Income Tax filing: The Income Tax (I-T) Department has issued a fresh notice on extension of deadline of ITR returns. The I-T department recently addressed misinformation circulating on social media platforms regarding the extension of the deadline for filing Income Tax Returns (ITR). It is to be noted that the deadline for the ITR filing … Read more
Ahead of the ITR filing deadline on July 31, 2024, the Income Tax department has that 13 lakh returns are being filed every day. It added that till July 14, 2024, around 2.7 crore ITRs were filed. “Over 2.7 crore ITRs have been filed as on 14 July 2024, which is 13 per cent … Read more
In the chaotic rush to meet the July 31 tax deadline, a Bengaluru-based chartered accountant (CA) gave a witty twist to Infosys founder Narayana Murthy’s advice for young professionals to work 70 hours a week to build the nation. The CA, who goes by the handle @Basappamv, vented his frustration, pointing out that despite their … 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 deadline: The deadline to file Income Tax Returns is just a month away, with the last date on July 31, 2024. It is very important to file the returns correctly and on time to avoid any complications or getting a notice from the Income Tax department. This is very crucial for first-time ITR filers … 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
I have taken a home loan for a residential property. To make the down payment, I have borrowed money from my parents to whom I am paying interest. What certificate would I need to show to my company so that they consider interest payment to my parents eligible for deduction u/s 24 (b)? Can … Read more
ITR Filing FY2024: The Income Tax filing is just a month away and most salaried taxpayers have got into action after getting their Form 16 last week. Employers deducting tax under Sections 192-195 must provide employees with a certificate detailing tax deduction, applicable rate, deducted amount, and other relevant information. This certificate, commonly referred to as … Read more
As the Financial Year (“FY”) draws to a close, it is time for taxpayers across the country to initiate their annual ritual of filing their income tax returns (“ITR”). As per reports, the total number of income tax returns filed during the Assessment Year (“AY”) 2022-23 reached 7.51 crores, which is a significant increase from … Read more