Income Tax: Last day for late and revised ITR is December 31: Here’s what happens if you fail to file
2 years, 3 months ago

Income Tax: Last day for late and revised ITR is December 31: Here’s what happens if you fail to file

Live Mint  

Do not forget to file your income tax returns for financial year 2021-22 amid the festivities of the new year if you haven't already. Assessees must file belated ITRs under Section 139 of the Income Tax Act, 1961. While filing belated ITRs, taxpayers must ensure that they select Section 139 in the tax return form and that the applicable penalty amount, penalty interest and taxes due are paid. Under Section 234F of the Income Tax Act, a penalty of Rs 5,000 is levied on assessees filing their belated ITRs. Individual taxpayers must ensure that Section 139 is selected when filling out the applicable income tax return form, and the original ITR number must be kept handy as it must be quoted in the revised ITR form when filing.

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History of this topic

Income tax deadline: Only 3 days left to pay last instalment of advance tax
2 weeks, 3 days ago

Income tax deadline: Only 3 days left to pay last instalment of advance tax

India Today  

The Income Tax Department has issued a reminder that the last instalment of advance tax for the financial year 2024-25 must be paid by March 15, 2025. The IT Department posted on X, “Paying on time not only upholds your compliance with tax regulations but also strengthens the 'Viksit Bharat Movement', contributing to India’s vision of self-reliance and prosperity.” With …

ITR deadline: Taxpayers can file updated returns for FY22, FY23 before March 31 | Check all details here
3 weeks, 2 days ago

ITR deadline: Taxpayers can file updated returns for FY22, FY23 before March 31 | Check all details here

India TV News  

ITR deadline: Taxpayers can file updated returns for FY22, FY23 before March 31 | Check all details here An updated return can be filed at any time, but it must be submitted within two years from the conclusion of the relevant assessment year; the provision for this was introduced by the Finance Ministry in the Finance Act 2022. An updated …

Income Tax Deadline: Taxpayers can file an updated return before March 31 for THIS year, check details
4 weeks, 1 day ago

Income Tax Deadline: Taxpayers can file an updated return before March 31 for THIS year, check details

Live Mint  

Those taxpayers who want to updated their income tax return of previous two years can file an updated return before March 31. Although you can file the updated return anytime but it must be done within two years of the end of the relevant assessment year. This means those who want to update their return of assessment year 2022-23 or …

Can a tax refund be claimed only before ITR filing due date?
1 month ago

Can a tax refund be claimed only before ITR filing due date?

Live Mint  

I read online that to claim a tax refund under the proposed Income Tax law, the income tax return needs to be filed within the original given due date. -Name withheld on request Under the current Income Tax Act, 1961, an individual is required to file an income tax return under section 139 if his/her income exceeds the basic exemption …

New Income Tax Bill: Will taxpayers with late ITR filings lose refunds?
1 month, 1 week ago

New Income Tax Bill: Will taxpayers with late ITR filings lose refunds?

India Today  

Several taxpayers have raised concerns that if the income tax returns are not filed before the due date, they will not be eligible for a refund. IT DEPARTMENT'S CLARIFICATION The IT department said that under the Income Tax Act, 1961, taxpayers claiming refunds under Chapter XIX must file a return of income under Section 239. CONCERNS OVER THE NEW INCOME …

Income Tax: ITR(U) filing deadline extended to 48 months–Key details you need to know
1 month, 3 weeks ago

Income Tax: ITR(U) filing deadline extended to 48 months–Key details you need to know

Live Mint  

Did you miss reporting a particular income while filing your income tax return a few years ago -- say three years ago? You do not need to fret over this anymore since you can file a fresh tax return under the head of ITR to report that unreported income and pay the outstanding tax. Union Finance Minister Nirmala Sitharaman -- …

Updated tax returns: Budget 2025 offers a wider window to report omitted income
Trending News
1 month, 3 weeks ago

Updated tax returns: Budget 2025 offers a wider window to report omitted income

Live Mint  

In the Union Budget for 2022-23, India's finance ministry introduced the concept of updated tax returns to promote voluntary tax compliance. Taxpayers are required to file their income tax returns within four to six months from the end of the financial year. In essence, an updated return allows taxpayers to voluntarily declare omitted income even after the deadlines for belated …

Budget 2025: FM extends deadline to file updated ITR from two to four years
1 month, 4 weeks ago

Budget 2025: FM extends deadline to file updated ITR from two to four years

Live Mint  

In case you forgot to report some income while filing tax returns anytime in the past four fiscal years, Budget 2025 has good news. The timeline to file an updated income tax return has been increased to four years from two years starting April 2025. Under section 234B of the Income Tax Act, 1% interest on tax is payable every …

3.4m people have until end of January to file tax returns
2 months ago

3.4m people have until end of January to file tax returns

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Myrtle Lloyd, …

ITR Filing Deadline: What's the last date to file revised or belated ITR?
2 months, 2 weeks ago

ITR Filing Deadline: What's the last date to file revised or belated ITR?

