Wednesday, February 5

Tag: itr filing

TDS on salary: Don’t pay higher tax! How to choose between new and old income tax regime | Business
9Apr By adminNo Comments
Business

TDS on salary: Don’t pay higher tax! How to choose between new and old income tax regime | Business

New versus old income tax regime - understanding TDS on salary: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming budget after elections, but until then, the old laws remain.April is important for salaried individuals in terms of tax planning for the fiscal year 2024-25.They must inform their employers in April whether they choose the old or new tax regime for FY 2024-25. This choice determines the amount of tax deducted from their salary income throughout the year.Choosing between New and Old Income Tax Regime According to the law, the new tax regime is automatically applied if a...
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Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year
1Jan By adminNo Comments
Business

Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year

The low number of ITRs filed by assessees has been one of the major concerns of the revenue authorities, which is gradually being addressed Record 81.8 million income tax returns (ITRs) were filed till December 31 for the assessment year 2023-24, up nine per cent over 75.1 million in the corresponding period of 2022-23. According to the income tax site, 79.9 million returns have been verified and 77.7 million processed during the period. The low number of ITRs filed by assessees has been one of the major concerns of the revenue authorities, which is gradually being addressed. For instance, 58.7 million returns were filed by income tax assessees during the assessment year 2018-19, which rose to 66.9 million the next year. The Covid-hit 2020-21 year saw a decline to 63.9...
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IT Returns: ITR filing by individuals grows 90 per cent to 6.37 crore in AY 2021-22
26Oct By adminNo Comments
Business

IT Returns: ITR filing by individuals grows 90 per cent to 6.37 crore in AY 2021-22

NEW DELHI: The income taxdepartment on Thursday said I-T returns filed by individual taxpayers have risen 90 per cent in 8 years to 6.37 crore in AY 2021-22, indicating a widening of the taxpayer base. The returns filed by individual taxpayers have increased from 3.36 crore in Assessment Year (AY) 2013-14 to 6.37 crore in AY 2021-22, registering an overall increase of 90 per cent.During the current fiscal too, 7.41 crore returns have been filed for AY 2023-24 till date, including 53 lakh first-time filers, the Central Board of Direct Taxes (CBDT) said in a statement. Giving a breakup of the returns filed by individual taxpayers across various ranges of gross total income, the CBDT said the ITRs filed by individual taxpayers earning between Rs 5 lakh and Rs 10 lakh have increased 295 per c...
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Tax filing for AY24 touches all-time high, surpasses 67.7 million
1Aug By adminNo Comments
Business

Tax filing for AY24 touches all-time high, surpasses 67.7 million

Income-tax (I-T) filings for the assessment year (AY) 2023-24 have hit a record high, exceeding 67.7 million. This figure represents a 16.1 per cent increase compared to the total tax returns filed during the previous assessment year, according to an announcement by the revenue department on Tuesday. For AY23, the department received 58.3 million returns. It emphasised that the 5.37 million income-tax returns (ITRs) received from new taxpayers signify a “widening of the tax base.” On 31 July, the final day for filing, the number of ITRs peaked with over 6.433 million ITRs submitted in a single day, the I-T department reported. According to the department, various campaigns on social media, coupled with targeted email and SMS initiatives, aided taxpayers in submitting ...
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Income Tax Dept’s Big Swift Action: 1 Lakh Notice Scrutiny Set To Wrap Up By Mar 2024
30Jul By adminNo Comments
Business

Income Tax Dept’s Big Swift Action: 1 Lakh Notice Scrutiny Set To Wrap Up By Mar 2024

Notices have been sent to non-filers of tax returns. Under income tax law, officers can reopen past assessments of up to six years. (Representative image) The last date to file ITR for the financial year 2022-23 (assessment year 2023-24) is July 31, 2023. There will be no further extension of the deadline.The income tax department by March 2024 will complete the assessment of one lakh income tax notices sent for mismatch in disclosed income and information available with the department, Finance Minister Nirmala Sitharaman recently said. The tax department has sent about 1 lakh notices to individuals with income above Rs 50 lakh for a mismatch in income disclosed in ITR versus information available with the department.Also, notices have been sent to non-filers of tax returns. Under income...
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