ITR filing: What happens if you miss July 31 deadline
Income tax return filing: Missing the ITR deadline can lead to hefty penalties. Read on to understand the implications and avoid last-minute stress. Key Points
India TodayCBDT enables ITR filing for FY 24; 23,000 returns filed in 4 days
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property). Key Points
Economic Timesincome tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing
Income Tax department releases e-filing versions of ITR-1, ITR-2, and ITR-4 for FY 2023-24. Deadline for filing ITRs is July 31, 2024. Online and offline tools available for filing returns. Various ITR forms cater to different taxpayers' needs and situations. Key Points
mintITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal
ITR filing forms for FY 2023-24: As of April 1, 2024, the online ITR forms have been enabled. This means that taxpayers who are eligible to file their tax returns using these forms can now proceed to file their ITR for the financial year 2023-2024. Key Points
Economic TimesAfter being imposed income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in I
Income tax appeal: A non-resident Indian (NRI) has won a appeal in the Mumbai bench of income Tax Appellate Tribunal (ITAT). What happened was the NRI surrendered a pension policy purchased from ICICI Prudential Life Insurance Company and got Rs 1.48 crore. income tax assessing officer however imposed tax on this income of Rs 1.48 crore. Key Points
Economic Times
Offline ITR-1, 4 forms FY 2023-24: income tax department releases new forms for AY 2024-25; know the details here
India Business News: The income Tax Department has released the offline ITR 1 and ITR 4 forms for the financial year 2023-24 (Assessment Year 2024-25). The department released offline forms (JSON utility) for ITR-1 and ITR-4 on March 18. These forms will be applicable for filing from April 1, onwards. Key Points
Times Of IndiaRenting a furnished house; Will a separate rent agreement for fixtures help in saving taxes?
House rent: A landlord might be inclined to charge an higher rental for his/her furnished flat as tenants prefer to stay hassle free and in an homely environment with all the amenities. Experts suggest that a landlord create two separate rent agreement-one for the house rent and another for the rent for furnishings- bed, geyser, mattress, etc. Key Points
Economic TimesWorried about income mismatch in ITR? Here's how the compliance portal can help you fix it with interest
Income tax mismatch: To help individuals identify the cause of income tax mismatch, the tax department has launched a new scheme called 'E-Verification Scheme 2021'. Under this scheme all information relating to mismatch of income tax data relating to FY 2021-22 and FY 2022-23 has been displayed. However if an individual cannot fix these mismatches or explain the reason, they may get an income tax notice. Key Points
Economic TimesData correction: India's per capita disposable income put at ₹2.14 L
India's per capita disposable income is projected to reach ₹2.14 lakh in 2023-24. The government corrected the GDP data, revealing changes in gross and net national disposable income. Per capita disposable income grew 8% in FY24 and 13.3% in the previous year. Gross national disposable income is expected to expand 8.9% in FY24 and 14.5% in FY23. Key Points
Economic TimesIncome-Tax Department implements e-verification to address ITR 'mismatches'. Here's what to do
The Income-Tax Department said it has identified discrepancies in the information received from third parties regarding interest and dividend income when compared to taxpayers' ITR. Notably, some taxpayers have not filed their ITR, it added. Key Points
mint
Over 2.16 lakh people earn above Rs 1 crore in Assessment Year 2023-24: Pankaj Chaudhary
India witnesses a remarkable rise in individuals earning over Rs 1 crore annually, reaching 2.16 lakh for the 2023-24 Assessment Year. Minister Pankaj Chaudhary unveils a positive trend in high-income earners, with significant growth since 2019. Additionally, there's an uptick in 'Profession' income reporting. Finance Minister Sitharaman notes a 27.6% year-on-year increase in personal income tax collections, attributing it to tax reforms and enhanced compliance measures, painting a promising picture for India's economic trajectory. Key Points
Economic Timesincome Tax Returns 2023-24: CBDT notifies ITR-2 and ITR-3; key details taxpayers will have to now provide
India Business News: The Central Board of Direct Taxes (CBDT) has released the income Tax Return (ITR) forms, ITR-2 and ITR-3, for the financial year 2023-24. Taxpayers need to be aware of the filing requirements and changes in ITR-2. ITR-3 is for entities with income from business or profession. The deadline for submission is July 31, 2024, or October 31, 2024, for taxpayers with income tax audits. Key Points
Times Of IndiaITR-2, ITR-3 for FY 2023-24 notified by CBDT; More details required from certain taxpayers
