Anyone earning Rs 2.5 lakh or more in India must file an ITR. This rule applies to everyone, not just high-income earners.

Filing your Income Tax Return (ITR) is an important obligation for every taxpayer in India. However, if you miss this deadline, it’s crucial to understand the consequences, including potential ...

Proprietors must file Form 1040, which is the standard form for the income tax returns. 3. File Schedule C: Attach Schedule C (Form 1040), which reports business incomes and expenses. 4. File Schedule ...

No tax refunds was paid to 12 lakh Income Tax Return (ITR) filers for AY 2024-25 despite 3.94 crore verified ITRs claiming ...

Taxpayers should note the revised tax slabs and rates announced in Budget 2025-26 will only be applicable for the Financial ...

The income tax deadline is April 15 for most taxpayers. But taxpayers in Florida, North Carolina, and other areas hit by ...

Those who file after February 1, 2025, will face a higher payment of 110%. ITR-U or Updated Income Tax Return The form ITR-U, also known as Updated Income Tax Return, allows individuals to correct ...

The Telangana High Court reviewed a writ petition filed by Global Organisation for Development against the Commissioner of ...

The Indian government is closely monitoring high-value financial transactions using data analytics and inputs from various ...

Did you just receive a new form called a 1099-K ... indexed U.S. savings bonds when you file that 2024 federal income tax return. In the past, you could buy up to $5,000 in paper I Bonds with ...

Unlike donations to charitable trusts, there is no form or reporting mechanism under ... individuals can invest up to ₹1.5 lakh in specified instruments under Section 80C. Additional benefits ...

Businesses not requiring an audit and individuals using ITR-1 (SAHAJ) and ITR-4 (SUGAM) have a deadline of July 31, 2024. ** The due dates for filing the ITR 3 form for the financial year 2024-25 (AY ...