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 …
Who can file ITR-1 for AY 2022-23? The ITR-1 form is applicable for filing income tax returns by Resident Individuals who meet the following criteria: Who cannot file ITR-1 for AY 2022-23? The following individuals are not eligible to file ITR-1: Types of Income not included in ITR-1: The following types of income are not …
The Ahmedabad Income Tax Appellate Tribunal (ITAT) has upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] confirming the addition under Section 68 of the Income Tax Act. The addition was made by the Revenue in relation to the long-term capital gains (LTCG) from the sale of penny stocks. The ITAT relied on …
Introduction Filing an Income Tax Return (ITR) is an annual requirement for salaried employees in India. It is a legal obligation to report income and pay taxes accordingly. The Indian government provides various types of ITR forms, each catering to different taxpayer categories. This article focuses on ITR-1, specifically designed for salaried individuals. By understanding …
Introduction Income Tax Return (ITR) filing season is an annual ritual that salaried employees in India must go through. It is a legal requirement to report your income and pay taxes accordingly. The Indian government provides several types of ITR forms, each catering to different taxpayer categories. In this article, we will focus on ITR-1, …
The due date for filing Income Tax Returns (ITR) for Assessment Year (AY) 2023-24 depends on the category of taxpayer and certain conditions. Here’s an overview of the ITR filing due dates for AY 2023-24, summarized in 1432 words: It’s important to note that the government may announce changes or extensions to the due dates …
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IT professionals can claim various expenses in their Income Tax Return (ITR) based on the nature of their work and applicable tax laws. Some common expenses that IT professionals may claim include: Remember, the eligibility and specific rules for claiming these expenses can vary based on your country’s tax laws and regulations. It’s advisable to …
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