Hindustan Times  

ITR Filing Deadline, January 15, 2025: Taxpayers who have not filed their belated or revised Income Tax Return or ITR for the financial year 2024-25 have a narrow chance to do the same on Wednesday, January 15. ITR Filing Deadline: The original deadline to file the income tax returns was July 31, 2024. “The Central Board of Direct Taxes, in …

ITR filing: Why you should file belated, revised tax returns by January 15
2 months, 2 weeks ago

ITR filing: Why you should file belated, revised tax returns by January 15

India Today  

As the financial year 2024-25 nears its close, taxpayers must take note of the upcoming deadline for filing belated and revised income tax returns. Taxpayers who missed the original income tax filing deadline need to submit a belated Income Tax Return to fulfil their tax obligations. Under Section 139 of the Income Tax Act, 1961, taxpayers can revise their returns …

Filing ITR: You can file updated income tax return for past two years before March 31. Check the rules that apply
2 months, 2 weeks ago

Filing ITR: You can file updated income tax return for past two years before March 31. Check the rules that apply

Live Mint  

If you somehow failed to file your income tax return for any of the past two years, you can still file an updated income tax return. Notably, the last date to file updated income tax return for 2021-22 is March 31, 2025. It can be filed in following cases: If the return was previously not filed or if the return …

The IRS will start accepting 2024 federal tax returns on January 27
2 months, 2 weeks ago

The IRS will start accepting 2024 federal tax returns on January 27

CNN  

CNN — The official start date of this year’s tax filing season will be January 27, the IRS said Friday. For example, the IRS said Friday that due to the fires and straight-line winds in Southern California this week, “individuals and households that reside or have a business in Los Angeles County” will receive tax relief on a variety of …

Income Tax Deadline! Last one week to file revised, belated return
2 months, 3 weeks ago

Income Tax Deadline! Last one week to file revised, belated return

Live Mint  

Taxpayers must note that the deadline for filing a belated income tax return or submitting a revised return for the assessment year 2024-25 is fast approaching. Revised ITR If you have made an error in your initial income tax return filing, you can file a revised return under section 139 of the Income Tax Act. These are some of the …

New deadline to file belated/revised ITR extended to 15 January for resident taxpayers
2 months, 4 weeks ago

New deadline to file belated/revised ITR extended to 15 January for resident taxpayers

Live Mint  

New Delhi, January 1 : The Central Board of Direct Taxes has extended the last date for filing belated/revised income tax returns for the Assessment Year 2024-25 for resident individuals, as stated in a notification issued by the CBDT. In the notification the CBDT added, "The Central Board of Direct Taxes, in exercise of its powers under section 119 of …

ITR Filing: Authorities Extend Last Date For Submitting Belated Tax Returns. Check The New Date Here
Trending News
2 months, 4 weeks ago

ITR Filing: Authorities Extend Last Date For Submitting Belated Tax Returns. Check The New Date Here

ABP News  

The Central Board of Direct Taxes extended the deadline for taxpayers to file their belated or revised income tax returns for the 2024-25 Assessment Year. The authorities informed that the last date for submitting the belated or revised IT returns for individuals is now January 15, 2025. Issuing a circular, the finance ministry said, “The Central Board of Direct Taxes, …

ITR filing: Last 1 week to go before these income tax deadlines expire on Dec 31
Trending News
3 months, 1 week ago

ITR filing: Last 1 week to go before these income tax deadlines expire on Dec 31

Live Mint  

With the Calendar Year set to culminate in a few days, there are a few income tax deadlines that are set to expire at the same time. These deadlines relate to the filing of belated income tax return, Vivad Se Vishwas and declaration of foreign assets. Filing of belated return: Typically, the last date to file income tax return is …

