I own a house which is self-occupied. My wife is a homemaker and stays with me with no income except interest on bank deposits. She also owns a small house in a town about 50 km away from where we stay. It has been lying vacant for the full previous year. Can she claim her …
Image Source: PTI July’s income tax returns are 16.1% more than the total ITRs for Assessment Year 2022-23 The income tax department announced on Monday that a remarkable 6.77 crore income tax returns were filed for the Assessment Year 2023-24, with 53.67 lakh being first-time payers. In comparison, July’s income tax returns witnessed a 16.1% …
Image Source : PEXELS Representational picture of ITR return When it comes to Income Tax Return (ITR) filing, age is not a determining factor. Many individuals are unaware that even children or minors are required to pay taxes and file returns if they have any form of income. Minors with income are obligated to pay …
Image Source : INDIA TV A representational picture of Income Tax Act Tax evasion is a grave offense under the Income Tax Act (Act) of 1961 and is subject to significant penalties and interest. It is important to note that fines may vary depending on the discretion of the tax office. Penalties specified under the …
Image Source : PIXABAY Representational picture of ITR filing Taxation is mandatory once your income exceeds a certain level. To fulfill your tax obligations, you are required to file an Income Tax Return (ITR). The ITR is a form where you provide details about your income earned during the previous financial year (1st April–31st March). …
Image Source : FILE PHOTO Representational picture for ITR Filling Every individual in the country must file their income tax returns (ITR) after each financial year. The deadline for filing ITR for Financial Year 2022–23 (FY 2023–24) is July 31, 2023, for individuals who do not require a tax audit. Making a wrong entry or …
Image Source : PTI/FILE PHOTO 10 ITR filing mistakes to avoid The time has come to file your income tax returns. The Department of Income Tax has made various ITR forms available online, such as ITR-1, ITR-2, and ITR-4, with pre-filled data. Salaried employees will also receive their Form 16, an important document required for …
Image Source : FILE PHOTO Representational picture of ITR Form 16 simplifies the process of filing Income Tax Returns (ITR) for salaried employees. It provides details about their income and tax deductions made by their employer in the financial year. However, tax professionals argue that it is possible to file an ITR without completing Form …