How to handle income tax notices after ITR filing? — explained with six tips
Even after filing your tax returns on time, receiving a notice or intimation from the income tax department can be confusing and unsettling. It’s essential to address these notices promptly and accurately. Start by carefully reading the notice to understand its purpose. Typical issues may include reported income discrepancies, TDS information mismatches, or incomplete details. […]
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 […]
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 for FY23-24: Claim deductions, exemptions carefully while filing income tax return or you may end up in jail
Honesty may be the best policy, but not when it comes to taxes. An online survey conducted by ET Wealth last week shows that an overwhelming majority of taxpayers are willing to be a little dishonest to reduce their tax burden. They are open to some dubious tactic or the other, including submitting fake bills, […]
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 […]
What is AIS, how to download it and how it helps taxpayers in ITR filing?
Before AIS, form 26AS served, for many years, as a consolidated tax statement offering a comprehensive overview of a taxpayer’s transactions encompassing details such as TDS, TCS, advance tax and self-assessment tax. In 2019, the tax department extended the usage of AIS by introducing the facility of pre-filled tax returns based on the information already […]