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Source: Live Mint Since the new tax regime is the default tax regime, filing income tax return (ITR) under the old regime would require you to switch from the new tax regime. However, before you do that — it is imperative to be aware of certain key rules which govern the switch. Notably, the rules…
Source: Live Mint Filing ITR 2025: As income tax (I-T) return filing season is back and taxpayers are ready to file their income tax return, you must choose one of the two tax regimes: old tax regime and new tax regime. Some taxpayers are confused as to which regime is better over the other. Here…
Source: Live Mint After you file your Income Tax Return (ITR), the Income Tax Department runs a preliminary check to verify your submission. Based on this review, it sends you an automated notice under Section 143(1) of the Income Tax Act. What is section 143(1) of the Income Tax Act? Section 143(1) of the Income…
Source: Live Mint As a taxpayer, it is recommended to use an income tax (I-T) calculator to ascertain your tax liability. However, before you use income tax calculator, these are the key steps that you need to follow: At the outset, you need to enter the PAN and your name. Then you enter the assessment year…
Source: Live Mint Financial year 2024-25 has ended long ago and taxpayers are busy arranging necessary documents to be able to start the process of filing of income tax (I-T) return. When salaried taxpayers approach their chartered accountant for filing their income tax return, s/he typically asks him for form-16 which is a TDS certificate…
Source: Live Mint Mint explains who can claim these benefits on which assets and when. The types of income that qualify for concessions The concessions apply to two specific types of income. “The special tax provisions apply to income from foreign exchange assets such as interest, dividends, etc., or anything derived from specified foreign exchange…
Source: Live Mint After the income tax department has extended the last date to file income tax return by 45 days till September 15, taxpayers are likely to be nonchalant. Meanwhile, it is worth noting that CBDT has enabled excel utilities for ITR-1 and ITR-4. As a taxpayer, you are supposed to know which tax form applies…
Source: Live Mint With the Income Tax (I-T) department having released the excel utilities for ITR-1 and ITR-4, it is the time for taxpayers to start filing their tax returns. If you are a salaried taxpayer, you can use ITR-1 to file your income tax return. However, there are some key points to remember if…
Source: Live Mint After notifying all income tax forms from ITR-1 to ITR-7, Central Board of Direct Taxes (CBDT) has now notified ITR-U (updated) as well via notification dated May 19, 2025. To encourage voluntary compliance, the Government of India, via Finance Act 2025, extended the time limit to file the updated return from 24 months to…
Source: Live Mint Income tax return (ITR) filing season is back and the taxpayers have two more months to go for filing their tax returns before the July 31 deadline. As the new tax regime is the default regime now, taxpayers who want to file their return under the old tax regime – are meant…