ITR-2 and ITR-3: income tax return (ITR) forms have been notified by the central board of direct taxes (CBDT) via an notification in e-gazette. ITR-2 is to be filed by those who have capital gains income and are ineligible to file ITR-1. Do note that ITR-3 is to be filed by those entities who have income from business or profession. Key Points
Economic TimesBudget 2024: From SWAMIH 2.0 to bigger home loan deduction limit - 6 major expectations of real estate sector
Budget News: Budget 2024 expectations: Discover the 6 major expectations of the real estate sector for Budget 2024. From SWAMIH 2.0 to bigger home loan deduction limit, find out what the industry is anticipating. Key Points
Times Of IndiaBudget 2024: Make annuity income from NPS tax-free - here’s why
Budget News: Tax experts suggest making annuity income from the National Pension System (NPS) tax-free to provide financial security to senior citizens and align with fairness and social welfare principles. Addressing the existing taxation on income from EPF and NPS, the proposal is to remove NPS contributions from the cap or increase the limit. The taxation of annuity income in the NPS affects its wider acceptance, but making annuities tax-free could impact government finances. Key Points
Times Of India
Renting a furnished house; Will a separate rent agreement for fixtures help in saving taxes?
House rent: A landlord might be inclined to charge an higher rental for his/her furnished flat as tenants prefer to stay hassle free and in an homely environment with all the amenities. Experts suggest that a landlord create two separate rent agreement-one for the house rent and another for the rent for furnishings- bed, geyser, mattress, etc. Key Points
Economic TimesGovt can look at taxing rich farmers, says Reserve Bank MPC member
India Business News: Explore the possibility of imposing income tax on rich farmers to ensure fairness in the taxation structure. Read more about the views of MPC member Ashima Goyal. Key Points
Times Of IndiaCCI extends deadline for comments on turnover of enterprises norms till Jan 25
Under Section 27 of the Competition Act, 2002, the CCI can impose penalties on enterprises or individuals for participating in anti-competitive agreements or abusing a dominant position. In case an enterprise is required to prepare a consolidated financial statement under the rules, turnover or income shall be derived based on such audited consolidated financial statements, and if the audited financial statements are not available, the turnover should be determined based on the amount certified by the statutory auditor of the firm. Key Points
Economic TimesWhich parent will pay the income tax on gains made from selling investment in minor child’s name after div
When parents are married, it is the responsibility of the highest earning parent to pay income tax on gains or returns received on investments made in the name of the minor. However the situation changes when the parents are divorced, nonetheless income tax must be paid still. Read here to know which parent has to pay income tax on behalf of minor after the divorce. Key Points
Economic TimesSBI study questions flawed narrative of K-shaped recovery, highlights five major trends of Indian economy
SBI's study shows decreasing income inequality in India, with the Gini coefficient of taxable income decreasing from 0.472 to 0.402 between FY14 and FY22. Key Points
mint
K-shaped recovery narrative flawed and baseless: SBI Research
The State Bank of India researchers stated that nearly half of India's consumption will be carried out by the lower-income segment, comprising 90% of the population, by the end of the next decade. This prediction highlights the country's progress in bridging the inequality gap and challenges the notion of a flawed K-shaped recovery. According to the researchers, the post-pandemic period witnessed a significant shift in consumption patterns, with an additional Rs 8.2 trillion of consumption now being directed towards the lower end of the economic pyramid. Key Points
Economic TimesBudget 2024: Rising aspirations of India's growing middle class awaits fiscal measures to redefine economi
Budget 2024: The budget is expected to address the demographic reality of a growing middle class. As their numbers swell, there is anticipation that strategic measures will be introduced to bolster incomes and navigate the unique challenges faced by this dynamic segment of society. Key Points
Economic TimesCCI seeks stakeholders' comments on proposed regulations to determine turnover of enterprises
The Competition Commission of India (CCI) has proposed that indirect taxes, trade discounts, and intra-group sales will not be considered when computing an entity's turnover for penalties for violating rules. The measure aims to establish norms for imposition of penalties on enterprises and individuals based on turnover or income. Key Points
Economic TimesView: Post-Covid recovery of poor households exceeds expectations. But many still need a leg-up
