Income Tax returns: With the two tax regimes — New Tax Regime and Old Tax Regime — in play, the taxpayers now have the power to choose the suitable tax regime every year to control the tax outgo. Union Finance Minister Nirmala Sitharaman, in an effort to enhance the attractiveness of the New Tax Regime … Read more
The Income Tax Department, through official channels, has issued a caution to taxpayers concerning fraudulent schemes. Individuals are urged to exercise vigilance against deceptive calls and pop-up notifications claiming eligibility for a tax refund on social media platforms. Taxpayers are advised to carefully scrutinise and authenticate any communication from the Income Tax Department. How much … Read more
ITR reassessment: Filing income tax returns, a crucial financial task, poses complexity and error potential, possibly leading to an unsettling tax notice issuance by the income tax department. Taxpayers need to be careful regarding the filing of income tax returns in the first place to prevent getting such notices. However, taxpayers should note that the Income … Read more
ITR filing AY2024-25: Filing your returns is a lengthy task and therefore, should be planned step by step. While the deadline of filing your Income Tax Returns (ITR) was July 31, just filing the returns is not enough. It is crucial to highlight that the Income Tax Return (ITR) process goes beyond simply submitting the … Read more
ITR filing 2024: The deadline set by the Income Tax department for filing income tax returns for FY 2023-24 was July 31, 2024. Contrary to the requests of many taxpayers, the department decided not to extend the deadline. If you are a salaried or business taxpayer and missed the initial deadline, you still have the … Read more
ITR filing: The Income Tax department has informed that more than 5 crore ITRs had been filed by July 26, 2024, which is more than 8.5% more than the last year. It is to be noted that the last date to file your income tax returns “We express our gratitude to the taxpayers & tax professionals … Read more
ITR filing: As the deadline for filing Income Tax returns (ITR) draws near, individuals should be aware that failing to meet the deadline can result in serious consequences. The deadline for submitting income tax returns for the financial year 2023-2024 (Assessment Year 2024-2025) is July 31, 2024. If individuals miss the July 31 deadline, they … 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
A Delhi resident’s tax ordeal has gone viral after he claimed to have paid ₹50,000 to a chartered accountant, only to discover the final amount under dispute was just Re 1. Apoorv Jain took to X to share his frustration, revealing, “Paid 50,000/- fee to CA for an IT notice I received recently wherein the … Read more
ITR filing AY202-25: Individual taxpayers have either submitted or are gearing up to submit their Income Tax Returns (ITR) as the deadline on July 31 approaches. It’s important to note that the ITR process doesn’t conclude with just submitting the return. Verification of the ITR is a vital step in finalising the filing procedure and … Read more