Tag: itr

Some taxpayers are getting SMS or email from tax department. Know why

Income tax department has been sending SMSes and emails to taxpayers to file their income tax return (ITR) for financial year 2018-19. This is in...

Why you shouldn’t wait for the 30 Sept deadline for filing belated returns for FY19

The 30 September deadline for filing belated or revised income tax returns (ITR) for assessment year 2019-20 (financial year 2018-19) is fast approaching. Belated ITR...

What you need to keep in mind

The 30 September deadline for filing belated or revised income tax returns (ITR) for the assessment year 2019-20 (financial year 2018-19) is fast approaching. The...

Delhi HC dismisses RSSB chief Gurinder Singh Dhillon’s application seeking not to put ITR on record

The Delhi High court has dismissed an application filed by the head of Radha Soami Satsang Beas (RSSB) Gurinder Singh Dhillon seeking exemption on filing...

Importance of Form 26AS in ITR filing process

By Sachin Vasudeva Form 26AS is an annual statement which has details of the tax credited against the PAN of a tax payer. This form...

Who can file ITR-1 (Sahaj)?

The deadline for filing income tax returns or ITRs has been extended to 30th November 2020 as compared to normal deadline of July 31. The...

New ITR filing criteria introduced from this year that you should know about

In its endeavor to widen the tax base, the government has been taking several measures to catch the tax evaders. In line with this, the...

What to do if you get a scrutiny notice from the tax department

Although the tax department didn’t disclose the absolute number of cases, the tax experts believe that better data collection and mining may have helped in...

Redeemed your MF? It’s important to report capital gains or losses in ITR

With companies starting to issue Form 16 to their employees, many individuals have begun the process of filing the income tax return (ITR) for the...

Tax-related deadlines to keep in mind and finish tasks on time

Here are some deadlines you need to remember to complete your tax-related tasks on time. 15 August Last date for issuing Form 16 for FY20:...

An NRI can file ITR and claim credit or refund due out of tax deducted in India

I am a non-resident Indian (NRI) living in the UK. We recently partitioned our ancestral properties and I got my share of ₹75 lakh. I...

Know how gains from intraday stock trading are taxed

Ever since the covid-19 pandemic set in, many people resorted to direct trading in stocks. Some of the brokerages have seen a surge in the...

An ROR must file income tax return in India if he or she holds any foreign asset

I am a 64-year-old US citizen. I spend some time in the US and some in India. Before moving out from India, l had bought...

How freelancers need to fill ITR forms

My query is regarding income tax forms ITR-3 and ITR-4. I am a freelance software developer with a US-based firm. I also do stock trading...

How new Form 26AS will help in reducing errors when filing ITR

The newly notified Form 26AS displays more information about taxpayers, including some of the high-value transactions done by them during the financial year. This is...

How Esops from firms listed abroad increase compliance burden on employees

Just like start-ups are offering stock options to their employees, some multinationals listed abroad are also rewarding their employees with employee stock option plans (Esops)...

Avoid high TDS rates by transacting online, filing ITR regularly

In order to tighten the noose on those who don’t file income tax returns (ITR) despite earning taxable income and discourage cash transactions, the Finance...

Planning to file ITR early? You may have to wait longer for your Form 16

The government in its 24 June notification had announced relaxations in various tax-related deadlines, including the extension of the date of filing of the TDS...

Deadlines for tax compliances extended, but there’s little scope to relax

As part of the covid-19 pandemic-related relief measures, and due to the lockdown in the country, the government on 31 March promulgated an ordinance, relaxing...

New TDS rates on high-value cash withdrawals apply from today. Know the details

In order to tighten the noose on those who don’t file income tax returns (ITR) despite earning taxable income and discourage cash transactions, the Finance...

Facing liquidity crunch? New tax regime may help but understand the trade-offs

Giving an example of tax savings under the new tax regime, finance minister Nirmala Sitharaman in her speech had said that a person earning ₹15...

Four financial tasks you need to finish before the 30 June deadline

The financial year ends of 31 March, which is also the official deadline for completing several financial tasks such as making tax-saving investments and filing...

Income tax department opens ITR filing window for those using ITR 1 form

NEW DELHI : The income tax department today announced that it has opened the window for filing of income tax returns (ITR) for financial year...

CBDT introduces separate table for investments in April-June

The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms for the assessment year 2020-21. The ITR forms will have...

Income tax department issues new ITR forms. What has changed this year

NEW DELHI : Bringing in some key changes in the income tax return forms, the income tax department has now released ITR forms for financial...