ITR filing: Taxpayers have until March 31 to update their income tax returns for the last two financial years, allowing them to correct any mistakes or omissions. This opportunity, introduced by the Finance Ministry in the Finance Act 2022, is available to those who wish to rectify their returns within two years from the end of … Read more
With the tax season for the Assessment Year 2024-25 closing, many taxpayers are eagerly awaiting their income tax refunds. However, there are a few reasons why your refund might be delayed, one of which is the issue of a defective Income Tax Return (ITR). Over 7 crore ITRs were filed before the deadline on July … Read more
Income Tax return: Tax season is upon us, and many people wonder if they must file returns if their income is below the taxable limit. Filing an Income Tax return (ITR) is a compulsory requirement if your total income surpasses the basic exemption threshold. In cases where the income falls below this limit, specific types … Read more
The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh … Read more