As the July 31 deadline to file income tax returns (ITR) for financial year 2023-24 nears, taxpayers find themselves in a bind. Despite the chatter and hopes for an extension, it is highly unlikely that the deadline will be pushed forward –similar to what happened last year when many were left scrambling when the extension never … 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: 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
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
Income Tax Returns: The Annual Information Statement (AIS) in income tax filing is a detailed financial report issued by the Income Tax Department. It contains comprehensive information on a taxpayer’s financial activities and the corresponding tax deductions made during the year. Recently, the I-T department introduced a new feature in AIS to indicate the status … Read more