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ITR-1, ITR-2, ITR-3 or ITR-4: Which form applies to your income for ITR filing FY 2024-25 (AY 2025-26)? - The Economic Times
Economic Times
·
26d ago
Medial
The Income Tax Department has updated ITR forms for FY 2024-25, incorporating changes from the Budget 2024. ITR-1 is for individuals with income up to Rs 50 lakh and certain capital gains. ITR-2 applies to those with higher income or foreign assets, while ITR-3 is for business income. ITR-4 suits presumptive taxation under Sections 44AD/44ADA. Other forms include ITR-5 for firms/LLPs, ITR-6 for companies, and ITR-7 for specified entities like trusts.
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Filing income tax returns? You are not eligible for ITR-1 if…
Money Control
·
1y ago
Medial
With the due date for filing income tax returns approaching, it's important for individual taxpayers to gather the necessary documents and choose the correct ITR form. ITR-1 is suitable for salaried individuals or pensioners without any income from business or profession, but there are eligibility criteria to consider. If your income exceeds Rs 50 lakh, you have income from business or profession, own multiple house properties, or have foreign income or assets, you may need to use ITR-2. Those with income from business and profession will need to determine whether ITR-3 or ITR-4 is applicable.
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ITR Filling 2024: What you need to do when your employer does not deposit TDS with I-T Dept
Money Control
·
1y ago
Medial
Tax Deducted at Source (TDS) is a crucial component of the tax system, requiring entities or individuals making certain payments to deduct TDS before making the payment. With the deadline for filing income tax returns approaching, some taxpayers are facing issues as their employers have not deposited TDS from their salaries. Failure to deposit TDS on time can result in penalties and disallowances for employers. Employees can verify TDS deposits through their Form 26AS and should inform their employer if there are discrepancies. Employees are not held liable for undeposited TDS amounts, but it can complicate their income tax return filing process. Employees cannot claim direct compensation for penalties or interest due to their employer's negligence, but legal recourse may be sought.
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CBDT extends tax return filing deadline to Dec 15
YourStory
·
8m ago
Medial
The income tax return filing deadline for the financial year 2023-24 has been extended by an additional 15 days to December 15. This extension applies to taxpayers who are required to furnish a report under section 92E of the Income-tax Act, 1961. The announcement was made by the Central Board of Direct Taxes, extending the deadline for the assessment year 2024-25. This extension provides relief to taxpayers with international transactions who need to submit reports under Section 92E.
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Influencers, F&O traders among five new professional codes in ITR 3
Economic Times
·
12d ago
Medial
The Income Tax department introduced five new professional codes in the ITR-3 form, acknowledging professions such as social media influencers, speculative traders, and commission agents. This move aims to capture the evolving digital-age professions, ensuring accurate income reporting and compliance. With the rise in influencers' incomes, the new codes facilitate correct tax filings, aiding the department in compliance monitoring and data analytics. Taxpayers will benefit from more precise categories, reducing misreporting.
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Now, Zomato Initiates ITR Filing For Its Delivery Partners
Inc42
·
1y ago
Medial
Zomato announced that it paid over INR 4,000 Cr to delivery partners last year, with INR 40 Cr withheld as TDS. Within a few days of launching the Zomato Delivery Partner app, more than 100,000 partners have started filing their income tax returns. Zomato's stock closed slightly lower at INR 218.80 on Friday.
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Maharashtra hikes taxes on cars and vehicles by up to Rs 10 lakh. Here’s how much you have to pay now
Economic Times
·
1m ago
Medial
Maharashtra has increased vehicle taxes by up to Rs 10 lakh, as per new guidelines effective from July 1. The tax hike applies to CNG, LNG, and high-end vehicles, with a 1% rise in motor vehicle tax for non-transport CNG/LPG vehicles. The maximum motor vehicle tax limit has risen from Rs 20 lakh to Rs 30 lakh, potentially generating Rs 170 crore additional revenue for FY 2025-26. Electric vehicles remain exempt from taxation.
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Government cuts funding for RuPay and BHIM-UPI incentive scheme in Budget 2025
YourStory
·
6m ago
Medial
The Indian government has reduced funding for the RuPay and BHIM-UPI incentive scheme from Rs 2,484.97 crore in FY 2023-24 to Rs 437 crore by FY 2025-26, cutting it by 82%. Initially set at Rs 1,441 crore for FY 2024-25, incentives were later revised to Rs 2,000 crore. UPI incentives are crucial due to the eliminated Merchant Discount Rate (MDR), supporting small players in digital payments. With UPI's market share growing to 83%, NPCI extended the compliance deadline for third-party app volume limits to 2026.
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Filed ITR will become invalid unless verified within 30 days from this date - The Economic Times
Economic Times
·
1d ago
Medial
Taxpayers must e-verify their Income Tax Return (ITR) within 30 days of filing to avoid penalties. E-verification can be done using methods like OTP on an Aadhaar-registered mobile, EVC via a bank or demat account, ATM, Net Banking, or DSC. Alternatively, taxpayers can send ITR-V to the Bengaluru processing center. Without verification, the ITR is considered invalid. The filing deadline for some has been extended to September 15, 2025.
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Filing ITR? Here's how you can avoid a scrutiny notice from tax authorities
Livemint
·
23d ago
Medial
To prevent tax scrutiny, meticulous reporting and compliance when filing returns are essential. Recently, many have received scrutiny notices, highlighting the need for accuracy and documentation. Understanding the triggers for such scrutiny can help avoid unwanted audits. Tax authorities issue these notices to ensure income is accurately reported, losses are justified, and taxes are fully paid. Compliance with existing laws is non-negotiable for avoiding these issues.
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Tesla ready to invest up to $2 bln to build India factory, but with riders
Reuters
·
1y ago
Medial
According to a report by the Economic Times, Tesla is willing to invest up to $2 billion to establish a factory in India if the government lowers import duty on its vehicles to 15% for the first two years. The company is also open to investing $500 million if the reduced duty applies to 12,000 vehicles. The government is still evaluating the feasibility of Tesla's proposal.
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