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 […]
Sending money abroad? Here’s how to reclaim your TCS
I want to send money to my son in the US under the Liberalised Remittance Scheme (LRS). I understand that tax collected at source (TCS) has to be paid on each transaction. How can I reclaim this amount? —Name withheld on request It is assumed that you qualify as a resident in India, as per […]
ITR Filing 2024: How to check income tax refund status online using PAN card? A step-by-step guide
The Income Tax Department’s repeated reminders about the July 31 income tax returns (ITR) filing deadline are important. With more than four crore ITRs already submitted for AY 2024-25, it’s evident that many taxpayers are attentive to their tax responsibilities. To check the status of your income tax refund online using only your PAN card, […]
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 […]
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, […]
How to handle tax and ITR filing on property sale
My mother had purchased a piece of land for 8 lakhs 12 years back. Now She is selling it for 33 lakhs to buy a flat. The circle rate of the piece of land is 17 lakhs. As the registration will be done at the circle rate of ₹17 lakh to avoid payment of excess […]