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A rise in the women filing Income tax returns has been seen in Karnataka with numbers climbing from 11.3 lakh in 2019-20 to 14.3 lakh in the AY 2023-24. In the last 5 years, it is a 26% growth. The state rebounded quickly, even after a temporary dip to 11 lakh in 2020-21 arriving with […]
For income tax, the online e-filing ITR portal will be processed with a revamp via substantial amendments effective for taxpayers. The tax department’s internal circular which is not publicized dated October 8, 2024, expressed, “The operations phase of the existing Integrated e-filing and Centralised Processing Centre (IEC) 2.0 is coming to an end and the […]
The Income Tax Department has announced a significant achievement with over 7.85 crore Income Tax Returns (ITRs) filed by the October 31 deadline, setting a new record. These ITRs were filed for various assessment years during the fiscal year 2023-24, surpassing the previous record of 7.78 crore filings in the fiscal year 2022-23. It is […]
Before furnishing the ITR filing last date the same might assist to check your Annual information statement (AIS) on the tax portal and show any inconsistencies in it. The government says that they support solving the issues which arise because of misreporting or the system might not have enabled to fully fetch the information. The […]
The income tax department has provided the rules for the selection of income tax returns for complete scrutiny in the present financial year and mentioned these investigations shall be subjected in the matters where the information of the tax theft is available from any other council. Latest Update in Returns Scrutiny CBDT (Central Board of […]
The latest rule made through the Indian tax council this year seems to become an issue for the foreign investors who pose sovereign funds as well as pension funds who invest in the country. The same is made essential by the tax council for all the non-individual tax filers to mention the PAN number of […]
Every year there are some changes that are started in the forms provided to furnish the income tax returns and processes engaged, that the assessee must find out. Indeed in this year, there are some amendments that are built to the forms and engaged with the processes. There are certain revisions that you must find […]
As mandated by the constitution of India, Income tax return filing is a foremost requirement by all registered taxpayers in India. Thanks to the outbreak of technology in India, the ITR filing can now be done via both Online and Offline modes. E-filing or electronic filing is the newly inaugurated process for filing online Income […]
It is vital for NRIs to file their income tax returns on time while living in India. As NRI citizens can make investments, and hold their own bank accounts, house property & other assets in India, they should keep in mind that filing annual returns helps them stay away from any tax penalty and prosecutions. […]
