Taxpayers must file an ITR to claim refunds for taxes paid to the government. Additionally, they need to file an ITR if they have earned income from or invested in foreign assets during the financial year.
Income tax calendar for July 2024: The deadlines are crucial for ensuring compliance with the Income Tax regulations in India. Failure to adhere to these dates may attract penalties and interest under the relevant provisions of the Income Tax Act, 1961.
Lessons for first-time taxpayers filing ITR, including choosing tax regime, reviewing Form 26AS, and verifying returns to avoid penalties
FM Nirmala Sitharaman is expected to present the full Union Budget for 2024-25 in Parliament on July 23 or 24.
Filing income tax returns with multiple Form 16s can be challenging due to job changes or multiple employments. This guide simplifies the process, detailing steps to consolidate income, verify TDS, and accurately file your ITR online.
The GST council meeting took place after a gap of eight months. The last meet took place on October 7, 2023.
As a taxpayer, you must ensure that all guidelines and rules to ensure compliance with tax laws are followed while return filing. Other details like PAN, permanent address, contact details, bank account details, etc, should also be cross-checked.
Budget 2024: The government is said to consider moving income from F&O trading from the head of ‘business income’ to ‘speculative income’ in the Budget, a report said.
Centre had collected ₹3.82 trillion in net direct taxes in the comparable period of last financial year.
The new income tax rates could be announced in July when Finance Minister Nirmala Sitharaman presents the full Union Budget for the fiscal year 2025.
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