tax

I-T relief: Growth in direct tax receipts dips to 3.2%

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NEW DELHI: Growth in gross direct tax collections moderated to 3.2% in the fiscal year up to July 10, from 4.9% three weeks ago, driven by a slowdown in non-corporation tax. Latest data released by govt estimated gross collections of Rs 6,64,807 crore between April and July 10.Net direct tax collections – which means after … Read more

Tax collections dip: Net direct tax mop-up falls 1.34% to Rs 5.63 lakh crore as refunds surge; gross receipts rise 3.17%

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India’s net direct tax collections declined 1.34% year-on-year to Rs 5.63 lakh crore as of July 10, dragged down by a sharp surge in refunds, according to government data released on Friday. Gross tax collections — before adjusting for refunds — rose 3.17% to Rs 6.65 lakh crore during the period, reflecting an underlying improvement … Read more

ITR filing FY 2024-25: ITR-2 and ITR-3 excel utilities released by Income Tax Department – here’s what taxpayers should know

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ITR filing: For the financial year 2024-25 (Assessment Year 2025-26), taxpayers must file their returns by September 15, 2025. (AI image) ITR filing FY 2024-25: The Income Tax Department has now made available the excel utilities for ITR-2 and ITR-3 forms, enabling individuals with taxable capital gains, crypto income and other specified incomes to file … Read more

ITR filing: Claiming HRA to reduce tax outgo? Rent receipts alone may not suffice – why your claim can be rejected

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House Rent Allowance (HRA) remains a common tax-saving benefit for salaried individuals. But recent scrutiny by tax officers shows that even well-documented claims can be rejected if the underlying transactions appear dubious or fail to show a clear money trail.To claim HRA exemption under Section 10(13A) of the Income Tax Act, salaried individuals must receive … Read more