What Will Happen If You Do Not File Your ITR Before The Deadline
8 months, 2 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 over 70 exemptions and deductions, including HRA and LTA, which can significantly reduce taxable income and lower tax payments. By adhering to the deadline and filing taxes on time, individuals can make informed decisions regarding their tax regime, ensuring optimal tax planning and compliance.

Tax Income Old Regime Itr Deadline  exemptions  old  filing  taxpayers  tax  deadline  31  itr  regime  income  happen  file

History of this topic

Missed ITR deadline? Here's your guide to filing belated return for AY 2024-25
4 days, 10 hours 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
4 days, 20 hours 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
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 …

ITR advance tax deadline on December 15: What is it? How to pay tax before due date? Here’s all you need to know
1 week, 2 days ago

ITR advance tax deadline on December 15: What is it? How to pay tax before due date? Here’s all you need to know

Live Mint  

ITR Advance Tax: The deadline for the third instalment of advance tax is December 15, 2024. However, senior citizens, i.e., taxpayers above the age of 60 years during the current financial year, who do not have any income from a job or a business, are not required to pay advance tax. Instalment dates for advance tax First instalment: Advance tax …

December tax deadlines: Your essential guide for ITR compliance
2 weeks, 5 days 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 weeks, 1 day 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?
1 month, 1 week 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
1 month, 1 week 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
1 month, 1 week 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
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 …

Extend ITR Filing Deadline To Aug 31; Tax Practitioners Urge Amid Portal Issue, Flood and Landslide
4 months, 3 weeks 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 …

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date
4 months, 3 weeks ago

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date

India TV News  

The Income Tax Department on Sunday asked income tax return filers to refrain from making bogus claims for expenses, under-reporting their earnings or exaggerating deductions calling it a punishable offence that causes a delay in issuance of refunds. For individuals with net taxable income of more than Rs 5 lakh for the financial year 2023-24, filing a belated return may …

ITR 2024: Avoid THESE mistakes when filing Income Tax return, otherwise your form may get cancelled
5 months ago

ITR 2024: Avoid THESE mistakes when filing Income Tax return, otherwise your form may get cancelled

India TV News  

ITR filing 2024: The deadline for filing income tax returns is approaching, with the last date to file without late fees for the financial year 2023-24 being July 31, 2024. Avoid THESE mistakes Incomplete or incorrect information: When filing your income tax return, ensure that all information is complete and correct. Discrepancies in income information: Discrepancies in income information can …

ITR E-filing portal glitches: Will Income Tax return deadline be extended beyond July 31?
5 months, 1 week 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 2024: Keep these five things in mind before filing income tax return
5 months, 1 week ago

ITR filing 2024: Keep these five things in mind before filing income tax return

India TV News  

ITR filing 2024: The process of filing Income Tax Returns for the assessment year 2023-24 has commenced. Here are five things to keep in mind while filing your return to avoid errors and ensure smooth processing: Selection of form The choice of form depends on your sources of income. This time, the Income Tax Department has sought additional information through …

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

Income Tax Return (ITR) 2023-24: 6 Essential points and 6 tips for error-free filing
6 months ago

Income Tax Return (ITR) 2023-24: 6 Essential points and 6 tips for error-free filing

Hindustan Times  

One should always pay attention to every minute detail while e-filing ITR for a hassle-free experience, especially with the tax regimes, deductions and benefits changing every year, Business Today wrote. Representational “Filing an income tax return is not a cakewalk for everyone," said Vikas Dahiya, Director of All India ITR, according to Business Today. "For many people not familiar with …

Submitted wrong ITR form? Know how many times you can revise return
6 months, 2 weeks ago

Submitted wrong ITR form? Know how many times you can revise return

Live Mint  

Correcting any mistakes or omissions in your initial Income Tax Return is the aim of filing a revised ITR. An essential provision of the Income Tax Act of 1961 is Section 139, which permits you to file a revised ITR in case you discover mistakes or omissions in your initial return. Lowers the possibility of scrutiny: The possibility that the …

ITR 2024: Mandatory and Optional, Keep These Documents For Income Tax Return Filing, Check Full List
6 months, 3 weeks ago

ITR 2024: Mandatory and Optional, Keep These Documents For Income Tax Return Filing, Check Full List

News 18  

Income Tax Return filing is a critical responsibility for taxpayers and carries several significant implications. Investment Proofs: Documents for investments like Provident Fund, Public Provident Fund, Equity Linked Savings Scheme, Life Insurance premiums, Health Insurance premiums, Fixed Deposits etc., if claiming deductions. Other Potential Documents: Property Documents House Rent Receipts Informational Documents: Form 26AS : This pre-filled statement by the …

