Filing income tax returns (ITR) is an important responsibility for salaried individuals. It helps ensure compliance with tax laws and enables individuals to claim deductions and exemptions, thereby minimizing their tax liability. However, filing ITR can be a complex process, and it’s crucial to take certain precautions to avoid errors or potential legal issues. Here …
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Introduction Filing income tax returns (ITR) is a crucial responsibility for individuals generating rental income. Rental income is considered taxable under the Income Tax Act of most countries, including India. Whether you are a landlord renting out a residential or commercial property, understanding the tax implications and the process of filing ITR is essential to …
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Filing an income tax return (ITR) is a legal requirement in many countries, including India, where it is mandatory for individuals and entities with taxable income to file their returns. If you have income from house property, it is crucial to file your ITR to fulfill your tax obligations and avoid potential penalties and legal …
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In the case of Geeta P. Kamat v. PCIT, the petitioner, who served as a director in a company, received a show cause notice demanding the recovery of tax dues on behalf of the company. The petitioner argued that she should not be held liable since there was no evidence of gross negligence, malfeasance, or …
Introduction Taxation for Non-Resident Individuals (NRIs) in India involves specific considerations based on their residential status and the income they generate. In the assessment year 2023-24, NRIs have the option to choose between the old tax regime and the new tax regime, which offers reduced tax rates under Section 115BAC of the Income Tax Act. …
Introduction: Income Tax Return (ITR) is a crucial financial obligation that individuals must fulfill in many countries, including India. Non-Resident Indians (NRIs), despite living abroad, are also required to comply with the income tax regulations of their home country. Filing ITR as an NRI is not only a legal requirement but also holds several benefits …
Filing income tax returns is an essential obligation for individuals, ensuring compliance with the tax laws of a country. In India, the Income Tax Department has designed various forms to cater to the diverse income profiles of taxpayers. One such form is ITR-1, which is specifically tailored for resident individuals with relatively straightforward income sources …
Certain individuals are not eligible to file their Income Tax Return-1 (ITR-1) for the Assessment Year 2023-24. Understanding who falls under this category is essential for taxpayers to ensure they file their returns correctly and in compliance with the Income Tax Act. Here are the individuals who are ineligible to file ITR-1, along with the …
Who can file ITR-1 for AY 2022-23? The ITR-1 form is applicable for filing income tax returns by Resident Individuals who meet the following criteria: Who cannot file ITR-1 for AY 2022-23? The following individuals are not eligible to file ITR-1: Types of Income not included in ITR-1: The following types of income are not …
The Ahmedabad Income Tax Appellate Tribunal (ITAT) has upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] confirming the addition under Section 68 of the Income Tax Act. The addition was made by the Revenue in relation to the long-term capital gains (LTCG) from the sale of penny stocks. The ITAT relied on …
