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 in January: The Central Board of Direct Taxes (CBDT) has announced an extension of the deadline for resident individuals to file belated and revised Income Tax Returns (ITRs) for the assessment year (AY) 2024-25. The new deadline is now January 15, 2025, instead of the previous deadline of December 31, 2024. Individuals who … Read more
EPF interest new rules: The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) has approved a revision to the rules governing interest payments within the EPF scheme. The board unanimously resolved to modify the interest payment date to align it with the date of settlement. This decision was reached during the 236th … Read more
Income tax return: The Central Board of Direct Taxes (CBDT) has announced an extension to the income tax return filing deadline for taxpayers with international transactions who need to submit reports under Section 92E. This deadline extension primarily applies to entities involved in international or specified domestic transactions. The new deadline for filing ITR for … Read more
ITR filing 2024: As the deadline for income tax filing approaches, it is crucial for taxpayers categorised as senior and super senior citizens to understand the specific provisions tailored for them. For the financial year 2023-24, tax-saving investments made by March 31, 2024, will be considered for income tax returns. Many seniors mistakenly believe they need … Read more
ITR for senior citizens: The time to file Income Tax Returns (ITR) started for many in April 2024 who do not depend on their employers for their Form 16. Filing income tax returns is quite challenging for many, particularly senior citizens, who may encounter difficulties due to prevalent misconceptions. One prevalent misunderstanding is the belief … 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