Over 5 Crore ITRs Filed As Deadline Nears: Income Tax Dept’s Update

27 Jul 2024

The Income Tax Department announced on Saturday that over 5 crore tax returns for the Assessment Year 2024-25 have been filed so far through its e-filing portal, marking an 8% increase from the previous year. On July 26 alone, the portal received 28 lakh ITRs, showing a surge in last-minute...

100% Income Tax-Saving Trick? Karnataka Man’s Humorous Video For Salaried Class Goes Viral

27 Jul 2024

A humorous video by content creator Shrinidhi Hande from Udupi, Karnataka, has taken the internet by storm, amassing millions of views with his unconventional take on saving income tax. The video, shared on Instagram on July 23, has captured the attention of many, especially following Finance Minister Nirmala Sitharaman's recent...

Tax Clearance Certificate Now Mandatory For Leaving India

25 Jul 2024

The Budget has tightened the criteria for acquiring clearance certificates, which are required to leave India. Starting October 1, everybody living in India will be required to provide a clearance certificate proving their compliance with the Black Money Act. Section 230 of the Income-tax Act requires anybody residing in India...

How Budget 2024 Benefits The Middle Class?

23 Jul 2024

The 2024 budget has introduced several measures aimed at benefiting the middle class. These measures are designed to provide financial relief, encourage savings, and support overall economic growth. Here are some key highlights of how Budget 2024 benefits the middle class: Income Tax Relief Increased Tax Slabs: The income tax...

How to Claim HRA Exemption: A Step-by-Step Guide for Salaried Employees

18 Jul 2024

If you're a salaried employee, your employer might ask you to fill out a declaration form to claim a House Rent Allowance (HRA) exemption. HRA is a benefit provided to salaried individuals to help cover rental accommodation expenses. It allows you to reduce your taxable income, lowering your tax liability....

Delhi Man Pays Rs. 50,000 CA Fee For Income Tax Notice Over 1 Rupee Dispute

10 Jul 2024

A man from Delhi claims to have paid Rs. 50,000 to a chartered accountant after receiving an Income Tax notice, only to find out that the final amount in dispute was just Re 1. Apoorv Jain shared his frustrating experience on the social media platform X, where he revealed that...

Income Tax Return Filing: 60 Days Left! Explore Tax Filing Options

03 Jun 2024

With the July 31 deadline for filing income tax returns (ITR) for the fiscal year 2023-24 approaching, taxpayers are gearing up to organize the necessary documents. Many documents are accessible online, including the income tax return filing forms on the income tax e-filing portal. It's crucial for taxpayers to select...

Salaried Individuals Advised to Delay Income Tax Return e-Filing; Here’s Reason

30 May 2024

The process for e-filing Income Tax Returns (ITR) for the financial year 2023-24 (assessment year 2024-25) has commenced on the Income Tax portal. The commonly used ITR forms were made available starting April 1 to facilitate early filing. However, salaried individuals are advised to wait until June 15 to file...

Income tax department informs SC, ‘It will not take any coercive steps to recover ₹1700 crore against Congress’

01 Apr 2024

The Income Tax department informed the Supreme Court on Monday, April 1, that it has opted not to take any coercive measures against the Congress party regarding the tax demand notices amounting to ₹3,500 crore, considering the Lok Sabha elections 2024. The I-T department requested the court to defer the...

Advance tax last installment deadline ends today

15 Mar 2024

March 15 marks the deadline for the payment of advance tax, a crucial obligation for taxpayers, who must ensure accurate calculation of their advance tax liability. Advance tax is the portion of income tax that individuals and businesses are required to pay in installments, rather than in a single lump...