News Muncher - searching for ay

4 days, 10 hours ago

Missed ITR deadline? Here's your guide to filing belated return for AY 2024-25

If you missed the original deadline to file your income tax return for FY 2023-24, don’t worry—you still have a chance. A belated ITR, filed under Section 139 of the Income Tax Act, is for taxpayers who missed the original filing deadlines. Regardless of the original deadlines, all taxpayers who missed them must file a belated ITR by December 31, …

Tax 2024 Filing File Original Belated Belated Return

6 days, 20 hours ago

Jasprit Bumrah, Akash Deep shared a series-defining partnership: Gavaskar

India Today

Former India cricketer Sunil Gavaskar has called Jasprit Bumrah and Akash Deep's partnership on Day 4 in Brisbane as series-defining. Gabba Test, Day 4: Report | Highlights Gavaskar hailed the partnership as a series-defining one and said that Australia might lose momentum if they are not able to win this Test match, despite dominating the better part of the game. …

India Indian Runs Bumrah Gavaskar Deep Gabba

1 week ago

Delhi High Court Disallows Income Tax Dept From Adjusting Stayed Demand Towards Previous Refund Due To Nokia

Live Law

Granting relief to telecom equipment company Nokia, the Delhi High Court disallowed the Income Tax Department from adjusting the outstanding demand raised against the company, towards a previous refund due to it. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma pointed towards stay of recovery proceedings and said, “there is no allegation that the petitioner is alienating …

Income Tax Nokia Demand Department Stay Refund

1 week ago

Belated Income Tax Return: You can file it before Dec 31. Check details

Live Mint

If you missed filing your income tax return before July 31 then you do not need to fret! For the financial year 2023-24, while the last date of filing income tax return for individual taxpayers was July 31, one can file it before Dec 31 after paying a fee. If you are filing a belated income tax return then you …

Tax Filing File Itr Return Income Tax Return Tax Return

1 month ago

Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS

India TV News

Taxpayers who have failed to declare foreign assets or income in their Income Tax Return for AY 2024-25 can file a revised return by December 31, 2024, to avoid a penalty of up to Rs 10 lakh. Revised return deadline announced The Tax Department has advised taxpayers that if the original ITR missed foreign assets or income, then file an …

Tax Assets Income Itr Return Rs 10 Lakh Foreign Assets

1 month ago

Tax regime shift: Is filing ITR under old regime still valid after default new regime?

Live Mint

I’m working with the Indian Army. Until last year, we received Form 16 under the old tax regime, which included all allowances such as house rent allowance, travel, uniform, etc. However, from AY 2024-25, we are receiving Form 16 under the default new tax regime, which does not mention non-taxable allowances. I have filed my ITR under the old tax …

Tax Ntr Regime Itr Return Deductions Default

1 month ago

Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’

Live Mint

The Income-Tax department has today launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. According to the I-T department advisory, for Indian residents a foreign asset would include bank accounts, cash value insurance contract or annuity contract, financial …

Tax Assets Income Foreign Itr Asset Foreign Asset

1 month ago

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept

The Hindu

The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of ₹10 lakh under the anti-black money law. The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contracts or annuity …

Tax Assets Income Foreign Itr Asset Foreign Asset

1 month, 1 week ago

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25

Live Mint

The Central Board of Direct Taxes has started a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY …

Tax Assets Income Foreign Itr Cbdt Taxpayers

1 month, 2 weeks ago

Income Tax Deadline: Last one week left to file tax return for THESE taxpayers. Check details

Live Mint

Taxpayers who are meant to get their accounts audited have only one week left to file their income tax return for AY 2024-25. The last date to file income tax return for these taxpayers is November 15. The income tax department recently issued a statement that says that it's the last week left for taxpayers whose accounts are audited or …

Tax Income File Return Accounts Taxpayers Income Tax Return

4 months, 3 weeks ago

Long Term Capital Gain On Sale Of Shares By Mauritius Company Is Not Liable To Be Taxed In India: ITAT