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

ITR calendar 2024: Important dates and deadlines you must not miss
7 months, 3 weeks ago

ITR calendar 2024: Important dates and deadlines you must not miss

Hindustan Times  

The month of May is an important one as far as ITR calendar is concerned as it has a number of important deadlines that have to be met by those on whom these are applicable. Here's a thorough guide to the key dates you'll want to note down in your calendar for May 2024, ensuring you're well-prepared to manage your …

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

Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
9 months, 1 week 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 …

Advance tax liability: You need to pay advance income tax by this date to avoid penalties
9 months, 1 week 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: …

Taxpayers might not get an income tax refund if the tax department has sent this notice. Details here
1 year, 2 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, 3 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, 4 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, 4 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, 4 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, 4 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, 4 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 …

ITR filing last date today: What to do if you miss the July 31 deadline?
1 year, 4 months ago

ITR filing last date today: What to do if you miss the July 31 deadline?

India TV News  

The deadline for filing income tax returns for the financial year 2022-23 for salaried individuals and those who do not have to get their accounts audited ends today According to the Income Tax Department on Sunday, over 6 crore tax returns have been filed for the previous year, and over 11 lakh returns have been filed upto 12 pm on …

File your Income Tax Returns online before the deadline: Check last-minute ITR filing tips here
1 year, 4 months ago

File your Income Tax Returns online before the deadline: Check last-minute ITR filing tips here

India TV News  

As the deadline for filing Income Tax Returns approaches, individuals who earn, whether they are salaried, self-employed, part of a Hindu Undivided Family, or work for multinational corporations or firms, are reminded of their primary responsibility to declare their income and pay taxes. The Income Tax Return serves as an official declaration of a taxpayer's income and serves as a …

Income Tax Return: Beware of missing ITR deadline, check penalties and late fees here
1 year, 4 months ago

Income Tax Return: Beware of missing ITR deadline, check penalties and late fees here

Live Mint  

Many taxpayers are finding themselves in turmoil as the due date for filing income tax returns is inching closer with each passing day. Failure to meet the ITR filing deadline could lead to the following penalties for taxpayers: Interest : A late filing fee of 0.5 per cent of the tax due will be imposed for each month that the …

ITR Filing Update: Why You Must NOT Delay Filing Your ITR? Check Latest Update Here
1 year, 5 months ago

ITR Filing Update: Why You Must NOT Delay Filing Your ITR? Check Latest Update Here

News 18  

Filing your income tax return on time is important for several reasons. “We would like to thank income tax return filers as ITR filing has been at a much faster pace than last year and we would advise them not to wait until the last moment and also not to hope for any extensions. About 5.83 crore income tax returns …

'File ITR at earliest as govt not contemplating extension of July 31 deadline'
1 year, 5 months ago

'File ITR at earliest as govt not contemplating extension of July 31 deadline'

Deccan Chronicle  

New Delhi: Revenue Secretary Sanjay Malhotra has asked income tax payers to file their return at the earliest as the finance ministry is not contemplating extension of the July 31 deadline. About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23. As per the Budget 2023-24, …

File ITR at earliest as govt not contemplating extension of July 31 deadline: Revenue secretary
1 year, 5 months ago

File ITR at earliest as govt not contemplating extension of July 31 deadline: Revenue secretary

India TV News  

As the finance ministry is not contemplating an extension of the July 31 deadline, Revenue Secretary Sanjay Malhotra has urged the income taxpayers to file their returns at the earliest. About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23. As per the Budget 2023-24, the …

ITR: Here Are Some Common Documents You May Require For Filing
1 year, 5 months ago

ITR: Here Are Some Common Documents You May Require For Filing

ABP News  

The last date for filing income tax returns for the financial year 2022-23 is July 31. For salaried individuals, here are some common documents to keep in handy while ITR filing: PAN Card PAN Card issued by the income tax department is one of the more important documents required for ITR filing. When taxpayers choose the 'prefill' option, the relevant …

Income tax return: As deadline approaches, know which form to use for ITR filing
1 year, 5 months ago

Income tax return: As deadline approaches, know which form to use for ITR filing

Hindustan Times  

The deadline to file the Income Tax Return for the financial year 2022-23 is July 31. ITR form 1: Taxpayers and individual residents earning an income of up to ₹50 lakh from salary, income from one house property, other sources such as interest or dividend, and agricultural Income up to ₹5,000. ITR form 2: Individuals and Hindu Undivided Family with …

