ITR: What are the penalties for late filing of returns? Understand tax extensions and their financial impact

ITR: What are the penalties for late filing of returns? Understand tax extensions and their financial impact

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

Income Tax Returns: What are the tax implications for NRIs in FY24? Check details here

Income Tax Returns:  What are the tax implications for NRIs in FY24? Check details here

Income Tax Returns FY24: The Income Tax department has asked non-resident Indians (NRIs) to give sworn statements on the exact number of days spent in India, a report said on Tuesday.  This comes after the department recently sent numerous advisories to NRIs asking them to verify high-value transactions made in 2022-23 and to address any … Read more