Live Law

The Delhi Bench of Income Tax Appellate Tribunal has held that long-term capital gain on sale of shares by Mauritius Company is not liable to be taxed in India.The bench of Vikas Awasthy and Naveen Chandra has observed that the assessee had claimed long-term capital gains arising from the sale of shares as exempt from tax in light of Article …

India Tax Sale Capital Company Mauritius Shares

5 months ago

FM Says Salaried Employees Under New Tax Regime To Save Rs 17,500 Annually, Here's How

News 18

Budget 2024: Salaried employees under new tax regime to save up to Rs 17,500 annually in taxes due to changes proposed in Budget FY25, announced Finance Minister Nirmala Sitharaman on Tuesday. The new tax slabs under the new income tax regime will be effective from April 1, 2024.. FM proposed the following changes in the new tax regime; – Standard …

Tax Lakh Regime Budget 2024 Slab Salaried Employees New Tax Regime

5 months ago

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k

News 18

Finance Minister Nirmala Sitharaman on Tuesday announced to increase standard deduction limit to Rs 75,000 under the new tax regime, compared with Rs 50,000 earlier. Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP for TDS defaults and simplify and rationalise compounding of such offences. More than two-thirds of individuals …

Tax Budget 2024 Live Updates Union Budget Standard Deduction

5 months, 1 week ago

XAT Announces Commencement of Registrations for AY 2025 - A Gateway to Top Management Institutes

Hindustan Times

India, 12th July 2024: The Xavier Aptitude Test, one of India's most esteemed national-level MBA entrance exams, is pleased to announce the commencement of registration for XAT 2025. Moreover, XAT’s widespread reach, with 100+ test centers, ensures accessibility for aspirants across the nation, making it a preferred choice for both students and institutions Dr. Rahul Shukla, Convenor Admissions of XAT …

India Test Candidates Registration 2025 Hindustan Times Xat

5 months, 2 weeks ago

AO Can't Review Its Own Order: Delhi High Court

Live Law

The Delhi High Court has held that the Assessing Officer cannot review its own order.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed in the extract of the impugned corrigendum that no new material has been found by the department, which would warrant reopening the assessment. The bench of Justice Yashwant Varma and Justice Purushaindra Kumar …

Court Assessment Delhi High Court Income Notice Department Issued

5 months, 2 weeks ago

Kasabian review, Happenings: A resurgence that few would have expected

The Independent

Sign up to Roisin O’Connor’s free weekly newsletter Now Hear This for the inside track on all things music Get our Now Hear This email for free Get our Now Hear This email for free SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Leaping about in a mad …

Kasabian Happenings Big Tunes Pizzorno

5 months, 2 weeks ago

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court

Live Law

The Delhi High Court has held that the order of the Income Tax Settlement Commission is final and conclusive for a particular assessment year for which the application has been filed.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the order of the ITSC is deemed to be conclusive for all the matters pertaining to …

Appeal Tax Court Assessment Delhi High Court Order Income

5 months, 2 weeks ago

ITR Filing: Why It Is Necessary to File Income Tax Return AY 2024-25 Well Before the Deadline?

News 18

Filing your income tax return is not just a financial formality; it is a crucial responsibility for every taxpayer in India. As we approach the July 31, 2024, deadline to file the income tax return, it is essential to understand why filing your ITR well before the deadline can significantly benefit you. Conclusion “Filing your Income Tax Return well before …

Financial Tax Financial Transactions Income Return Deadline Itr Filing

6 months, 3 weeks ago

‘Beneficiaries getting surplus food grains’: Rajnath Singh hails free ration scheme

Hindustan Times

Under the Centre's flagship free ration scheme, beneficiaries were getting more food grains than they could consume, and were selling the surplus in the market, Defence Minister Rajnath Singh said on Wednesday. Rajnath Singh “Are you not getting five kg food grains?” he asked attendees at an election rally in Bihar's Karakat Lok Sabha constituency. Singh, however, stated that the …

