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Source: Live Mint Income Tax (I-T) department has released online utilities for ITR-1 and ITR-4 but not yet for ITR-2 and ITR-3. As soon as they are released, taxpayers are recommended to start the process of filing their tax returns, suggests Preeti Sharma, Partner, Global Employer Services, Tax & Regulatory Services of BDO India. In…
Source: Live Mint Q. My company has been going through some financial problems and have been paying me a salary irregularly (less than net every month) since the financial year 2022-2023. Now I have received a lump sum during the financial year 2024-2025 against my outstanding salary. My company has not indicated as to under…
Source: Live Mint Income Tax Return (ITR): Before filing income tax return, taxpayers are supposed to use a tax calculator. As you enter the income tax portal, you can navigate to the tax tools section. Here there is an option to choose among multiple tax calculators: tax calculator and old regime vs new tax regime calculator. As one…
Source: Live Mint Barring ITR-1 and ITR-4, the income tax department has yet not released the excel utilities of other income tax forms. Although the last date to file income tax return is still three months away after it was deferred to Sept 15, taxpayers are still looking forward to the release of excel utilities…
Source: Live Mint The Income Tax Department (ITD) has sent a communication to thousands of individuals who have undertaken cryptocurrency transactions but failed to reflect this income in their returns, official sources said last week, reported PTI. These transactions pertain to assessment years 2023-24 and 2024-25, they said. The department and its policy-making body, the…
Source: Live Mint Income Tax: Did you file your income tax return last year, and yet not received your refund? Although unusual, this can be true. There are some taxpayers who have yet not received their income tax refund even after lapse of several months. Meanwhile, it is important to note that the last date…
Source: Live Mint ITR 2025: The income tax return (ITR) filing season is back and taxpayers are busy arranging documents for filing of their return. Here, we list out top 7 things that salaried taxpayers should be aware of as they go through the maze. These key points include the reasons which influence the choice…
Source: Live Mint Last date to pay first instalment of advance tax is June 15 i.e., today. This is mandatory for taxpayers who require an audit under section 44Ab. Income Tax department has shared a post reminding taxpayers about the same. “First instalment of advance tax for FY 2025–26 is due by June 15, 2025….
Source: Live Mint The Income Tax (I-T) department has shared a post reminding taxpayers that the last date to pay the first instalment of advance tax for financial year 2025-26 is June 15 i.e., this Saturday. For the uninitiated – advance tax is supposed to be paid by all taxpayers whose tax liability is more than…
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…