HC comes to taxpayers’ aid, postpones ITR filing deadline
3 months, 1 week ago

HC comes to taxpayers’ aid, postpones ITR filing deadline

Hindustan Times  

MUMBAI: The Bombay high court on Friday directed the Central Board of Direct Taxes to extend the date for e-filing of belated income tax returns for taxpayers required to file by December 31, 2024. A bench of justice Devendra Upadhyaya and justice Amit Borkar, while listening to a Public Interest Litigation filed by the Chamber of Tax Consultants through its …

Missed ITR deadline? Here's your guide to filing belated return for AY 2024-25
3 months, 1 week ago

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

India Today  

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, …

Missed filing tax returns in July? File your belated ITR for FY24 by December 31
Trending News
3 months, 1 week ago

Missed filing tax returns in July? File your belated ITR for FY24 by December 31

India Today  

If you missed the deadline to file your Income Tax Return for the financial year 2023-24 in July, you still have an opportunity to make amends. The Income Tax Department allows taxpayers to file a belated ITR by December 31, 2024. CONSEQUENCES OF LATE FILING Late filing fee As per Section 234F of the Income Tax Act, individuals filing their …

Belated Income Tax Return: You can file it before Dec 31. Check details
3 months, 2 weeks 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 …

December tax deadlines: Your essential guide for ITR compliance
3 months, 3 weeks ago

December tax deadlines: Your essential guide for ITR compliance

India Today  

As the year comes to a close, December becomes a vital month for taxpayers to fulfil important financial and compliance duties. Staying on top of the crucial deadlines in December 2024 is key to ensuring smooth compliance and taking full advantage of available tax benefits. DECEMBER 7, 2024 The last date to deposit tax deducted or collected for the month …

Tax Deadline: Authorities Extend Last Date For Filing ITRs. Find New Date Here
3 months, 4 weeks ago

Tax Deadline: Authorities Extend Last Date For Filing ITRs. Find New Date Here

ABP News  

The Central Board of Direct Taxes announced on Saturday that the deadline for income tax return filing has been extended. ➡️The due date for the assessees referred to in clause of Explanation 2 to Sub Section of Section 139 has been extended from 30th November, 2024, to 15th December, 2024. ➡️ Circular No.… pic.twitter.com/4umO91ELAQ — Income Tax India November 30, …

ITR deadline: Has income tax return deadline for audit cases been extended?
4 months, 2 weeks ago

ITR deadline: Has income tax return deadline for audit cases been extended?

Hindustan Times  

The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns by taxpayers subject to audit and also for other designated ones, The Economic Times reported. The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns by taxpayers subject to audit and also for other designated ones …

ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details
4 months, 2 weeks ago

ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details

Live Mint  

The deadline to file income tax returns by corporates and individuals requiring audit for the financial year 2024-25 is November 15, 2024. Types of taxpayers to file returns by Nov 15: As per an Economic Times report citing Prakash Hegde, a chartered accountant, there are three types of taxpayers who have to file ITR by November 15, for the financial …

ITR deadline is November 15, 2024 for these taxpayers: Check details
4 months, 2 weeks ago

ITR deadline is November 15, 2024 for these taxpayers: Check details

Hindustan Times  

The deadline for filing income tax returns for the financial year 2023-24 is November 15, 2024, specifically for taxpayers subject to an income tax audit and some other designated taxpayers, The Economic Times reported. Thus, the tax audit report must also be submitted before filing the ITR. The ET report cited chartered accountant Prakash Hegde as saying the following types …

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

ITR 2024 Refund Delayed? Here's Why It's Taking Longer And How To Track It
7 months ago

ITR 2024 Refund Delayed? Here's Why It's Taking Longer And How To Track It

ABP News  

ITR refund: As the deadline for filing Income Tax Returns for Assessment Year 2024-25 passed on July 31, many taxpayers are growing anxious over delayed refunds. Understanding Defective ITRs A defective ITR is a return that contains errors, incomplete details, or inconsistencies in the information provided, which hinders the Income Tax Department's ability to process it correctly. Steps to Address …

Extend ITR Filing Deadline To Aug 31; Tax Practitioners Urge Amid Portal Issue, Flood and Landslide
8 months ago

Extend ITR Filing Deadline To Aug 31; Tax Practitioners Urge Amid Portal Issue, Flood and Landslide

News 18  

ITR Filing Last Date 2024: The All-India Federation of Tax Practitioners has requested the Central Board of Direct Taxes to extend the deadline of filing Income Tax returns by a month to August 31 for the assessment year 2024-25. In a memorandum, AIFTP national president Narayan Jain and Direct Tax Representation Committee chairman S M Surana said floods in several …

