Latest news with #TaxDeductedat
India Today
28-05-2025
- Business
- India Today
ITR deadline extension: Why it happened and what you need to do now
Here's a relief for taxpayers - the Central Board of Direct Taxes (CBDT) has extended the last date for filing income tax returns (ITRs) for the assessment year 2025–26. The earlier deadline of July 31, 2025 has now been pushed to September 15, DID THE CBDT EXTEND THE ITR DEADLINE?The main reason for this extension is the recent changes in the ITR forms. These forms have been updated with new layouts and extra details to make the process more transparent and accurate for taxpayers. But with these changes, the income tax department also needs more time to update its systems and make sure everything works to CA (Dr) Suresh Surana, 'The Central Board of Direct Taxes (CBDT) has vide Press release dated May 27, 2025 extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2025-26 from July 31, 2025 to September 15, 2025. This decision has been taken in view of significant structural and content changes in the ITR forms, which require additional time for system development and utility integration.' Further, Dr Surana explained that the TDS (Tax Deducted at Source) credits, which are important while filing your ITR, will only start appearing from early June. This left taxpayers with very little time to file returns before the earlier July-end said 'With TDS credits expected to reflect only in early June, the effective return filing window was limited. The extension aims to ensure a smooth and accurate filing process while addressing stakeholder concerns. It is expected that a formal notification would follow.'A STEP TOWARDS EASIER FILINGadvertisementThis move also fits into the government's long-term plan to modernise the income tax system. With new tech upgrades, automated tools, and smarter systems, filing taxes is expected to become quicker and easier for SHOULD YOU DO NOW?Even though the deadline to file your ITR has been extended to September 15, 2025, it's still wise to get started early. Waiting till the last minute often leads to unnecessary stress and by gathering all your income details. This includes your salary slips, interest from savings and fixed deposits, capital gains from investments, rental income, or any freelance or side calculate your total tax liability for the year and check how much tax you still owe. It's important to pay any remaining tax without delay, as the payment deadline hasn't changed. Delaying payment can lead to interest charges under Section 234B of the Income Tax can also update your bank account details, verify TDS credits once they start appearing, and check for any pre-filled information available on the income tax portal. Lastly, keep all your documents neatly organised so you're ready to file the moment the system is fully updated.
Business Standard
21-05-2025
- Business
- Business Standard
Pay Smart, Pay Digital: Use Your credit card for Advance Tax & GST Payments
Pay Smart, Pay Digital: Use Your credit card for Advance Tax & GST Payments When it comes to taxes, timely payments are essential—but how you pay can be just as important. Gone are the days of long queues, cumbersome paperwork, or waiting endlessly for payment confirmation. Yet, even in today's digital world, many taxpayers still face unexpected hurdles—failed transactions, hidden fees, no instant receipts, or simply not knowing if their payment went through. For those navigating the financial demands of advance tax or GST obligations, these moments of uncertainty can add unnecessary stress. But there's a smarter way to pay—securely, conveniently, and quickly—with Mastercard. Advance Tax Made Effortless – Supporting the Everyday Taxpayer Tax season often brings a flurry of numbers, deadlines, and anxiety. For individuals with income beyond regular salaries—like rent, capital gains, fixed deposits, lottery wins, or freelance work—advance tax becomes a crucial part of financial planning. And for small business owners and professionals managing GST payments, the process can feel just as overwhelming. Advance tax is payable in four instalments—June 15, September 15, December 15, and March 15—by individuals whose income isn't fully covered by TDS (Tax Deducted at Source). This includes mid to senior-level salaried professionals, self-employed individuals, and entrepreneurs. Rather than rushing to banks, worrying about portal crashes, or facing hidden transaction fees on other cards, taxpayers can now breathe easy with Mastercard. It's a solution that offers both convenience and peace of mind. Why paying with Credit or Debit cards Makes the Difference Paying with a credit or a debit card, enhances the entire payment experience - For Debit Card Users: No transaction charges or fees are applicable for making tax payments 24x7 accessibility – Make payments anytime via the e-filing portal or TIN-NSDL. Instant confirmation – Real-time receipts eliminate the worry of missed payments. Safe and secure – Every transaction is encrypted and protected. For Credit Card Users: Interest-free credit periods – Offers breathing space for managing cash flow (based on bank policy). For GST Payers, CAs & Small Businesses – Smarter Payments, Better Control For SMEs, chartered accountants, and professionals handling GST on behalf of clients or their own firms, Mastercard credit cards offer a whole new level of flexibility and insight: Cash flow freedom – The interest-free period keeps operations running smoothly. Automatic tracking – Digital payments simplify recordkeeping and tax reconciliation. Build business credit – Timely repayments strengthen your financial profile. Why Settle for Less? Using the wrong card or payment method might seem like a small hiccup—but in moments of financial responsibility, it can become a major setback. From delays and declined payments to missing out on rewards or paying unnecessary charges, the wrong tool can make tax payments more taxing. Mastercard eliminates the hassle. It brings together convenience, control, and confidence, ensuring taxpayers—from individuals to businesses—can handle obligations smartly and stress-free. Go Digital. Go Smart. Go Mastercard. In today's world, digital isn't just a convenience—it's a necessity. With Mastercard, paying your taxes is no longer a chore but a seamless, empowering experience. Whether it's your quarterly advance tax or monthly GST filings, Choose Mastercard and Make your tax payments smarter.
