updated tax return

Foreign assets in ITR: File a belated return to avoid Rs 10 lakh penalty. Know why it is crucial

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Foreign assets in ITR: File a belated return to avoid Rs 10 lakh penalty. Know why it is crucial

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

Filing Belated ITR? Note your Old Tax Regime deductions, exemptions won’t apply this time. Check details

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Filing Belated ITR? Note your Old Tax Regime deductions, exemptions won’t apply this time. Check details

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