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
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
With just few hours left for the July 31 deadline to end, the scramble to file Income Tax Returns (ITR) for the financial year 2023-24 has hit a fever pitch. An extension is not in sight, leaving taxpayers and chartered accountants grappling with income tax portal glitches. Many took to X to share their last-day … Read more
ITR filing deadline: The deadline for filing of income tax returns, July 31, is unlikely to be extended. Taxpayers would need to file ITR for the Assessment Year 2024-25 or the financial year 2023-24 by the end of the day today. While many have urged the finance ministry as well as Finance Minister Nirmala Sitharaman … Read more
ITR refund 2024: After filing income tax returns, many taxpayers are now waiting for their refund. It is important for individuals who have paid excess tax for the financial year to remember that they are eligible to receive an Income Tax refund upon submitting the ITR form. For the processing of an Income Tax Return refund, … 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 filing: Income tax return (ITR) filing has many steps to be completed before you can say that the procedure is fully done. In the modern era of electronic tax filing, it is imperative to grasp the intricacies of securing your Income Tax Return (ITR) acknowledgment number. The unique number serves as validation that your … Read more
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
A recent update to the income tax filing utility has left many taxpayers in a bind, forcing them to forego a valid tax rebate of up to Rs 25,000 under the new tax regime. This issue, arising from an error in the utility, contradicts the Income Tax Act, 1961, and is creating confusion and financial … Read more