ITR Filing: What is ITR-6, how to file online for AY 2023-24
1 year, 6 months ago

ITR Filing: What is ITR-6, how to file online for AY 2023-24

India Today  

An income tax return is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses, and other deductions as well as details about a tax refund or tax liability. Companies, except those claiming exemption under section 11 due to their income from the property being held for charitable or …

ITR filing for FY 2022-23: ITR Form 2 available online, who is eligible and all you need to know
1 year, 6 months ago

ITR filing for FY 2022-23: ITR Form 2 available online, who is eligible and all you need to know

India Today  

The income tax department has recently launched the online version of the ITR-2 forms, following the earlier release of ITR-1 and ITR-4 on May 20, 2023. According to the income tax website, taxpayers can now file their Income Tax Returns using the ITR-2 form through the online portal, which includes pre-filled data for convenience. Furthermore, on May 17, 2023, the …

How to file income tax return without Form 16
1 year, 6 months ago

How to file income tax return without Form 16

India Today  

The deadline for filing Income Tax Returns for the fiscal year 2022-23 is July 31. When filing your income tax return, it is crucial to ensure that the Form 16 you use is valid and in an acceptable format. If you need to file your income tax return without Form 16, follow these steps: Calculate income from salary: Compile the …

Filing ITR Now? Who Will And How To File Income Tax Return? Know This Before Hand
1 year, 6 months ago

Filing ITR Now? Who Will And How To File Income Tax Return? Know This Before Hand

News 18  

Income Tax Return filing holds immense importance as it serves as a vital tool for ensuring tax compliance and financial transparency. By filing ITR, individuals and businesses provide a comprehensive record of their income, deductions, and taxes paid, enabling the government to assess tax liabilities accurately. You can find a list of all the ITR forms and their eligibility criteria …

ITR Filing Starts: Expert Tips For Individual Taxpayers To Chose Correct ITR Form
1 year, 6 months ago

ITR Filing Starts: Expert Tips For Individual Taxpayers To Chose Correct ITR Form

News 18  

Filing your Income Tax Return holds significant importance for several reasons. It also facilitates the calculation of your tax liability, as the ITR form prompts you to provide details of income, deductions, exemptions, and tax-saving investments. Each ITR form is specifically designed to capture different types of income and financial situations, so choosing the right one ensures that you report …

Attention Taxpayers! Online ITR Filing Enabled For AY 2023-24
1 year, 7 months ago

Attention Taxpayers! Online ITR Filing Enabled For AY 2023-24

News 18  

The Income Tax department has enabled online filing of income tax returns 1 and 4, filed by individuals, professionals and small businesses, for the financial year 2022-23. The software/utilities for preparing other ITRs/ Forms will be enabled shortly.…— Income Tax India May 23, 2023 The last date for filing Income Tax returns for fiscal 2022-23 for people who do not …

Income Tax Due Dates in May 2023: Check deadlines for this month's ITR filing
1 year, 7 months ago

Income Tax Due Dates in May 2023: Check deadlines for this month's ITR filing

Firstpost  

With the new changes in the Income Tax Act coming into effect from April 2023, it is time when people need to start worrying about tax deadlines that are due in May 2023 as the month is about to commence. Speaking of which, the Income Tax Department on its official website has issued a tax calendar that states the important …

Missed your ITR ever before? ITR-U is here to help
1 year, 7 months ago

Missed your ITR ever before? ITR-U is here to help

Live Mint  

Are you one of those taxpayers who missed the income tax filing deadline this year? In this article, we'll discuss everything you need to know about filing overdue income tax returns using ITR-U. The Income tax section 139 allows taxpayers a chance to update their ITR within two years from the end of the year in which the original return …

ITR filing last date AY 2023-24: Due date for filing income tax returns
1 year, 8 months ago

ITR filing last date AY 2023-24: Due date for filing income tax returns

India Today  

Income Tax Returns must be filed by July 31 for the FY 2022-23. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years", as per the website of the Income Tax Department. WHICH TAX RETURN TO FILE: The Income Tax department has notified seven different forms i.e., ITR 1, …

ITR filing last date for FY 2019-20: How much additional tax do you need to pay?
1 year, 9 months ago

ITR filing last date for FY 2019-20: How much additional tax do you need to pay?

Live Mint  

ITR filing last date for FY 2019-20: The deadline to file an updated income tax return for FY 2019-20 is 31 March 2023. An updated income tax return or ITR-U is a form that allows taxpayers to file the ITR or to correct errors or omissions on their ITRs up to two years from the end of the relevant assessment …

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