Bjp Rajnath Singh Five Kg Free Food Singh Hails Grains Rajnath

7 months, 1 week ago

Do You Own An Electric Vehicle? It Can Save You Taxes, Here's How

News 18

Tax Benefits on Electric Vehicles in India: The Indian government is pushing for a greener future, and electric vehicles are a key part of the plan. But did you know there’s a hidden income tax deduction specifically for the interest paid on loans taken to purchase EVs? Here’s the deal: Under Section 80EEB of the Income Tax Act, individual taxpayers …

Income Tax Loan Electric Itr Deduction Rs 1 Lakh Interest Paid

7 months, 2 weeks ago

ITR Filing AY 2024-25: Boost Your Tax Refund By Claiming THESE 5 Lesser-Known Deductions

News 18

Tax Deductions You Can Claim To Save On Your Taxes? Here are a few deductions that may not be popular, but could offer potential tax savings: National Pension Scheme: Contribution to NPS Tier 1 account is eligible for an additional deduction of Rs 50,000 under section 80CCD. Medical expenditure incurred for senior citizen parents: While many taxpayers are familiar with …

Tax Income Itr Claim Paid Rent Deductions

8 months ago

Failure Of Dept. To Comply With ITAT's Order: Delhi High Court Directs Dept. To Remove Demands, Penalty From ITBA portal

Live Law

The Delhi High Court has held that the Department has failed to comply with Income Tax Appellate Tribunal's Order in passing a fresh assessment order within the stipulated time.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the underlying rationale of the Legislature behind the enactment of Section 153 of the Income Tax Act and …

Assessment Income Tax Department Rti Respondents Passed Petitioner

8 months, 3 weeks ago

Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available on e-filing income tax portal

Hindustan Times

The Income Tax Department made online income tax return forms- ITR-1, ITR-2 and ITR-4, for FY 2023-24 - available on the e-filing portal. Income tax return: You can file ITR either completely online on the tax department’s e-filing income tax portal or partially online, partially offline as well. You can file ITR either completely online on the tax department’s e-filing …

Online Income File Itr Return Income Tax Return Tax Return

9 months, 1 week ago

Received advance tax notice with inflated demand? It’s an error. Here’s what to

Live Mint

“Income Tax Department has received information about certain significant financial transactions relating to FY 2023-24. Please view transactions under e-Campaign tab on Compliance Portal and remember to pay appropriate Advance Tax.” If you have received such a message from the Income Tax department with an inflated tax demand, know that it is an error due to inaccurate reporting of certain …

Tax Advance Taxpayers Inflated Demand

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Search results for ay

Missed ITR deadline? Here's your guide to filing belated return for AY 2024-25

Jasprit Bumrah, Akash Deep shared a series-defining partnership: Gavaskar

Delhi High Court Disallows Income Tax Dept From Adjusting Stayed Demand Towards Previous Refund Due To Nokia

Belated Income Tax Return: You can file it before Dec 31. Check details

Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS

Tax regime shift: Is filing ITR under old regime still valid after default new regime?

Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25

Income Tax Deadline: Last one week left to file tax return for THESE taxpayers. Check details

Long Term Capital Gain On Sale Of Shares By Mauritius Company Is Not Liable To Be Taxed In India: ITAT

FM Says Salaried Employees Under New Tax Regime To Save Rs 17,500 Annually, Here's How

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k

XAT Announces Commencement of Registrations for AY 2025 - A Gateway to Top Management Institutes

AO Can't Review Its Own Order: Delhi High Court

Kasabian review, Happenings: A resurgence that few would have expected

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court

ITR Filing: Why It Is Necessary to File Income Tax Return AY 2024-25 Well Before the Deadline?

‘Beneficiaries getting surplus food grains’: Rajnath Singh hails free ration scheme

Do You Own An Electric Vehicle? It Can Save You Taxes, Here's How

ITR Filing AY 2024-25: Boost Your Tax Refund By Claiming THESE 5 Lesser-Known Deductions

Failure Of Dept. To Comply With ITAT's Order: Delhi High Court Directs Dept. To Remove Demands, Penalty From ITBA portal

Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available on e-filing income tax portal

Received advance tax notice with inflated demand? It’s an error. Here’s what to