ITR 2024: Those who missed filing their income tax returns by July 31, 2024, still have an option to file it by December 31, 2024, for the financial year 2023-2024 / Assessment Year 2024-2025. The belated return is filed under Section 139(4) of the Income Tax Act, 1961. The belated return will attract interest under sections … Read more
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
Union Finance Minister Nirmala Sitharaman on Tuesday said that if it was in her hands, she would have reduced taxes to almost nil for all. She cited that the taxation process is crucial as India’s challenges are unique. Speaking at an event at the Indian Institutes of Science Education and Research, FM Sitharaman said: “Tax … Read more
National Pension System: This year in the Budget, Finance Minister Nirmala Sitharaman brought in many tax changes in the existing structure that would affect all taxpayers. She brought in major change to the Capital Gains Tax regime affecting all asset classes. On the other hand, the Budget proposed liberalised tax slabs and rates, and hiked … Read more
Finance Bill 2024: Union Finance Minister Nirmala Sitharaman on Wednesday said that the government has successfully brought in a simplified tax structure. While replying to the discussion on the Finance Bill in Lok Sabha, FM Sitharaman said that the claim that corporate taxes are lower than the individual taxes claim is not well founded. While replying … Read more
The shift to the new tax regime, now adopted by nearly 70 per cent of taxpayers, has impacted the government’s small savings schemes with lower collections, sources say. Popular schemes such as the Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA), and National Savings Certificate have experienced a “significant” drop in both collections and subscriber … Read more
ITR filing: The Income-tax Department on Friday said that record income tax returns (ITRs) were filed till the last day on July 31, 2024. It noted that the total number of ITRs for AY 2024-25 filed till 31st July, 2024, was more than 7.28 crore, which is 7.5% more than the total ITRs for AY … 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
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