ITR Filing 2024: What Happens If You Miss The July 31 Deadline? All About Belated ITR
8 months ago

ITR Filing 2024: What Happens If You Miss The July 31 Deadline? All About Belated ITR

ABP News  

The deadline for filing Income Tax Returns is fast approaching, with the final date set for July 31 this year. If you miss the July 31 deadline for filing your ITR, you can still file a belated return by December 31, 2024. Missed Deadline Consequences If individuals fail to meet the July 31 deadline, they have until December 31, 2024, …

ITR E-filing portal glitches: Will Income Tax return deadline be extended beyond July 31?
8 months, 2 weeks ago

ITR E-filing portal glitches: Will Income Tax return deadline be extended beyond July 31?

Hindustan Times  

The deadline for filing income tax returns in 2024 is set on July 31. The Income Tax Department's website noted, “Over 2.7 crore ITRs have been filed as on 14 July 2024, which is 13% more compared to returns filed during the same period last year. While the milestone of filing of 1 crore of ITRs for AY 2024-25 arrived …

ITR Filing: Why It Is Necessary to File Income Tax Return AY 2024-25 Well Before the Deadline?
8 months, 3 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 …

Filing Your Income Tax Return: Here Are Important Dates And Potential Penalties
8 months, 3 weeks ago

Filing Your Income Tax Return: Here Are Important Dates And Potential Penalties

ABP News  

July is a critical month for individual taxpayers as the deadline to file income tax returns for the financial year 2023-24, corresponding to the assessment year 2024-25, is July 31, 2024. Key Differences: Financial Year vs. Assessment Year The financial year spans from April 1 to March 31, during which income is earned. Understanding the Income Tax Return An ITR …

ITR Filing AY 2024-25: Boost Your Tax Refund By Claiming THESE 5 Lesser-Known Deductions
10 months, 3 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 …

Today is Tax Day for most Americans. Here’s what you need to know
11 months, 2 weeks ago

Today is Tax Day for most Americans. Here’s what you need to know

CNN  

New York CNN — It’s Tax Day in the United States for most Americans, and there are still plenty of people racing to file their 2023 income tax returns up until the clock strikes midnight. However, they must pay whatever they still owe the IRS for tax year 2023 by April 15. Without that extension, if you simply file late …

What Will Happen If You Do Not File Your ITR Before The Deadline
11 months, 3 weeks ago

What Will Happen If You Do Not File Your ITR Before The Deadline

News 18  

March has ended, and with the income tax filing season in full swing, individuals are busy ensuring they meet their tax obligations. Missing this deadline can impact your ability to choose between the old and new tax regimes. Filing before this deadline allows taxpayers to select between the old and new tax regimes. In contrast, the old tax regime offers …

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

I-T Refunds: Taxpayers To Receive Pending Refunds For FY2020-21 By April 30
1 year ago

I-T Refunds: Taxpayers To Receive Pending Refunds For FY2020-21 By April 30

ABP News  

The Income Tax Department has issued a circular assuring taxpayers awaiting their tax refunds for the financial year 2020-21 that they will receive their payments by April 30, 2024. Upon filing a return request at the Centralised Processing Centre within the specified timeframe, taxpayers receive an intimation notice under Section 143 of the Income-tax Act, 1961, indicating the successful processing …

Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
1 year ago

Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax

Hindustan Times  

The deadline for submitting an updated income tax return for the financial year 2020-21 is on March 31. The provision allows taxpayers who missed filing their return for the said financial year or failed to report any income to file an updated ITR. There is no financial imposition on individuals wishing to furnish an updated return but they have to …

Income tax refunds: Taxpayers to get pending refunds for FY2020-21 by April 30. Check your email
1 year ago

Income tax refunds: Taxpayers to get pending refunds for FY2020-21 by April 30. Check your email

Hindustan Times  

Income Tax: The Income Tax Department said that taxpayers who are still waiting for their tax refunds of FY2020-21 will get their payments by April 30. Income tax refunds: The Income-Tax department issues an intimation notice under Section 143 of Income-tax Act, 1961. Following a return request at the Centralised Processing Centre by a taxpayer within a specified period, the …

Advance tax liability: You need to pay advance income tax by this date to avoid penalties
1 year ago

Advance tax liability: You need to pay advance income tax by this date to avoid penalties

