Declaration of foreign assets: If foreign assets were not declared in the original Income Tax Return (ITR) filed for AY 2024-25, a revised return must be filed by December 31, 2024. Failure to do so could result in a penalty of up to Rs 10 lakh, according to a recent advisory from the Income-Tax Department. … Read more
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
The Income Tax Department on Friday said over 8 crore income tax returns were filed for assessment year 2023-24 till date. In a post on X, I-T deparment said: “Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date,” the income tax department said in a post on … Read more