The recovery was aided by benefits received through welfare schemes of both state and central governments, which helped bolster support for those households that lost their earnings due to the pandemic. However, financial inclusion at the bottom of the pyramid needs to be enhanced to ensure they are not overwhelmed by informal debt. Key Points
The Economic TimesNew ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts
New ITR forms: The Central Board of Direct Taxes mandates taxpayers provide information on both cash receipts and all their domestic bank accounts. Resident individuals with income up to Rs 50 lakh, deriving earnings from salary, a single house property, other sources (interest), and agricultural income up to Rs 5,000, can file ITR 1, or Sahaj. In this filing, individuals are required to furnish details of all Indian bank accounts active in the previous financial year, specifying the type of account. Key Points
Economic Times
Govt notifies income Tax Return forms 1, 4 for assessment year 2024-25
ITR forms for the financial year are usually announced by end of March or early April. However, this year, they are announced early. Key Points
Hindustan TimesIndia needs to fix one issue before becoming 3rd largest economy, as per Bandhan Bank MD
Bandhan Bank's Managing Director, Chandra Shekhar Ghosh, emphasized the need to increase India's per capita income to achieve its goal of becoming the world's third-largest economy. Currently, India ranks 130th globally in the Human Development Index. Ghosh highlighted the importance of financial inclusion and access to institutional credit in raising per capita income. Key Points
Economic TimesMoney Plans: What’s getting Gen Z, millennials all FIREd up
“If you have invested a large sum of money for 10 years, then after the 10th or 11th year, you can ensure that equity, which is a high growth asset, can take care of passive income also. At the same time, it gives you a cushion in case of any emergencies in future. That way also you can see that retirement is seen very differently currently.” Key Points
Economic TimesNearly 8 crore ITRs filed till December 2
As of December 2, 2023, a total of 7.76 crore income tax returns for the financial year 2022-23 have been filed. More returns are expected to be filed by the end of December 31, 2023, which is the extended deadline. In the previous financial year (2021-22), 10.09 crore PAN holders paid taxes. Key Points
Economic TimesProsperity or disparity? Haryana’s new education scheme ignites a debate
CM Khattar, while unveiling a free college education scheme, said 50% of Haryana households earn less than Rs 1.80 lakh per annum. Critics have interpreted it in multiple ways. Key Points
ThePrint
income tax payable on winnings from online, offline games of chance
E-commerce websites like Amazon, CRED, others oftentimes runs free to play gaming contests like spin-the-wheel and others. For the purpose of income tax these games are a game of chance and are taxed at flat 30% rate plus cess, etc. Nonetheless there are some things to consider if an individual has won prizes by playing similar offline or online games. Key Points
Economic TimesBanks seek ITR access via NSDL to vet borrower info
Lenders say large- and small-value loan customers have previously falsified data for expanding their borrowing limits. Last year, Can Fin Homes detected fake ITRs in 37 accounts at its Bhilwara branch in Rajasthan, after complaints were made. Key Points
Economic Times'Totally impressed': Actor R Madhavan praises income tax department
Actor R. Madhavan praised the income Tax department on social media for the swift refund of his company's income tax within three weeks of filing for AY 2023-24. Impressed by the efficiency and transparency, he tagged Finance Minister Nirmala Sitharaman and the Prime Minister's Office. Some users agreed with Madhavan's positive experience, while others mentioned delays in receiving refunds, prompting a CA to advise checking for pending notices or information online. Key Points
Economic TimesMetLife beats quarterly profit estimates on robust investment income
MetLife (MET.N) on Wednesday reported a third-quarter profit that was above Wall Street expectations, as recovery in the U.S. markets boosted the insurer's return from investments. Key Points
ReutersIndian Billionaires' Club expands as income-tax payers with over ₹100 crore earnings double
There is a 100 percent jump YoY in AY22, or doubling of the number of billionaires in the Indian taxpayer base. The collective salary income of these 16 individuals amounted to slightly over ₹2,569 crore. On average, each of them earned ₹160.57 crore annually Key Points
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₹100-crore salary club doubled in 2021-22 assessment year: Govt data
While combined salary income of these 16 people was a little over ₹2,569 crore, their average annual income was ₹160.57 crore, the data showed. | Latest News India Key Points
Hindustan TimesAverage gross income for individual taxpayers rises 56% in 8 years
