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
Ahead of the tax return filing deadline later this month, the Income Tax Department has recently issued a strong advisory to taxpayers, warning against the submission of income tax returns (ITRs) with inaccurate claims for exemptions and deductions. CAclubindia reported that authorities highlighted the severe consequences associated with such actions, including hefty fines and potential … 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
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
Income Tax filing AY 2024-25: Online tax filing platform ClearTax and Tap Invest, a fixed-income investment platform, have joined forces to launch a user-centric solution to address modern investors’ needs by simplifying the complex income tax return filing process. The Income Tax filing deadline is just a month away on July 31, 2024. All taxpayers … 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
Form 26AS is the annual tax statement that provides taxpayers access to the tax deduction/tax collection details and income. It contains comprehensive information related to salary income, business and professional receipts, interest income earned on bank deposits, etc along with the respective tax deduction/collection details. These details are generated based on returns of tax deductions/collected … Read more
Fiscal year 2024-25 has just commenced and most employees would now be required to submit their tax declarations on employer payroll portals that will determine which regime would be applied for tax withholding and how much tax would be withheld from their salary on a monthly basis. While this is an annual exercise, if done … Read more