India witnessed a record number of Income Tax Return (ITR) filings in FY23, reaching an impressive 74 million. Surprisingly, a significant portion of these filings, 70% to be precise, were zero-tax ITRs, indicating that taxpayers claimed nil tax liability
In this article, we will provide an overview of the taxation guidelines for cryptocurrencies in India.
Salaried individuals are being warned to be cautious while filing their Income Tax Returns (ITRs) this year. The Income Tax Department has increased its scrutiny and is seeking documentary evidence against bogus deductions and exemptions claimed by some taxpayers.
When three individuals take a joint home loan and want to claim the tax benefits for the interest paid on the loan, they can do so by following these steps
Filing your Income Tax Return (ITR) accurately is crucial, and it involves incorporating vital information from your Annual Information Statement (AIS). However, discrepancies or missing data in the AIS can occur, leading to confusion during the filing process.
If you have already filed your Income Tax Return (ITR) but made a payment after filing, there are steps you can take to rectify the situation
To ensure a hassle-free income tax return (ITR) filing experience, taxpayers should be mindful of certain crucial aspects. Here are some key tips to avoid common errors
Relying solely on your Annual Information Statement (AIS) to file your income tax return (ITR) without verifying other sources of income can lead to trouble with tax authorities
If you have already filed your Income Tax Return (ITR) but made a higher tax payment than the demand mentioned in the intimation, you may need to follow some steps to rectify the situation
Calculating capital gains on shares when the cost of purchase is unknown can be challenging. However, there are a few methods you can use to determine the cost of acquisition and calculate the capital gains.
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