The Central Board of Direct Taxes (CBDT) disclosed that in the assessment year 2021-22, the average gross total income of individual taxpayers to ₹7 lakh, as compared to ₹4.5 lakh in the assessment year (AY) 2013-14. According to CBDT's analysis of income-tax returns, the top 1% of individual taxpayers experienced a 42% increase in their average gross total income, while the bottom 25% saw a 58% increase. Key Points
Economic TimesITR filings climb up by 90% in nine years to 6.37 cr in AY 2021-22: Govt
The income tax department reported that individual taxpayer I-T returns increased by 90% in 9 years to 6.37 crore in the 2021–2022 fiscal year, suggesting a larger taxpayer base. As many as 7.41 crore returns for AY 2023–24 have been filed thus far during the current fiscal year, including 53 lakh first-time filers. Key Points
Economic Times'Income inequalities increasing under Modi Govt,' alleges Jairam Ramesh
Congress MP Jairam Ramesh has accused the Modi government of widening the income gap between the ultra-rich and the middle class in India. He claims that an analysis of income tax returns from 2013-14 to 2021-22 shows increasing income inequalities. The income growth of the ultra-rich has consistently outpaced that of the middle class. Key Points
Economic TimesHow much do famous YouTubers in India earn, and how?
You Tube pays up to ₹53,460 for one million views. A number of youngsters, therefore, have started minting money from this video streaming platform run by Google. It is not an alternative income platform anymore but their main source of income. Key Points
mint
How should you plan your income after retirement? Is rental income a good option?
Rental income is considered a good hedge against inflation, with rental appreciation typically ranging from 8% to 10% annually. However, investing a large amount of retirement funds into real estate for rental income may not be a fair deal due to challenges such as low rental yields, lack of liquidity, and tax inefficiency. Instead, retirees should consider a hybrid investment portfolio with a combination of debt instruments and equity funds to meet their income and capital appreciation needs. Key Points
Economic TimesEarned money from X (Twitter), Instagram, YouTube or other social media sites? Know much income tax you wi
Social media has made it possible for just about anybody to earn money by posting content. However an individual needs to know what the income tax law and other laws say about such an income, so that one does not get into trouble. Read here to know about the details. Key Points
Economic TimesSBI report sees seven-fold rise in income tax filers by 2047
A rising middle class will power India’s economic transition with income Tax Return (ITR) filers projected to increase seven-fold from 7.8 crore in FY 2023 to 48.2 crore in FY 2047 and one-fourth of them likely to exit the lowest income strata of less than Rs 5 lakh annual income, an SBI resea Key Points
The Tribune IndiaIndia is making remarkable progress in achieving equitable, collective prosperity: PM Modi
As per the report, the average income is expected to go up further to Rs 49.70 lakh by 2047, helped by a combination of more tax filers and a shift in the distribution of tax filers from the lower to the higher income group. Key Points
FirstpostWe need to do incremental reforms; 13.6% taxpayers migrated to higher tax bucket in 10 yrs: SK Ghosh, SBI
Data from India's income Tax department over the past 10 years has debunked the myths that only a small percentage of Indians pay taxes and the majority of tax filers are in the zero tax bracket. About 37% of India's formal labour force, or 85 million people, pay taxes today, according to SK Ghosh, group chief economic adviser at SBI. Key Points
Economic Times
Rs 2 lakh to Rs 14.9 lakh: SBI predicts massive jump in India's per capita income by FY47
Income Tax Returns filing: As of now, 13.6 per cent of taxpayers have left the lower income strata and migrated upwards, as compared to AY12, showed a report by SBI. Key Points
Business TodayClaiming fake deductions, rent receipts while filing your ITR can lead to heavy penalties
It is important for individuals to ensure that they have proofs and required documents for all the deductions and tax exemptions claimed while filing income tax return. This is to ensure that if in the future years the income tax department asks the individual to provide proofs to substantiate the deductions claimed. If the proofs are unsatisfactory then it can lead to heavy penalties. Key Points
Economic TimesFiling ITR and facing issues on e-filing portal? income Tax Department has solutions for you
Many taxpayers turned to Twitter to express their dissatisfaction with the income tax department's official handle. The department has provided solutions in response to numerous taxpayer tweets. Key Points
Economic TimesHow to report income from cryptocurrencies, NFTs, Virtual Digital Assets (VDA) in ITR form
Virtual Digital Assets (VDA) like Bitcoin (BTC), or other cyptocurrencies, non-fungible tokens (NFT), metaverse tokens, other similar assets are taxed at a flat 30% tax rate. Read here to find out how to calculate and pay income tax on income from VDAs. Key Points
Economic TimesWho has to file income tax return mandatorily?
