Not liable to pay tax? Submit form 15G/15H to avoid TDS
April 11, 2023 16:13 ISTITR Filing: If your income is below the exemption limit, send in Forms 15G or 15H right away to avoid the TDS on your investments.
ITR Filing: If your income is below the exemption limit, send in Forms 15G or 15H right away to avoid the TDS on your investments.
The Income Tax department on Tuesday informed that the date for linking PAN and Aadhaar has been extended to June 30, 2023.
New Income Tax Regime, IT Calculator: Tax department has stated that a dedicated tax calculator is available on the website of Income tax to compare the old and new tax regimes for individuals and for everyone as per Section 115 BAC.
This year, the CBDT has released tax return forms for the Fiscal Year 2022-23 well in advance. The change will assist taxpayers in being well-prepared for reporting requirements on tax return forms.
Sikkim, a small state in northeastern India, is exempted from paying income tax under its own tax laws, which were established in 1948, making it unique in the country.
Saving in insurance should not be limited to saving taxes, but consumers should understand that insurance is a safety net that can protect them in planned and unplanned circumstances
If a resident's annual total income exceeds the basic exemption limit, an ITR must be filed in accordance with income tax laws.
While Aadhaar is issued by the Unique Identification Authority of India to a resident of India, PAN is a 10-digit alphanumeric number allotted by the IT Department to a person, firm or entity.
While initially income tax return (ITR) filing was slow, the pace picked up as the deadline neared.
Income Tax Return deadline: Not just a late fee, but the missing deadline will also have some other financial consequences. Apart from the late fee charges missing deadlines have several other implications. If you miss the deadline you will be required to pay interest on the late payment of taxes.
Infosys has confirmed the glitch on the e-filing portal and assured resolving the issue on priority.
Reflecting buoyancy in economy and the impact of anti-tax evasion measures, direct tax collection rose by a record 49 per cent to Rs 14.10 lakh crore, while indirect taxes posted a growth of 20 per cent to Rs 12.90 lakh crore.
The government on Friday said there is no proposal to extend the deadline for filing income tax returns beyond its current deadline of December 31.
The Income Tax department also said that refunds of Rs 33,548 crore have been issued in 89,53,923 cases and corporate tax refunds of Rs 78,942 crore have been issued in 1,75,692 cases.
The new income tax e-filing portal developed by Infosys was launched on June 7 in a bid to ease the tax filing process and expedite the refund issue. However, taxpayers have been facing several problems in using the portal since its inception.
In a tweet, Income Tax India on Sunday wrote, "Ministry of Finance has summoned Salil Parekh, MD & CEO @Infosys on 23/08/2021 to explain to Finance Minister Nirmala Sitharaman as to why even after 2.5 months since the launch of new e-filing portal, glitches in the portal have not been resolved. In fact, since 21/08/2021 the portal itself is not available."
Law Minister Ravi Shankar Prasad on Friday launched the e-filing portal of the Income Tax Appellate Tribunal (ITAT) here, saying the initiative should be seen as a larger narrative of transformation the country is undergoing through the digital medium.
The last date to link Aadhar with Pan card has now been extended till June 30, 2021.
Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before March 31, 2021, maybe filed on or before May 31, 2021, the CBDT said.
Transaction details of individual tax filers with respect of capital gains, dividend income, and interest income will soon become a standard of the pre-filled Income Tax return (ITR) form as the government looks to make tax compliance convenient for taxpayers.
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