The preparations for the filing of Income Tax Returns (ITR) for Assessment year 2025-26 are under way now. To manage the same efficiently, individual taxpayers are collecting the relevant documents such as interest certificates, dividend statements, salary slips, business income documents etc., of the recently concluded financial year. Hence, in such a situation if one … Read more
ITR Filing: Income Tax Department has now released forms 1 and 4 now for filing of tax return for FY 2024-25. The last date to file tax returns for individual taxpayers is July 31. There are two tax regimes under which the income tax return can be filed: old tax regime and new tax regime. … Read more
As the last financial year has concluded, taxpayers in India are now preparing for the Income Tax Return (ITR) filing season. An important document in this process is the interest certificate. This document details the interest paid on deposits or earned on loans. Axis Bank offers multiple avenues for its customers to obtain this certificate, … Read more
Income Tax: As a taxpayer, you can use the e-pay functionality on the e-filing portal to make a payment to the income tax department. This is a user-friendly feature to clear your dues via any of these routes: net banking, debit card, over the counter, NEFT/RTGS or payment gateway. Here, we describe the step-by-step process … Read more
But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes. How does presumptive taxation work? Presumptive taxation for businesses and professionals is covered under Section 44AD and Section 44ADA, respectively. Under Section 44AD, small businesses with a turnover of up to ₹2 crore, whose … Read more
ITR filing 2025: Before filing your income tax return, it is vital to compare the tax computation under both the tax regimes i.e., old and new. And you can opt for the regime which gives lower tax outgo. Introduced in 2020, the new tax regime was made the default regime for taxpayers as per Finance … Read more