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.
The new income tax regime aimed to provide taxpayers more flexibility & choice, initially targeting individuals and Hindu Undivided Families (HUF).
Submitting your income tax return stands as a crucial yearly obligation for numerous individuals in India. Equally vital is the necessity to abide by specific essential directives before completing the ITR form.
Before filing your income tax return (ITR), it’s crucial have clarity on deductions and exemptions. Understanding these distinctions can significantly impact your tax liabilities and savings.
ITR filing: Form 26AS is a consolidated annual tax statement that captures various tax-related transactions associated with your Permanent Account Number (PAN).
Besides keeping ready all the necessary documents, including Form 16 and bank statements, to file their tax returns, taxpayers are also required to complete certain tasks beforehand. One of them is pre-validating their bank accounts in which they want to receive their tax refunds.
ITR filing: Maximise your income tax refund before the July 31 deadline by understanding applicable deductions, optimising investments, and seeking professional assistance if needed.
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