Itr News

Salaried employees or pensioners without business income can change their tax regime at any time prior to filing their ITR every year by simply selecting the relevant option on the ITR-1 or ITR-2 form.

To save capital gains tax in India, taxpayers can adopt several strategies. Hold assets for over 12-24 months to qualify for lower long-term capital gains tax. Reinvest capital gains under Section 54F by purchasing or constructing residential property, or invest gains in specified bonds under Section 54EC within six months to claim exemption. Use the Capital Gains Account Scheme to defer tax by depositing gains temporarily. Joint ownership can also split gains to utilize individual exemption limits. Additionally, offset capital gains with losses from other investments. These legal methods help reduce or defer capital gains tax liability effectively.  

According to the Income Tax Department, a revised return can be filed up to three months before the end of the assessment year or before the assessment is completed, whichever comes first. 

ITR-U is a special form introduced in 2022 that gives taxpayers a second chance to set things right. Whether you missed filing your return, forgot to report some income, or made a mistake, ITR-U lets you update your return.

ITR-3 is now available for online filing for FY 2024–25. This form is meant for individuals and HUFs with income from business, profession, capital gains, or foreign assets. 

Despite the simplification of the process over the years, procrastination remains common.

With the start of income tax filing season for the Financial Year 2024-25 , taxpayers are advised to prepare their documents in advance of the extended deadline on September 15, 2025. Having the necessary paperwork ready will help ensure a straightforward and accurate filing process.  

Here is the list of 10 countries in the world that does not levy any personal income tax from its citizens.

The introduction of pre-filled returns, automation in refund processing, real-time TDS adjustments and online grievance redress mechanisms has led to reduced delays by as much as 81 per cent and improved taxpayer experience, according to official figures.

Under the download section of the income tax department’s e-filing ITR portal, you can navigate to download the ITR-2 and ITR-3 utilities. Once downloaded, you will get a windows zip file from which the excel file can be obtained.

Aadhaar-based OTP authentication process to email ID or mobile number on the e-filing portal has been necessiated to prevent unauthorised changes to taxpayer profiles.

Filing Income Tax is just around the corner many people have forgot the login credentials here are few steps to reset your credentials.

Don’t claim benefits under Section 80C unless you have proper documents to back them.

ITR FILING 2025: As tax filers are all geared to file the ITR for Financial Year 2024-25 (Assessment Year 2025-26), it’s important to understand the do's and don'ts, check-list of tax filing.  

Tax filers who have filed thair ITR Assessment Year 2023-24, but haven’t got any information on refund, should know how November deadline could bring good news.

You can check your refund status online through the Income Tax e-Filing portal or the NSDL TIN website --here's a detailed guide.  

One of the most common mistakes while filing your return is choosing the wrong ITR form.

The Income Tax Department has introduced several changes in the new I-T return form.

The new push comes as part of a comprehensive plan to bring elusive businesses, that escape the taxman’s lens due to limited availability of data, into the tax net and increase the country’s revenue collections.

The Reserve Bank of India (RBI) has clear guidelines on per day and per year savings account cash deposit. Though there is no limit to how much money you can keep in your savings account, you need to know the official requirements.