Declaration of foreign assets: If foreign assets were not declared in the original Income Tax Return (ITR) filed for AY 2024-25, a revised return must be filed by December 31, 2024. Failure to do so could result in a penalty of up to Rs 10 lakh, according to a recent advisory from the Income-Tax Department. … Read more
ITR filing: As the deadline to file Income Tax returns (ITR) approaches, those who are still waiting to collect details about how to file their returns should note that missing the deadline can have serious consequences. The deadline for submitting income tax returns for the financial year 2023-2024 (Assessment Year 2024-2025) is July 31, 2024. This … Read more
An income tax return is a summarised document that contains information about a taxpayer’s earnings over the course of a fiscal year. If an individual misses filing income tax return that he or she will have to pay penalty. The Income Tax department has distinct tax rates for different income brackets. Additionally, the I-T department … Read more
The Income Tax Department on Friday said over 8 crore income tax returns were filed for assessment year 2023-24 till date. In a post on X, I-T deparment said: “Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date,” the income tax department said in a post on … Read more