How to claim special tax concessions
Mint explains who can claim these benefits on which assets and when. The types of income that qualify for concessions The concessions apply to two specific types of income. “The special tax provisions apply to income from foreign exchange assets such as interest, dividends, etc., or anything derived from specified foreign exchange assets. Long-term capital […]
Income Tax: How to e-verify your return? 5 Key points to know
Income Tax (I-T) department released a statement recently saying that the taxpayers must e-verify their return as soon as they can. This is because an income tax return (ITR) is not considered valid unless it has been verified. The tax department’s message pointed out that taxpayers can still e-verify your IT return for AY 2024-25 […]
Tax refund status: How to check ITR refund status online using PAN number on e-filing portal, NSDL website
Have you submitted an income tax return (ITR) for the financial year 2023-24 and eagerly anticipated your refund? You can check your tax refund status on the income tax e-filing portal, incometax.gov.in. Below is a step-by-step guide outlining the process for checking your income tax refund status online on the e-filing portal and the National […]
ITR refund status for FY 2023-24: How to check income tax refund status online – here’s a step-by-step guide for incometax.gov.in & NSDL websites
ITR refund status: It is crucial to file your Income Tax Return (ITR) for FY 2023-24 (Assessment Year 2024-25) by the deadline of July 31, 2024. Failing to file your ITR and neglecting to pay your income tax can result in serious consequences, including potential legal penalties and imprisonment in certain cases. If you’ve filed […]
ITR Filing 2024: How to submit a condonation request for delay in ITR verification? A step-by-step guide
The Income Tax Department is aware that unanticipated events can occur and result in you missing the filing or certification deadline for your Income Tax Return (ITR). They therefore provide the choice to ask for a delay condonation. This essentially allows you to request leniency from them and submit your return even if it’s past […]
ITR filing 2024: How to check income tax refund status online? A step-by-step guide
The deadline for submitting your Income Tax Return (ITR) for the financial year 2023-24 (Assessment Year 2024-25) is July 31, 2024. Timely filing is crucial to ensure you can claim any eligible tax refunds. Several online resources, such as the Income Tax Department’s website, are accessible to assist you in filing your ITR. After submitting […]
Dividend received from shares and MF is taxable; Here’s how to reduce your tax outgo from dividend income in your ITR
If you own shares in an Indian company or have units in a mutual fund, and you received dividends in your bank account in the financial year 2023-24 (assessment year 2024-25), you must report this income when filing your income tax return (ITR).This is because dividend income is now taxed as per the slab rate […]
How to file ITR-2 form: 10 documents you need to file ITR-2
As the income tax return (ITR) filing deadline looms, i.e., July 31, 2024, it’s essential to use the correct income tax return form. Although ITR 1 is widely used by salaried individuals with specific income sources, it’s not suitable for everyone. Some individuals must use the ITR-2 form instead. ITR-2 can be filed using the […]
What is Form 16? How to download Form 16 to file income tax return (ITR)
Form 16 is a certificate issued by an employer under section 203 of the Income-tax Act, 1961, which pertains to the deduction of tax at source (TDS) from the income earned as salary during a financial year. The employer provides it to show the tax deducted from the employee’s salary, which is then deposited with […]
Income Tax: How to claim a deduction under Section 80G for donations made to Ayodhya Ram Mandir Trust?
The “Pran Pratishtha” ritual at the Ram Mandir in Ayodhya, signifying the resolution of a centuries-old dispute, was truly a significant event. Occurring on January 22, 2024, it brought immense joy to millions of Hindus globally, marking a momentous celebration. The construction of the majestic temple, symbolizing the emergence of a splendid and self-reliant India, […]