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Failure to disclose crypto gains, income and foreign stock holdings, interest income or any other source of income could lead to notices for non-disclosure from the income tax department. To know more about the mistakes that could land you in a soup, Moneycontrol spoke to Mayank Mohanka, Partner, SM Mohanka and Associates. Listen in
The due date for filing income tax returns for FY 2022-23 is July 31, 2023 (assessment year 2023-24). Filing return is mandatory if your income exceeds the basic exemption limit. You need to be aware of the documents required, and which form you should choose before you get started with the process
Taxpayers have several queries around tax filing. This primer covers questions around the regime to choose, what all incomes are to be declared, HRA claims, and more.
Data on advance tax payments is missing in the pre-filled income tax return (ITR) forms. So, taxpayers are having to manually enter this data to file their returns. In a conversation with Moneycontrol, Khyati Dharamsi, an experienced personal finance writer, explains why this is happening and what it means for taxpayers.
ITR filing process must start with basic preparations like getting your documents such as Form-16, bank account and capital gains statements in order. Check Form 26AS, or tax credit statement, and Annual Information Statement (AIS). In case of any discrepancy in AIS, rely on your information as the former could contain errors, says Aarti Raote, Partner, Deloitte India.