ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here

ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here

The income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) are now available for e-filing on the Income Tax department portal. The online ITR forms were made available from April 1, 2024. Taxpayers eligible to file their tax returns can now login and fill their ITRs for FY 2023-24 using these … Read more

Govt has collected Rs 600 cr penalty for delay in PAN-Aadhaar linking; 11.48 cr PANs not linked yet

Govt has collected Rs 600 cr penalty for delay in PAN-Aadhaar linking; 11.48 cr PANs not linked yet

The Government collected ₹601.97 crore from the public as penalty for not linking PAN with their Aadhaar from July 1, 2023 to January 31,2024. The last date for linking PAN with Aadhaar was June 30, 2023. Representational Image. The Government has collected over ₹600 crore as penalty for delay in linking PAN with Aadhaar, and … Read more

Tax Calendar 2024: Crucial income tax-related target dates in January, February and March

Tax Calendar 2024: Crucial income tax-related target dates in January, February and March

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

ITR Filing: Over 8 crore income tax returns submitted for AY 2023-24, says IT department

ITR Filing: Over 8 crore income tax returns submitted for AY 2023-24, says IT department

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

ITR filing: What are the consequences of missing December 31 income tax return filing deadline?

ITR filing: What are the consequences of missing December 31 income tax return filing deadline?

Sometimes, individuals might be unaware of the deadline for various reasons, such as not receiving notifications, overlooking communications, or assuming incorrect deadlines.- Besides, it may happen that financial hardships or difficulties hinder someone from gathering the necessary funds to pay for professional tax assistance or to cover potential tax liabilities, leading to delays. However, missing … Read more

I-T Dept sends advisories to taxpayers over mismatches in ITR: What we know so far

I-T Dept sends advisories to taxpayers over mismatches in ITR: What we know so far

The Income Tax Department (ITD) recently issued advisories to specific taxpayers regarding discrepancies between the information they disclosed in filed income tax returns (ITR) and data received from various reporting entities. The ITD addressed the social media posts discussing communications about discrepancies in TDS/TCS deductions and ITR filing data, stating that these communications aim to … Read more

I-T Dept notifies ITR forms 1, 4 for FY24; last date to file July 31, 2024

I-T Dept notifies ITR forms 1, 4 for FY24; last date to file July 31, 2024

The Central Board of Direct Taxes (CBDT) has notified ITR forms 1 (SAHAJ) and 4 (SUGAM), which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25. ITR forms for a particular financial year are usually notified by the end of March or early … Read more

Income tax department launches TIN 2.0: Simplified tax payments for same-day credit or refund

Income tax department launches TIN 2.0: Simplified tax payments for same-day credit or refund

In its endeavour to improve the taxpayer experience on the e-filing portal, the income tax department introduced Tax Information Network (TIN 2.0) last year. The entire tax payment has shifted from the erstwhile TIN-NSDL to TIN 2.0 with effect from April 1, 2023.   “The new e-Pay tax payment platform TIN 2.0 is an official … Read more

I-T dept. conducts raids in U.P., M.P. in tax evasion probe against SP leader Azam Khan

I-T dept. conducts raids in U.P., M.P. in tax evasion probe against SP leader Azam Khan

Samajwadi Party leader Azam Khan. File photo | Photo Credit: PTI The Income-tax department on Wednesday, September 13, 2023, launched raids at over 30 premises in Uttar Pradesh and Madhya Pradesh as part of a tax evasion probe against Samajwadi Party leader Azam Khan and those linked to him, official sources said. The searches are … Read more

CBDT processed 88% ITR, refunds over Rs 2.45 crore issued till September 5

CBDT processed 88% ITR, refunds over Rs 2.45 crore issued till September 5

The Income Tax Department has processed refunds of over Rs 2.45 lakh crore for 6.84 crore verified Income tax returns (ITRs), bringing down the average processing time to 10 days for the assessment year 2023-24. Total 6.98 crore ITR were filed for the Assessment Year 2023-24. “More than 6 crore ITRs of AY 2023-24 have … Read more