Category: File Your Income Tax Return

Delhi HC Urges Swift Action on 5.4 Lakh Pending Tax Tribunal Cases

March 5, 2025March 6, 2025 Chandan Tiwari No Comments

The Delhi High Court has recently raised alarm over the mounting backlog of appeals at the National Faceless Appeal Centre (NFAC), a body established to streamline tax assessments. With a staggering 540,000 appeals awaiting resolution, the court has urged immediate action to tackle the growing delays. Judicial Concern A division bench, led by Chief Justice…

Central Action Plan, File Your Income Tax Return, Income Tax, Income tax Act 1961, Income Tax Deduction, income tax return filing, Judicial Concern, National Faceless Appeal Centre, Taxpayer rights

Save Income Tax: Understanding the New Income Tax Regime

June 15, 2024June 15, 2024 Chandan Tiwari No Comments

The New Income Tax Regime, introduced in the 2020 budget by Finance Minister Nirmala Sitharaman under Section 115BAC of the Income Tax Act, offers an alternative to the traditional tax system. Designed to simplify tax calculations and provide benefits to taxpayers, this regime features altered tax slabs and reduced rates, but eliminates various exemptions and…

Agricultural Income, Better targeting of tax, Business Income, File Your Income Tax Return, Income Tax, Income tax Act 1961, Income Tax Deduction, income tax return filing, Indirect Tax, New Tax Regime, Old Tax Regime, Professional Income, Salary Income, Tax Regime, Tax Saving Scheme, Tax Slabs

Mandatory Scrutiny of ITR: Income Tax Department Reveals Criteria for Selection

May 24, 2024May 24, 2024 Chandan Tiwari No Comments

The Income Tax Department has recently unveiled detailed criteria for the mandatory scrutiny of Income Tax Returns (ITRs). These guidelines, released by the Central Board of Direct Taxes (CBDT) on May 3, 2024, specify how ITRs will be selected for close examination for the financial year 2024-25. These annual circulars have been a consistent effort…

Better targeting of tax, CBDT, Direct Tax, File Your Income Tax Return, Freelancer Tax Optimization, Income Tax, Income tax Act 1961, Income Tax Deduction, income tax return filing, Self Assessment Tax, Self Employed Taxes, Tax Regime, Tax Saving Scheme, Tax Scrutiny

How to download form 16, 16A and 27D

May 11, 2024May 11, 2024 Chandan Tiwari No Comments

The process of filing income tax returns has begun, but many salaried taxpayers are unable to file their returns due to not receiving Form 16. This form provides information about your income and the amount of tax deducted. Therefore, it becomes crucial for filing Income Tax Returns (ITR). Similarly, Form 16A and 27D are also…

Business Income, Condonation of Delay in LLP Form, File Your Income Tax Return, Income Tax, Income tax Act 1961, income tax return filing, Professional Income, Salary Income, TDS

CBDT Resolves More Than 46,000 Public Grievances and 7,000 Grievance Appeals Under Special Campaign 2.0

September 12, 2023September 12, 2023 Chandan Tiwari No Comments

The Central Board of Direct Taxes (CBDT) has resolved more than 46,000 public grievances and 7,000 grievance appeals between December 2022 and July 2023 under its Special Campaign 2.0 for Swachhata and disposal of pending matters. The campaign was launched on December 1, 2022, with the aim of cleaning up the tax administration and disposing…

Amrit Kaal, Azadi Ka Amrit Mahotsav, CBDT, CBIC, Direct Tax, File Your Income Tax Return, Income Tax, Income Tax Deduction, income tax return filing, Indirect Tax, Marketing, Media

What are the income tax deductions in Section 54?

August 9, 2023August 9, 2023 Chandan Tiwari No Comments

Section 54 of the Income Tax Act in India provides provisions for claiming deductions on capital gains arising from the sale of a residential property if the proceeds are reinvested in purchasing or constructing another residential property. This section is primarily relevant for individuals looking to save on capital gains tax when they sell one…

Capital Gain, File Your Income Tax Return, Income Tax, Income Tax Deduction, income tax return filing, Long Term Capital Gain

Income Tax Old vs New Tax regime : Which is Right for salaried employee

July 18, 2023July 18, 2023 Chandan Tiwari No Comments

Income tax returns Filing is a crucial responsibility for every taxpayer. With the introduction of the new tax regime, taxpayers now have a choice between sticking to the old tax system or opting for the new one. Both tax regimes have their pros and cons, making it essential for taxpayers to understand the differences and…

New Tax Regime, File Your Income Tax Return, Income Tax, income tax return filing, Marketing, Media, Salary Income, Tax Regime, Tax Saving Scheme, Tax Slabs, TDS

Income Tax Return Filling Under Old and New Tax Regime: Which Is better For Salaried Employees

June 30, 2023June 30, 2023 Chandan Tiwari No Comments

Income Tax Return Filling is a crucial responsibility for every taxpayer. With the introduction of the new tax regime, taxpayers now have a choice between sticking to the old tax system or opting for the new one. Both tax regimes have their pros and cons, making it essential for taxpayers to understand the differences and…

income tax return filing, Agricultural Income, Business Income, Direct Tax, File Your Income Tax Return, Income Tax, Indirect Tax, Media, Medical, New Tax Regime, Old Tax Regime, Professional Income, Salary Income, Self Assessment Tax, Tax Regime, Tax Slabs

Income Tax Return Filing: What to Do If Tax Paid Information is Missing

June 28, 2023June 28, 2023 Chandan Tiwari No Comments

Are you in the process of filing your income tax return (ITR) and have noticed that certain tax payments, such as advance tax and self-assessment tax, are missing from your Form 26AS? Up until last year, these details were readily available in a taxpayer’s Form 26AS. However, starting from the Assessment Year (AY) 2023-24 (Financial…

Advance Tax, Agricultural Income, Business Income, File Your Income Tax Return, Income Tax, Marketing, Media, Professional Income, Salary Income, Self Assessment Tax

known facts of HRA tax exemption

February 25, 2023February 25, 2023 Chandan Tiwari No Comments

The majority of paid workers in the organised sector receive a house rent allowance, which is equivalent to about 50% of their base pay. A person who rents a place to live may be able to get a refund of the rent they paid, but only under particular circumstances. The following three exemptions are, in…

Income Tax, BANK, CBDT, CBIC, Chartered Accountants, Direct Tax, File Your Income Tax Return, HRA, Indirect Tax