Income Tax: Make note of these 5 key points if you are a salaried taxpayer

Income Tax: Make note of these 5 key points if you are a salaried taxpayer

As the deadline of July 31 to file income tax (I-T) returns is approaching fast, taxpayers must be scouting for documents, forms and necessary information to be able to file their tax return as soon as they can. Before filing your tax return, make sure that you have linked your aadhaar with your PAN. The bank account … Read more

Tax time tactics: Reporting Reits, Invits, and RSUs

Tax time tactics: Reporting Reits, Invits, and RSUs

How can we report income from real estate investment trusts (Reits) and infrastructure investment trusts (Invits) in the income tax return (ITR)? Also, how do we fill up Schedule FA (foreign assets) for Restricted Stock Units (RSUs) of the same company (as in the case of Amazon) awarded over multiple years? Should they be aggregated … Read more

Income Tax: As ITR forms enabled to file returns, check here which form you would require

Income Tax: As ITR forms enabled to file returns, check here which form you would require

No sooner had the new financial year started than the income tax return (ITR) filing process commenced for FY 2024.      The income tax department (ITD) has already enabled all the return filing forms – ITR-1, ITR-2, ITR-4 and ITR-6 — for filing the returns at the e-filing portal.  The department has released the excel utility of … Read more

Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening, two-thirds processed, says report

Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening, two-thirds processed, says report

The Income Tax (I-T) Department has received as many as 6 lakh returns in the first month of Assessment Year 2024-25 (FY25). Significantly, nearly two-thirds of the verified returns have already been processed, reported Business Line. Over 5.92 lakh returns were filed by April 29. Out of these, over 5.38 lakh had been verified and … Read more