As per income tax laws, ITR must be mandatorily filed if a resident individual's total income during the financial year exceeds the basic exemption limit. Remember, the basic exemption limit for an individual depends on his/her age, provided he/she opts for old income tax regime. If an individual taxpayer opts for new tax regime, then basic exemption limit remains same irrespective of age. Key Points
Economic Times
I-T dept to complete scrutiny assessment of 1 lakh notices by March 2024, says Finance Minister Nirmala Si
The income tax department aims to complete the assessment of 1,00,000 income tax notices sent for a mismatch in disclosed income and available information by March 2024, according to Finance Minister Nirmala Sitharaman. Notices were sent to individuals with income exceeding Rs 50 lakh and to non-filers. Key Points
Economic TimesIndia's ICICI Prudential posts jump in Q1 profit on investment gains
India's ICICI Prudential Life Insurance (ICIR.NS) reported a 33% jump in first-quarter profit on Tuesday, as gains in securities it invested in helped offset muted premium income growth. Key Points
ReutersFile ITR using Form 26AS, AIS without Form 16, TDS certificates to beat deadline: Here's how
TDS certificates such as Form 16/Form 16A are important documents that can help an individual to file ITR easily. However, with the deadline approaching fast, an individual can use other documents such as Form 26AS, and AIS to file their ITR and avoid penalty of up to Rs 5,000. Read on to know how you can file ITR using Form 26AS and AIS. Key Points
Economic TimesWhat is the password to open income tax intimation notice under section 143(1)?
It is vital that a person reads and comprehends this income tax notice. The intimation under Section 143(1) is password-protected. Within 9 months of the end of the financial year in which the return of income is filed, an assessment under section 143(1) can be made. Key Points
Economic TimesITR filing must for these people even if income below exemption limit
You must file income tax returns in accordance with Indian tax laws if your income is greater than the basic exemption threshold. You must still pay tax if you meet certain requirements even though your taxable income is below the threshold level. Key Points
Economic Times
How to file ITR-1 for FY 2022-23 with salary, income from house property and other sources
The income tax return filing season is upon us. Most salaried individuals are eligible to file their tax returns using ITR-1 form. This tax return form is also known as 'Sahaj'. However, not many people know the steps to file ITR-1 on the income tax e-filing portal. Here is a step by step guide of filing ITR-1 on the income tax e-filing portal. Key Points
Economic TimesWhat is a Nil ITR? Check out who is eligible for it and the benefits of filing a Nil ITR
If your income is below the basic exemption, then you need not file an income tax return. Despite this if you voluntarily file your ITR, it will be called nil ITR and it has many benefits. Read here to read about those benefits. Key Points
Economic TimesHaryana: Rs 2,750 per month for unmarried, widowed people aged between 45 & 60
Chief Minister Khattar said there are a total of around 65,000 unmarried men and women and 5,687 widowers in the specified age group and income limit. The monthly income will help these people meet their personal needs, he said. Key Points
FirstpostHaryana govt announces monthly pension of Rs 2,750 for widower, unmarried people
Chief Minister Manohar Lal Khattar on Thursday said unmarried men and women who are in the age group of 45-60 and have an annual income of less than Rs 1.80 lakh will get a pension of Rs 2,750 per month. Key Points
Economic Times