Union Budget: The Finance Bill 2024 introduces amendments to Section 148A of the Income-Tax (I-T) Act, which pertain to the time limits for issuing notices regarding the reopening of assessments. Presently, the Income-Tax Department is empowered to reopen assessments under Section 148A for a period of up to 10 years (equivalent to 11 financial years) … Read more
Ahead of the tax return filing deadline later this month, the Income Tax Department has recently issued a strong advisory to taxpayers, warning against the submission of income tax returns (ITRs) with inaccurate claims for exemptions and deductions. CAclubindia reported that authorities highlighted the severe consequences associated with such actions, including hefty fines and potential … Read more
ITR filing for FY2024: The Income Tax Return filing time has kickstarted for AY 2024-25 and FY2024 and will end on July 31, 2024. The deadline is for taxpayers, including individuals, bodies of individuals, or associations of persons. There are different ITR forms meant for different sections of taxpayers. This is largely based on the … Read more
To beat the last minute rush, at least some taxpayers have started filing their income tax returns for assessment year 2024-25 after the Central Board of Direct Taxes (CBDT) enabled functionalities for commonly used income tax returns from April 1 this year. According to data with the income tax department, as many as 119,000 income … Read more
The total number of persons filing Income tax increased to 74 million in the assessment year 2022-23 (AY23) from 70 million in AY22, State Bank of India researchers said in a new report released Friday. Recently, the income tax department provided a breakdown of the individual taxpayers’ returns filed across different categories of gross total … Read more
Income Tax Calendar 2024: The new year has started and the Income Tax department has already shared the tax calendar for this year. It is crucial to note the income tax-related deadlines to avoid paying fines and penalties. Usually, the last date to file the Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without … Read more
NEW DELHI: Income tax returns filed this year have risen by about 5 per cent to nearly 6 crore as more businesses and entities filed annual income statements. Over 5.95 crore income tax returns (ITRs) for the fiscal year ended March 31, 2020 (2019-20) were filed by January 10, the Income Tax Department said. The … Read more