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
ITR filing: The Income Tax return filing deadline is July 31, 2024. With the deadline just two weeks away, the rush to file ITRs has increased multifold. Many taxpayers have reported constant delays due to snags with the e-filing portal. Due to this, the Income Tax Department has started receiving requests from individual taxpayers and tax … 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
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
The Income Tax department periodically updates tax return forms to gather additional information from taxpayers. In December 2023, ITR forms 1 and 4 were revised for Assessment Year 2024-25 to align with changes introduced by the Finance Act 2023 amendments. These modifications and reporting requirements were implemented by the Central Board of Direct Taxes (CBDT). … Read more
IT Returns: Filing annual income tax returns is mandatory for all Indian citizens, with the deadline for filing returns set on July 31. Upon retirement, employees are required to pay taxes on various benefits such as pension, gratuity, and the Employee Provident Fund (EPF). In India, employers typically offer retirement benefits to their employees, with … Read more
ITR filing: The Income Tax Department has brought in some updates in the Annual Information Statement (AIS). As per the updated details, now AIS have to report the financial transactions in a given financial year. Banks have been asked to separately report total foreign exchange (forex) spends, including all transactions made using credit, debit, or … Read more
ITR filing 2024: Filing the Income Tax Return (ITR) is an important annual responsibility for taxpayers in India. It goes beyond legal requirements as fulfilling your tax obligations can offer various benefits. These include providing crucial proof of income that may be necessary for activities such as securing loans, applying for visas, or participating in … Read more
An income tax return is a summarised document that contains information about a taxpayer’s earnings over the course of a fiscal year. If an individual misses filing income tax return that he or she will have to pay penalty. The Income Tax department has distinct tax rates for different income brackets. Additionally, the I-T department … 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