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...

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....

ITR Filing 2024: What Documents Are Required At The Time Of Filing An Income Tax Return?

06 Jul 2024

Filing an Income Tax Return (ITR) is crucial for taxpayers to declare their earnings within the fiscal year spanning April 1 to March 31. While not mandatory for everyone, filing offers significant advantages such as tax refunds, loss carry-forwards, and proof of income. Essential Documents for ITR Filing: PAN and...

Income Tax ITR Filing 2024 : Step-By-Step Guide To Register Online For E-Filing

04 Jul 2024

Filing your Income Tax Return (ITR) in India is not only a legal obligation but also provides several benefits for taxpayers. Here are some key advantages: Claiming Tax Refunds: If you've paid more tax than required (through TDS or advance tax), filing an ITR allows you to claim a refund....

ITR 2023-2024: Scared Of Errors? Tips For Filing Income Tax Returns

24 Jun 2024

As more taxpayers opt for electronic filing of Income Tax Returns (ITR), attention to detail becomes crucial to avoid errors and delays. Understanding the complexities arising from changes in taxation policies and schemes, here are essential tips for smooth e-filing: Selecting the Right ITR Form: Choose the correct ITR form...

Income Tax Refund Delays: Reasons And Solutions For Awaited Refunds

18 Jun 2024

If you've filed your tax return and are waiting for your refund, but it hasn't arrived yet, there could be several reasons for the delay. Income tax refunds can be delayed for various reasons. Let’s explore what might be causing the hold-up and what steps you can take to track...

ITR Filing 2024: Steer Clear Of These Mistakes When Filing Your Income Tax Return

14 Jun 2024

As the July 31 deadline for tax filing approaches, salaried taxpayers should take care when submitting their Income Tax Returns (ITR) to ensure smooth processing and avoid potential issues. While many individuals file their ITR independently, others seek assistance from professionals. Regardless of the approach, minor mistakes can lead to...

Income Tax Return 2024: Deadlines For ITR Filing

12 Jun 2024

As the financial year ends, it’s crucial for taxpayers to focus on filing their Income Tax Return (ITR). The Income Tax Return Filing 2024 season is underway, and adhering to deadlines is essential to avoid penalties and ensure compliance. Importance of Timely ITR Filing: Filing your ITR on time reflects...

Avoid Penalties: Income Tax Warning – Dec 31 Last Date for ITR!

29 Dec 2023

The Income Tax Department has issued a warning to taxpayers who missed the July 31 deadline to file their Income Tax Return (ITR) for the financial year 2022-23. Through a post on social media platform X, the department emphasized that these taxpayers must file the belated/revised ITR by December 31,...