Income Tax Returns News
Faceless tax assessments are a game changer. But there is scope for improvement.
The 2025 scrutiny notices and assessment orders indicate growing instances of gross time mismanagement.
3 min read14 Apr 2025Income tax hack: Do this by 31 March to avoid interest on advance tax shortfall
Missing advance tax deadlines can lead to unnecessary interest charges. A simple declaration to your employer can help salaried individuals save money and stay tax-compliant—here’s how
3 min read18 Mar 2025After the Budget, updating ITR may cost you more than a reassessment
Budget 2025’s ITR update window looks like a win for taxpayers—until you realise that cost of voluntary compliance by filing an updated return in the third or fourth year is much higher than getting a reassessment notice from the tax department.
6 min read24 Feb 2025Four of every five people who will file returns for FY26 likely to pay no tax, data shows
Budget 2025 increased the tax rebate limit under the new regime to ₹12 lakh from FY26. If trends from previous years continue, at least 80% of individuals who file ITRs for FY26 are expected to have zero tax liability, up from 66% in FY24.
2 min read11 Feb 2025All income groups got a little something from the Budget
The Budget 2025 brings major tax relief for the middle class, making the new tax regime more attractive. From higher exemptions to simplified compliance, the reforms aim to boost savings, investment, and spending.
4 min read4 Feb 2025Income tax cut unlikely to translate into higher auto sales, says Nomura. Here’s why
While the 2025 Union Budget’s tax relief is expected to aid sectors like automobiles, Nomura cautions that the benefits might be limited, as 60% of tax filers do not pay taxes. Rural demand and capital expenditure are projected to positively influence vehicle sales.
3 min read4 Feb 2025Income Tax: How to e-verify your return? 5 Key points to know
Filing ITR: Typically, verification must be done within 30 days. Now since 30 days have elapsed from the time of submission of ITR data, the date of verification will be considered as the date of filing.
1 min read28 Dec 2024I didn’t disclose my NRI status to my tenant. What should I do?
The tenant, being responsible for the TDS deduction, could be considered as an assessee-in-default for not deducting the appropriate amount of TDS. However, as the recipient of the rental income, you are also responsible for declaring it in full while filing your Indian tax return.
2 min read14 Oct 2024ITR Filing 2024 Highlights: Penalties and consequences for missing the July 31 income tax return deadline
ITR Filing 2024 Highlights: Today, July 31, is the last day to file your income tax returns, so here is all you need to know to do so quickly — including the deadline, penalty for missing the deadline, documents required, who had more time, and possible extension of deadline.
8 min read1 Aug 2024Income tax filing: Last minute mistakes to avoid and details to check when filing your income tax returns
As the deadline to file your income tax returns for FY2023-24 approaches on 31 July, Mint brings you the details of changed document requirements for claiming deductions under various heads, along with last-minute checks you need to do to file an error free ITR before the deadline.
6 min read29 Jul 2024Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared