What is income tax?
Income tax is a direct tax people and businesses have to pay in a financial year. The income tax is calculated based on the tax slab an individual falls. Here are some other interesting … READ FULL STORY
Taxation
Tag: ITR
Taxation
What is partial agricultural income in India? How it is taxed?
Partial agricultural income, as the name implies, refers to income that extends beyond cultivation activities. As it isn’t solely reliant on cultivation, it diverges from the taxation norms applied to pure agricultural income. In … READ FULL STORY
Taxation
Form 26AS: How to view and download it on the TRACES portal?
Form 26AS and pre-filling of tax returns have made filing of tax returns simpler and easier, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said while presenting the Interim Budget 2024-25 in Parliament … READ FULL STORY
Taxation
How to download ITR acknowledgement in 2024?
Filing your income tax return is a methodical process that extends beyond merely determining your annual tax liability and submitting the ITR-V form. This article guides you to download ITR acknowledgement. After diligently calculating … READ FULL STORY
Taxation
What is Section 234F of ITA? What is late fee penalty under this act?
The introduction of Section 234F of the Income Tax Act (ITA) on April 1, 2018, marked a significant shift in the taxation landscape, emphasising the importance of timely tax filing. This section underscores the … READ FULL STORY
Current News
Over 8.18 crore ITRs filed for assessment year 2023-2024
January 3, 2024:Â The income tax (I-T) department has recorded a surge in filing of income-tax returns (ITRs). This has resulted in a new record of 8.18 crore ITRs being filed for the assessment year … READ FULL STORY
Citizen Services
Over 88% verified ITRs processed till September 5: Income tax dept
September 6, 2023 The Income Tax Department has verified 6.84 crore income tax return forms (ITRs) as on September 5, 2023. A total of 6.98 crore ITRs were filed for the assessment year (AY) … READ FULL STORY
Current News
Over 6.77 crore ITRs filed till July 31: I-T dept
August 2, 2023: The total number of income tax returns (ITRs) for assessment year (AY) 2023-24 filed till July, 31, 2023 was more than 6.77 crore, the finance ministry said on August 1. This … READ FULL STORY
Must Knows
How to check income tax refund status after filing ITR?
​​Income Tax (I-T) is levied by the government of India on the income of every person in India. The provisions governing the I-T are covered under the Income-tax Act, 1961.​ The last date to … READ FULL STORY
Current News
ITR filing for FY2022-23: Common mistakes taxpayers should avoid
As the deadline to file income tax returns (ITR) for FY 2022-23, which is July 31, 2023, is nearing, most individual taxpayers are busy filing their tax returns online. The ITR filing process has … READ FULL STORY
Taxation
Income tax refund status delay 2022-23
The income tax division examines each ITR submitted and determines the total amount of taxes paid. The department gives the assesses a refund if they overpaid the tax. All taxpayers who have paid their … READ FULL STORY
Taxation
E verify income tax: 6 online methods for e-verifying your income tax returns
If your income tax returns (ITR) have already been submitted, you must confirm them. Your ITR will not be processed by the tax department until it has been verified. Additionally, you can only receive … READ FULL STORY
Taxation
Income Tax Act in India: Bare facts
Taxes are monetary fees that the government levies on income, goods, services, activities, or transactions. Taxes, the government’s primary funding source, are utilised to advance national laws, legislation, and practises that benefit the populace. … READ FULL STORY
