The Income Tax Department has introduced a new feature on its e-filing portal that allows taxpayers to submit rectification requests online, even if their Income Tax Returns (ITRs) are currently being reviewed by the Assessing Officer (AO). This enhancement streamlines the process of error correction and eliminates the need for manual submissions. Taxpayers should be … Read more
ITR filing: The Income Tax Department has provided a significant update by allowing taxpayers who qualify for the section 87A tax rebate for the financial year 2023-24 to claim it now. In a notification issued on December 31, 2024, the tax department stated that eligible taxpayers will soon be able to submit a revised or … Read more
ITR filing 2024: If you have submitted your income tax return (ITR) and verified it with the Income Tax Department, there is a chance that you have not received your tax refund yet. Numerous taxpayers have reported a delay in receiving their income tax refund, with some waiting up to six months. One must note … Read more
Advance tax refers to the income tax that is required to be paid in advance throughout the year, in instalments according to the designated due dates by the income tax department. It is commonly referred to as the ‘pay as you earn’ tax, and is expected to be settled in the same year in which … Read more
Defective ITR: If your income tax return is found defective, the Income Tax Department will notify you of the defect through a notice issued under section 139(9) of the Income Tax Act. This notice will be sent to your registered email address or by post. You can access and view the notice by logging into the … Read more
ITR filing: The Income-tax Department on Friday said that record income tax returns (ITRs) were filed till the last day on July 31, 2024. It noted that the total number of ITRs for AY 2024-25 filed till 31st July, 2024, was more than 7.28 crore, which is 7.5% more than the total ITRs for AY … Read more
ITR filing: Income tax return (ITR) filing has many steps to be completed before you can say that the procedure is fully done. In the modern era of electronic tax filing, it is imperative to grasp the intricacies of securing your Income Tax Return (ITR) acknowledgment number. The unique number serves as validation that your … Read more
ITR deadline: The Income Tax Department permits individuals to submit condonation requests for delayed e-verification or filing of income tax returns. Condonation of delay is the process of requesting the Income Tax Department for allowing you to verify your ITR (after 120 days of filing your ITR) or submit your ITR (after the last date of … 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