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
If you are an income taxpayer and want to compute your total tax payable for the financial year 2024-25, you can use an income tax calculator to find it. The income tax calculator helps you calculate tax under both the old and new tax regime for all categories of taxpayers —individuals, firms, trusts, companies and … 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
Income Tax: If you are planning to opt for old tax regime at the time of filing your income tax return (ITR) in July this year for FY 2024-25, it is important to remember that the last date to invest in tax-saving instruments is March 31 i.e., Monday. If you also intend to file your … 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
Income Tax: Last two weeks are left to invest in tax saving instruments to be able to claim tax deduction for FY 2024-25. So, if you have opted for the old tax regime or plan to opt for it at the time of filing your tax return – you should invest in tax-saving schemes prior … Read more
Meeting income tax deadline is important for the taxpayers, failing which they stand to miss out on tax benefits or may even have to pay penalties, fees or fines. The financial year 2026 is set to culminate in another 15 days. We, therefore, list out the key deadlines that are set to end in the … Read more
With financial year 2024-25 soon coming to an end, only three weeks are remaining before the taxpayers can invest in the tax-saving instruments such as PPF, NSC, KVP, SSY and SCSS. Taxpayers who wish to claim income tax deduction must invest in these instruments before March 31. Where can taxpayers invest to claim income tax … Read more
Income Tax (I-T) department has released the latest list of banks which are mapped to e-Pay tax service at e-Filing Portal as you file your income tax return. The two banks which were lately added to the list are Tamilnad Mercantile Bank (included on March 5, 2025) and IDFC First Bank (added on Nov 27, … Read more
Starting April next year, when the new income tax law comes into force, the income tax officials could have the authority to access your social media accounts and email id. The New Income Tax Bill’s clause 247 states that income tax officer will have the power to gain access by overriding the access code to … Read more