Income Tax Returns News

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I 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 2024
Money

ITR 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 2024
Money

Income 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 2024
Money

Budget 2024: Know the real tax on your income

After adjusting for inflation, tax liability in the old regime is now as high as 55% to 58% on incomes between ₹50 lakh and ₹1 crore.

1 min read22 Jul 2024
Money

ITR filing 2024: New vs old income tax regimes, 6 key things to consider while filing your tax return

ITR filing: The filing season for Income Tax Returns 2024 has begun, and meeting the July 31 deadline is crucial to avoid penalties

2 min read21 Jul 2024
Money

Income Tax Returns: Taxpayers find it too ‘taxing’ to file ITR online on e-filing portal even as July 31 deadline nears

ITR Filing: Thanks to the influx of visitors, the portal reportedly is currently facing operational issues during the peak hours. A number of taxpayers have expressed their inconvenience on X platform.

2 min read10 Jul 2024
Money

Are you sharing too much? The risks of giving your ITR credentials to CAs

You do not need to share ITR login and Password with Your CA. Here are the alternatives

4 min read8 Jul 2024
Money

Income Tax Returns: What is your default regime— old or new? Key things you should know before filing ITR

Under the new tax regime, income tax slabs were changed and taxpayers were offered concessional tax rates. However, these concessional rates were offered as a trade-off for letting go of a range of exemptions and deductions.

2 min read4 Jul 2024
Money

ITR filing 2024: Alert taxpayers! How filing wrong income tax return form can cost you heavy penalty

ITR filing: Choosing the correct income tax return form for filing your returns is crucial. The choice of the ITR form depends on the type of income and the taxpayer’s category

2 min read3 Jul 2024
Money

Income tax implications of trading in shares and F&O explained

Investments in listed shares and trading in futures & Options (F&O) may be taxed differently. Transactions in F&O are treated as business income, while gains from listed shares can be treated as capital gains

1 min read26 Jun 2024
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