Thu, Dec 28, 2023
Taxpayers, including those who filed before or after the initial deadline of July 31, are advised to review their Annual Information Statement (AIS). Any discrepancies or changes in income, including adjustments related to TDS, should be addressed by filing a Revised or Belated Return before the imminent cutoff.
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Tue, Sep 19, 2023
The due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended by a month till October 31, 2023.
Thu, Aug 24, 2023
If you have not verified your income tax return, you will not receive any refund. The ITR filing process is not complete unless you have verified the return.
Mon, Aug 07, 2023
The AIS continues to update even after you have already filed your returns and any mismatch detected during processing of your ITR may invite the notice from the Income Tax Department.
Sat, Aug 05, 2023
If you missed the July 31 deadline to file your income tax return (ITR), don't panic. You still have three options: file a belated, revised, or updated ITR. However, you should choose the suitable option as per your status of ITR filing.
Mon, Jul 31, 2023
If someone misses the deadline, they can file an updated return under sub-section 8A of Section 139. As per the Income Tax Act, one can file an updated return irrespective of whether such a person has already filed the original, belated, or revised return for the relevant assessment year or not (subject to certain conditions).
Mon, Jul 17, 2023
In order to maximise your Income Tax refund you need to meticulously plan your tax saving investments. The most commonly claimed deductions are under Section 80C, which includes investments like PPF, NSC, NPS and life insurance premiums, among others. The deadline for filing ITR is July 31.
Wed, Jun 28, 2023
Taxpayers need to mandatorily disclose investments in all their foreign assets and stocks while filing their Income Tax Return. The deadline for filing ITR, for individual taxpayers who don’t need an audit, is July 31, 2023.
Tue, Jun 27, 2023
The last date for filing tax returns for income earned in the 2022-23 fiscal is July 31 for salaried taxpayers and those assessees who do not need to get their accounts audited.
Mon, Jun 26, 2023
If the equity shares are sold after 12 months of purchase, then the seller can make a long-term capital gain (LTCG) or incur a long-term capital loss (LTCL).
Sat, Jun 24, 2023
Futures and Options (F&O) trading offers the opportunity to earn passive income, but it is important to understand the taxation rules and obligations associated with it. Income or loss from F&O trading needs to be reported in the Income Tax Return (ITR) as business income.
Fri, Jun 23, 2023
The ITR-1 form, also known as Sahaj, allows salaried people to file their ITR. However, not all salaried individuals can file the ITR-1 form.
Tue, Jun 13, 2023
Income Tax Return Filing: It's the time of the year when taxpayers rush to file their income tax return or ITR. While filing return is an important responsibility, it is absolute necessary to do it accurately and within the stipulated deadline.
Sun, Apr 16, 2023
The last day to submit income tax returns for any particular financial year is typically July 31 of the assessment year that comes after the financial year. This year also, tax returns are expected to be filed till the same date. To avoid fines and other legal actions, you must file your income tax return before the deadline.
Tue, Mar 28, 2023
Income Tax: There will be major changes in the income tax with effect from April 1, check out the list of changes applicable from new financial year
Wed, Nov 02, 2022
Under the CBDT's proposal, taxpayers will have choice to choose the form for filing returns, official sources said.
Thu, Jul 07, 2022
ITR as defined by the Income Tax department is a prescribed form through which the particulars of income earned by a person in a financial year.
Fri, Dec 31, 2021
The government on Friday said there is no proposal to extend the deadline for filing income tax returns beyond its current deadline of December 31.
Sat, Aug 24, 2019
ITR filing: If you could not file income tax return till the due date, August 31, 2019, you will have to pay penalty amount ranging from Rs 5,000 to Rs 10,000 depending on the degree of delay.
Mon, Jul 22, 2019
Income Tax returns (ITR) filing delay is something one should avoid. That is exactly what I-T department has been saying to all taxpayers across India. Notably, there are penalties involved.
Tue, Aug 14, 2018
Section 54 provides that the capital gains arising on the sale of a long-term capital asset being a residential property shall be exempt from capital gain if the said capital gains are reinvested in another house property within stipulated time period. The section 54 provides exemption only in case of purchase or construction of one residential house property.
Tue, Sep 06, 2016
While salaried employees usually file ITR-1 or ITR-2 or 2A, F&O traders and those who conduct intra-day trading must file ITR-4.
Wed, Jul 20, 2016
Even if there is no income tax that you are required to pay after claiming deductions, you still need to file your tax returns as long as your gross income is Rs 2.5 lakh or more.
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