Lately, a number of tax payers have received tax notices from the income tax department for their HRA (house rent allowance) claim. Primarily, these tax notices were sent for not deducting 3 percent TDS (tax deducted at source) while transferring rent to the property owner. It is recommended to follow a three-step checklist to ensure … Read more
Vivad se Vishwas Scheme, meant to reduce pending income tax litigation, among other things, will finally close on April 30. Broadly, this is a dispute resolution mechanism in respect of pending income tax litigation for taxpayers. The income tax department promises peace of mind to taxpayers, certainty and savings on account of time and resources which … Read more
The new financial year FY26 has kicked off, and taxpayers are meant to file their income tax returns under one of the two regimes. Mint deconstructs the key points to be considered before choosing the new or old income tax regimes. For the unversed, the new income tax regime offers concessional tax rates in exchange … Read more
Old vs new tax regime: As the financial year has ended, taxpayers will now begin gathering their documents to file their income tax returns (ITR) before the deadline of July 31, 2025. Just like last year, one key question taxpayers must ask themselves is whether the new tax regime is the right choice for them. … Read more
Central Board of Direct Taxes (CBDT) has notified April 30 as the last date, on or before which a declaration in respect of tax arrears can be filed by taxpayers under the Direct Tax Vivad se Vishwas Scheme, 2024. This declaration is meant to be made to the designated authority, the CBDT circular says. Income Tax … Read more
The latest data on income tax website shows that a total of 3.24 lakh individuals filed their income tax return for over ₹1 crore before March 31, 2025. Out of these, a total of 2.97 lakh individuals filed their tax return for income between ₹one to five crore. Taxpayers who filed their income tax returns … Read more
The latest data released by the income tax department shows that over 9.11 crore registered users have filed their income tax returns (ITR) for FY 2024-25 until Feb 28, 2025. This figure is quite significant given that the total number of registered users stands at 13.96 crore, which means over 65 percent of registered users have … Read more
Those taxpayers who want to updated their income tax return of previous two years can file an updated return before March 31. Although you can file the updated return anytime but it must be done within two years of the end of the relevant assessment year. This means those who want to update their return … Read more