Tag: ITR

Income Tax in MediaMedia

Crypto gains in FY25? Which ITR form to use while filing returns in AY 2025-26

byAdmin

Since there are 7 ITR forms available for tax return filing, the biggest confusion for most assessses is which form they should choose. Adding to their confusion, the government last year tweaked the capital gains rules, which required certain changes to be made in ITR forms. In this write-up, let’s understand which ITR form you need to file if you have capital gains from various financial assets, including cryptocurrencies.

Income Tax in Media

No refund if ITR filed post due date in new income tax bill? I-T dept issues this clarification

byAdmin

Will you be eligible for a refund even if you file your ITR (income tax return) late? This concern was raised by many people due to the introduction of new Income Tax Bill 2025 in the Lok Sabha. Many experts have pointed out that the new income tax bill, which is likely to be applicable starting FY2026-27, highlights that if taxpayer does not file their income tax returns before the due date, they will not be eligible to get a refund. Experts are pointing out the same on various social media platforms.

Income Tax in Media

Budget 2025: ITR portal glitches, Income tax notice management; other issues plague e-filing ITR portal; Experts urge FM to look into this

byAdmin

The new Income Tax Return (ITR) filing portal 2.0 which was launched on June 7, 2021, is a simpler and user friendly than ITR portal 1.0 but like any new technology, this 2.0 portal is also experiencing many glitches. Moreover, chartered accountants say that there are certain problems in logical reasoning of the ITR portal. Sometimes a tax notice intimation is sent through email and SMS, but the said notice couldn’t be found on the ITR portal. Multiple such small issues collectively form a bigger grievance against the ITR portal.

Income Tax in Media

90,000 salaried individuals made to pay back Rs.1,070 crore tax due to wrongful claims

byAdmin

Next time you file your income tax return and your chartered accountant (CA) suggests you do some income fudging here and there, beware. Until December 31, 2024, the Income Tax Department has identified 90,000 salaried taxpayers who wrongly claimed deductions amounting to approximately ₹1,070 crore in their income tax returns (ITRs). When confronted by the tax department, these individuals were required to pay back the taxes due to the government.

Income Tax in Media

ITR filing deadline extension: Bombay HC orders tax dept to allow these taxpayers claiming 87A rebate to file ITR till January 15, 2024

byAdmin

Sometimes you need to fight against the government authorities for your rights rather than keeping your head down and accepting whatever is being imposed. The best example for this analogy should be the recent section 87A tax rebate fiasco, where many taxpayers who filed ITR after July 5, 2024, were denied, despite them being eligible for it. All over the country, taxpayers approached courts in hope of justice and the Bombay High Court delivered.