Hindustan Times  

Advance Income Tax: Annual income and annual tax liability result in the decision on whether you need to pay advance tax or not. In case a taxpayer's annual tax liability for the financial year after subtracting tax deducted at source is more than ₹10,000, they need to pay advance tax so that they can avoid penal interest. Advance Income Tax: …

IRS will start accepting 2023 tax returns on January 29
1 year, 2 months ago

IRS will start accepting 2023 tax returns on January 29

CNN  

New York CNN — If you like to file your taxes early, the IRS said on Monday it will begin accepting and processing 2023 federal income tax returns starting on Monday, January 29. If you’re not an early bird, be sure to file your return and pay any remaining taxes owed by the filing deadline of Monday, April 15. And …

Last day for filing Income Tax Returns for FY 2022-23 ends on December 31
1 year, 2 months ago

Last day for filing Income Tax Returns for FY 2022-23 ends on December 31

Live Mint  

Income Tax Return Filing Last Date: As the deadline approaches on December 31 for filing Income Tax Returns for the financial year 2022-23, taxpayers are strongly encouraged to take swift action and submit their returns by today. Should you miss the December 31 deadline for belated Income Tax Returns, you have the option to submit updated ITRs. The Finance Act …

Taxpayers might not get an income tax refund if the tax department has sent this notice. Details here
1 year, 5 months ago

Taxpayers might not get an income tax refund if the tax department has sent this notice. Details here

Live Mint  

If the Income Tax Department has issued a tax notice under Section 245 of the Income Tax Act, 1961, an individual may not receive the income tax refund they requested when filing their income tax returns, reported Economic Times. The Department may issue a Section 245 notice when the current year's income tax refund is being used to offset the …

ITR verification: Income tax department has this important message for taxpayers
1 year, 7 months ago

ITR verification: Income tax department has this important message for taxpayers

Live Mint  

ITR verification: If you do not e-verify your income tax return, the filing process is treated as incomplete and your ITR becomes invalid. The income tax department has urged taxpayers to not delay and complete the e-filing process today. Effective August 2023, the income tax department has made it mandatory for tax filers to e-verify their returns within 30 days …

Do taxpayers lose out on deduction benefits on filing late income tax returns? We explain
1 year, 7 months ago

Do taxpayers lose out on deduction benefits on filing late income tax returns? We explain

Live Mint  

The cutoff for submitting the Income Tax Return for the fiscal year 2022-23 was July 31, 2023. While numerous taxpayers are considering submitting a late return with a penalty, a significant number are apprehensive about the possibility of their tax refund request being declined in the event of a delayed ITR submission. Submitting a delayed ITR incurs a late fee, …

ITR deadline over, now what? File with late penalty or face these consequences
1 year, 7 months ago

ITR deadline over, now what? File with late penalty or face these consequences

Hindustan Times  

The government did not extend the deadline to file income tax return for the financial year 2022-23 as the deadline passed on July 31. Income Tax return deadline passed on July 31 Data from Income Tax Department showed that more than 6.77 crore ITRs for the assessment year 2023-24 were filed till July 31. Anyone whose total income from all …

ITR filing last date today: 26.74 lakh income tax return filed till 4 pm
1 year, 7 months ago

ITR filing last date today: 26.74 lakh income tax return filed till 4 pm

Firstpost  

If you miss to file your ITR before the deadline, you can file a belated ITR. However, you would be required to pay the penalty for late filing On the last day of filing of income tax returns, 26.74 lakh ITRs have been filed upto 4 pm. 26.74 lakh ITRs have been filed upto 4 pm today and 3.84 lakh …

What Happens If I Miss Deadline to File Income Tax Returns?
1 year, 7 months ago

What Happens If I Miss Deadline to File Income Tax Returns?

Deccan Chronicle  

July 31, Monday, marks the final day for taxpayers to file their Income Tax Returns for the financial year 2022-23. The Income Tax Department has been closely monitoring the situation and informed that its helpdesk is functioning 24x7 to provide additional support to handle the anticipated influx of taxpayers seeking assistance in the eleventh hour. The Income Tax Department has …

ITR filing last date today: Here's what happens if you miss the deadline
1 year, 7 months ago

ITR filing last date today: Here's what happens if you miss the deadline

Firstpost  

As most tax experts and chartered accountants suggest that the government has no plan to extend the deadline this year, the 31 July date becomes even more important for those who are yet to file their returns to avoid penalties As the deadline to file your income tax returns draws to a close today, it is crucial not to overlook …

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