Time of India
05-05-2025
- Politics
- Time of India
Mizoram MP complains to NCST over I-T demands on tribal traders
Aizawl: Richard Vanlalhmangaiha, the lone Lok Sabha member from Mizoram, on Monday complained to the National Commission for Schedule Tribe (NCST) chairman Antar Singh Arya about intimations received by tribal businessmen in the state from the income tax department to pay income tax while scheduled tribes living in scheduled areas are exempted from paying tax according to Section 10(26) of the Income Tax Act, 1961. Tired of too many ads? go ad free now Vanlalhmangaiha met NCST in Delhi at the latter's invitation, where he raised the issue of income tax. He informed Arya that tribal businessmen and traders received intimations from income tax officials. Income tax has also been deducted from the pension of retired Indian Army personnel, he said, adding that Mizos working in central govt offices and banking sector in Mizoram were also subjected to Tax Deducted at Source (TDS) from their salaries, despite belonging to STs. A large number of tribal employees working in the state are also forced to file 'nil returns', creating hardships for them in Mizoram while the common people fail to understand why they are being asked to pay income tax when they are exempted under the Income Tax Act, 1961. The NCST chairman took the matter seriously and deliberated on how to take up the issue with appropriate authorities.
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Business Standard
23-04-2025
- Business
- Business Standard
Tax dept tightens claims scrutiny: Key rules for rent paid to parents
Many salaried individuals claim tax exemption on house rent allowance (HRA) by paying rent to family members, such as parents. While this is legally permissible, the Income Tax Department has intensified scrutiny of such claims. Increased scrutiny Tax authorities say they have observed instances where individuals claimed HRA exemption without fulfilling rules to do so. Lack of a formal rental agreement. Rent payments made in cash, or lacking bank transaction proof. Absence of rent receipts. Landlords not declaring rental income in their tax returns. Such discrepancies raise flags, prompting the department to issue notices seeking clarification to many individuals recently. Below are the steps you can take to safeguard yourself. Steps to Ensure Compliance and Avoid Notices 1. Rental agreement: Draft a clear agreement with your relative, specifying rent amount, payment terms and duration. The document serves as primary evidence of the rental arrangement. 2. Bank transactions: Pay rent through for banking channels like electronic fund transfer or Unified Payments Interface. Avoid cash payments: they are cumbersome to trace and validate. 3. Rent receipts: Collect monthly rent receipts signed by the landlord, detailing the amount, period, and property address. 4. Landlord's PAN: If annual rent exceeds Rs 100,000, furnish the landlord's PAN to your employer. This ensures transparency and aligns with tax regulations. 5. TDS deduction: If monthly rent exceeds Rs 50,000, deduct 2 per cent Tax Deducted at Source (TDS) and deposit the amount using Form 26QC. Provide Form 16C to the landlord as proof. 6. Landlord's tax declaration: Ensure that the relative receiving rent declares it as income in their tax return. This corroborates your HRA claim and demonstrates transparency. Expert Insights "The foundation of any legitimate rental transaction is its genuineness", said Aarti Raote, partner at Deloitte India. "Rent received from close family members is subject to greater scrutiny, so it's essential to maintain proper documentation. A rental agreement and rent receipts, which align with bank payment entries, are crucial for supporting HRA claims. Additionally, the landlord's PAN must be provided to the employer when claiming HRA, and it should be included in their tax return as well." "Rent received from family members must be disclosed in the house property section (Schedule HP) of the tax return, which includes details like the share in the property and the tenant's name and PAN. This ensures the tax department can correlate the rental receipts with the HRA claim of the tenant", said Raote. If the Income Tax Department questions your HRA claim:
