. The petitioner argued that she should not be held liable since there was no evidence of gross negligence, malfeasance, or …
Introduction Taxation for Non-Resident Individuals (NRIs) in India involves specific considerations based on their residential status and the income they generate. In the assessment year 2023-24, NRIs have the option to choose between the old tax regime and the new tax regime, which offers reduced tax rates under Section 115BAC of the Income Tax Act. …
Introduction: Income Tax Return (ITR) is a crucial financial obligation that individuals must fulfill in many countries, including India. Non-Resident Indians (NRIs), despite living abroad, are also required to comply with the income tax regulations of their home country. Filing ITR as an NRI is not only a legal requirement but also holds several benefits …
Filing income tax returns is an essential obligation for individuals, ensuring compliance with the tax laws of a country. In India, the Income Tax Department has designed various forms to cater to the diverse income profiles of taxpayers. One such form is ITR-1, which is specifically tailored for resident individuals with relatively straightforward income sources …
Certain individuals are not eligible to file their Income Tax Return-1 (ITR-1) for the Assessment Year 2023-24. Understanding who falls under this category is essential for taxpayers to ensure they file their returns correctly and in compliance with the Income Tax Act. Here are the individuals who are ineligible to file ITR-1, along with the …
