Income-tax News

India’s digitization drive is set to grow its digital economy six-fold by 2030, with the new income tax e-filing portal enhancing convenience and security, particularly through credit card payments.

After e-verifying your income tax return, the Income Tax Department typically attempts to process refunds in four to five weeks. However, several variables could affect this timeline.

It is necessary to have a working login, a PAN connected to your Aadhaar, and the acknowledgement number to access and monitor the status of your income tax refund.

Here we give a lowdown on filing income tax return (ITR) for financial year 2023-24 which includes selecting the correct I-T form, opting for the old tax regime, verification of return and cross-checking the form-16 details with those given in 26AS

A late fee of ₹1,000 will be charged to individuals whose annual salary is less than ₹5 lakh, and a late fee of ₹5,000 will be imposed on those whose annual salary exceeds ₹5 lakh. Certain taxpayers, however, are allowed to file their taxes after the July 31 deadline.

Individuals or HUFs with business or professional income are required to file Form 10-IEA to choose to remain under the old tax regime instead of the new one. If Form 10-IEA is not filed by the first ITR filing deadline, taxpayers will not be able to revert to the previous tax year setup.

The Income Tax department said that a person can be asked to obtain an income tax clearance certificate only after recording the requirements’ reasons.

The video comes days after the 2024 budget announcement by Finance Minister Nirmala Sitharaman, introducing major changes in the new tax regime

The sale of bonds and debentures will be taxed as long-term capital gain when it occurs within two years of the purchase of the asset, compared to three years earlier.

The Bankbazaar report shows that longer holding periods correlate with higher taxes with or without indexation. With indexation, the taxes are comparatively higher.