Despite successfully filing your income tax returns or ITR for this assessment year, your tax refund may be delayed, a social media user claiming to be a Chartered Accountant said. CA Anand Luhar, who claims to be associated with the Institute of Cost & Works Accountants of India (ICWAI), in a post on X (formerly…
Filing your taxes at the last-minute could lead you to miss out on disclosing some transactions or failing to gather all the required documents on time. For instance, if you invest in cryptocurrency, you have to disclose those transactions scrip-wise. Karan Batra, founder of Charteredclub.com, said crypto exchanges don’t have a standard format for statements,…
The Income Tax Department has asked all citizen filing income tax returns to not make bogus claims for expenses, under-report their income or exaggerate deductions, this is a punishable offence causing delays in the issuance of refunds, reported PTI on Sunday, July 28. The income tax return (ITR) filing session for the assessment year 2024-25…
The number of income tax returns (ITRs) filed in assessment year (AY) 2024-25 has increased by 8 per cent to five crore so far, said the Income Tax Department in a statement on Saturday. The IT department has tied up with tech major Infosys to deal with frequent glitches and other technical issues faced on…
The Budget has dealt a blow to property owners by removing the indexation benefit. Previously, sellers could adjust the purchase price of a property for inflation, which would significantly reduce capital gains tax. The silver lining, however, is that the long-term capital gain (LTCG) tax has been reduced to 12.5% from 20% earlier. But, those…
If you have recently sold an asset and are unsure whether the sale will be computed as per the short-term or long-term capital gain tax, then you need to first determine the holding period of the asset. This is the threshold that determines whether the capital gain is short term or crossed over to long…
In the recent past, did you make a remittance outside India under the LRS scheme for your child’s education or book an overseas tour package? Based on the transaction amount, you must have paid Tax Collected at Source (TCS) of 5% or 20%. To claim the TCS amount paid, you will have to wait till…
With the revision of tax rates in the new tax regime (NTR) announced in Budget 2024, some taxpayers are in a dilemma about the rates at which they have to calculate their income tax liability while filing their income tax returns ahead of the July 31 deadline. In Budget 2024, Finance Minister Nirmala Sitharaman announced…
With Central Board of Direct Taxes (CBDT) awarding Taxnet 2.0 project to Bharti-Airtel, tax department’s network system is likely to undergo a facelift. For the uninitiated, CBDT is the top governing body that heads the income tax department. The Sunil Mittal-led telecom company will be responsible for a slew of services to be provided to…
The idea is to use it as a tax book while filing returns. However, instead of easing compliance, it has often increased the burden on taxpayers mostly because details related to equity transactions in the statement are inaccurate. To make matters worse, the onus of fixing the errors lies with the taxpayers. Experts said the…
