As the financial year 2023-24 draws to a close, salaried individuals across India are gearing up for the annual ritual of filing their income tax returns (ITR). The Income Tax Department has released the ITR forms, and the countdown to the deadline—31st July 2024—for non-audit cases has begun. However, the process isn’t as straightforward as …
Filing income tax returns (ITR) is an annual obligation for salaried individuals in India. It not only ensures compliance with tax laws but also offers various benefits such as claiming refunds, avoiding penalties, and maintaining financial transparency. It’s crucial for salaried taxpayers to understand key aspects related to filing their income tax returns for assessment …
Filing income tax returns (ITR) is a crucial financial responsibility for individuals and entities earning income in India. The financial year (FY) 2023-24, relevant to assessment year (AY) 2024-25, is no different. Filing an ITR not only fulfills a legal obligation but also brings numerous benefits and safeguards against potential penalties. This article deals into …
Continue reading “Importance of Filing Income Tax Returns for FY 2023-24 (AY 2024-25)”
Bonus shares, a popular way for companies to reward their shareholders, are additional shares given without any extra cost, based on the number of shares a shareholder already owns. While receiving these shares is exciting, understanding the tax implications is crucial for shareholders. In India, the income tax treatment of bonus shares involves several aspects, …
Continue reading “Income Tax on Listed and Unlisted Bonus Shares”
