🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
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.
View Source
Related News
ITR Filling 2024: What you need to do when your employer does not deposit TDS with I-T Dept
Money Control
·
11m 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.
View Source
Filing ITR? Here's how you can avoid a scrutiny notice from tax authorities
Livemint
·
2d 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.
View Source
Now, Zomato Initiates ITR Filing For Its Delivery Partners
Inc42
·
12m 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.
View Source
Recognised startups eligible for various tax exemptions, deductions: I-T department
Economic Times
·
2m ago
Medial
The Income Tax department announced that startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) are eligible for various tax exemptions and deductions under the Income Tax Act, 1961. Investments in these companies are not subject to scrutiny if they fulfill conditions from a 2019 DPIIT notification and file the required declaration. The government relaxed the startup definition for full angel tax concessions on investments up to Rs 25 crore.
View Source
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
·
5d 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.
View Source
ITR filing 2023-24: How to check income tax refund status
Money Control
·
1y ago
Medial
The income tax department's e-filing website allows taxpayers to check the status of their refund for the financial year 2023-24. To do so, users need to visit the website and log in, go to "View filed returns" under the "e-file" tab, and click on "View details" to see the refund status and details. The refund could be issued partially or adjusted against taxes due, or it could be rejected or fail to be credited to the bank account. Users should ensure their PAN and Aadhaar are linked and complete the pre-validation process for their bank account to avoid refund processing issues.
View Source
Crypto income on I-T radar; department sends emails to individuals
Economic Times
·
1m ago
Medial
The Income Tax Department of India is sending emails to individuals who have not declared income from cryptocurrency transactions in their tax returns. This is part of the NUDGE campaign to gently remind taxpayers of their liabilities. The department suspects tax evasion and money laundering through unaccounted income invested in virtual digital assets. The department uses data analytics to identify non-compliant individuals, who may face further scrutiny if discrepancies are found in their reported income.
View Source
Why you should file your income tax returns before July 31
Money Control
·
1y ago
Medial
Filing income tax returns (ITR) within the deadline is crucial to avoid penalties and legal complications. The due date for salaried individuals and taxpayers without audit requirements is July 31. It is a legal obligation for individuals whose income exceeds the maximum exemption limits set by the Income Tax Department. Filing ITR serves as an official record of income and taxes paid, helping with loans and financial transactions. Late filing can result in penalties, so it is important to understand and meet the deadlines.
View Source
TCS employees receiving income tax notices are a ‘discrepancy’, ITRs will be reprocessed: Report | Mint
Livemint
·
10m ago
Medial
Tata Consultancy Services (TCS) has stated that the tax demands sent to its employees were a discrepancy, and the Department of Income Tax will reprocess the returns. Approximately 40,000 TCS employees received tax notices, demanding between ₹50,000 and ₹1 lakh, depending on their seniority. TCS assured employees that they will receive rectification intimations and are not required to pay any demand amount. The IT major did not offer a comment on the matter but confirmed receiving a clarification from tax authorities regarding the income-tax demand notice issue.
View Source
ITR filing for FY 2023-24: A step-by-step guide to paying income tax using your credit card
Money Control
·
1y ago
Medial
The Indian government has launched a new income tax portal to make tax-related tasks easier for citizens. One beneficial feature of this portal is the ability to pay taxes using a credit card, offering convenience and financial flexibility. Paying taxes with a credit card can also earn you reward points that can be redeemed for travel, merchandise, and gift cards. Additionally, timely credit card payments can positively impact your credit score. To pay taxes with a credit card, register on the I-T e-filing portal, select the credit card payment option, enter your card details, review the information, and make the payment.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in
