Advance tax, PAN-Aadhaar linking: Important dates to lookout for in March
2 years ago

Advance tax, PAN-Aadhaar linking: Important dates to lookout for in March

Live Mint  

There are various financial deadlines that one needs to know before it ends on March 31, which ranges from PAN-Aadhaar linking, to payment of advance tax. Here's a list of things that one needs to look out for: PAN-Aadhaar linking The Income Tax Department has made it mandatory for PAN holders to link it with Aadhaar by the end of March this year or it will be rendered ‘inoperative.’ Individuals will be restricted from filing the income-tax return or accessing PAN-related services failing to link Aadhaar and PAN card by 31 March, 2023. Advance tax payment The last date to pay final installment of advance tax payment for Financial year 2022 - 2023 is 15th March, 2023, according to the Income Tax department. File updated ITR for FY19-20 The deadline to file updated income tax return for FY 2019-20 is March 31, 2023.

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History of this topic

Over 90 lakh updated tax returns filed, ₹9,118 crore additional taxes mobilised
1 week, 3 days ago

Over 90 lakh updated tax returns filed, ₹9,118 crore additional taxes mobilised

The Hindu  

Over 90 lakh updated Income Tax Returns have been filed over the last four years which fetched ₹9,118 crore to the exchequer, Parliament was informed on Monday. In the current assessment year till February 28, 4.64 lakh updated ITRs have been filed and taxes of ₹431.20 crore paid, Minister of State for Finance Pankaj Chaudhary said in a written reply …

Filing your advance tax? Here's how to calculate it before March 15 deadline
3 weeks ago

Filing your advance tax? Here's how to calculate it before March 15 deadline

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.” Advance …

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

March 15 advance tax deadline: Are you required to pay?
3 weeks ago

March 15 advance tax deadline: Are you required to pay?

India Today  

The deadline to pay the final instalment of advance tax for the financial year 2024-25 is March 15, 2025. The Income Tax Department wrote in a post on X, “The final instalment of Advance Tax for FY 2024-25 is due by 15th March 2025. According to the I-T Department, the following are liable to pay income tax: Salaried individuals, freelancers, …

Advance tax: Here's how to calculate and pay your final instalment for the fiscal year
3 weeks, 2 days ago

Advance tax: Here's how to calculate and pay your final instalment for the fiscal year

Live Mint  

March 15 is the last date to pay advance tax for the current financial year. View Full Image How to calculate advance tax The total amount you will pay as advance tax must be estimated at the start of the financial year and paid in four portions. Bhawna Kakkar, chartered accountant and founder, Kakkar & Company, Chartered Accountants said if …

ITR filing 2025: How often can Indian taxpayers switch between new and old income tax regimes?
1 month ago

ITR filing 2025: How often can Indian taxpayers switch between new and old income tax regimes?

Live Mint  

In India, taxpayers can choose between the old and new income tax regimes, each offering distinct benefits. The choice to opt for the old tax regime must be made before the due date for filing returns under Section 139 of the Income Tax Act,” said Abhishek Soni, CEO and Co-founder Tax2win. Tax regime selection rule for salaried taxpayers Taxpayers with …

Updated tax returns: Budget 2025 offers a wider window to report omitted income
Trending News
2 months 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: The NRI’s wish list
2 months, 3 weeks ago

Budget 2025: The NRI’s wish list

Live Mint  

Non-resident Indians play a vital role in India’s economic and social progress, significantly contributing to the country’s growth through remittances, investments, entrepreneurship, and international trade. ESOPs tax deferral India’s tax laws allow employees of ‘eligible startups’, including NRIs, to defer paying taxes on employee stock options, or ESOPs. Filing of Form 10F Currently, NRIs seeking to avail treaty reliefs are …

Avoid Tax Hassles: Your comprehensive guide to income tax proof submission for 2024-25
2 months, 4 weeks ago

Avoid Tax Hassles: Your comprehensive guide to income tax proof submission for 2024-25

Live Mint  

The submission of income tax investment proofs for FY 2024-25 is generally due by March 31st, subject to deadlines, which may vary across organisations. The income tax investment proof submission process is essential for accurate tax computations and rebate claims. Typical examples of proofs include Life Insurance Premium Receipts Public Provident Fund Passbook/Statement National Savings Certificates Tax-saving Fixed Deposits National …

Avoid Tax Hassles: Your comprehensive guide to income tax proof submission for 2024-25
2 months, 4 weeks ago

Avoid Tax Hassles: Your comprehensive guide to income tax proof submission for 2024-25

Live Mint  

The submission of income tax investment proofs for FY 2024-25 is generally due by March 31st, subject to deadlines, which may vary across organisations. The income tax investment proof submission process is essential for accurate tax computations and rebate claims. Typical examples of proofs include Life Insurance Premium Receipts Public Provident Fund Passbook/Statement National Savings Certificates Tax-saving Fixed Deposits National …

Top 10 income tax changes from 2024 to look out for while filing ITR in 2025
3 months ago

Top 10 income tax changes from 2024 to look out for while filing ITR in 2025

Hindustan Times  

The year 2024 has brought in significant changes to India's personal income tax structure, with multiple reforms announced in the Union Budget 2024-25, influencing the deductions and exemptions taxpayers can claim when filing their income tax returns in July 2025. The changes in the income tax structure can influence the deductions and exemptions taxpayers can claim when filing their income …

ITR Filing: Authorities Extend Last Date For Submitting Belated Tax Returns. Check The New Date Here
Trending News
3 months 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 deadline extension: Income tax department announces relief for these taxpayers. Details here
3 months ago

ITR filing deadline extension: Income tax department announces relief for these taxpayers. Details here

Live Mint  

The Central Board of Direct Taxes has announced an extension for resident individuals to file their belated or revised Income Tax Returns for the Assessment Year 2024-25. The Central Board of Direct Taxes, in exercise of its powers under section 119 of the Income-tax Act,1961, extends the last date for furnishing belated return of income under sub-section of section 139 …

Income tax calendar 2025: Key deadlines for January you need to know
3 months ago

Income tax calendar 2025: Key deadlines for January you need to know

India TV News  

Income tax calendar 2025: As the new financial year begins, taxpayers and organizations must stay vigilant about important deadlines in the Income tax calendar for January 2025. Here are the key due dates for January 2025: January 7, 2025 Last date for depositing Tax Deducted at Source or Tax Collected at Source for December 2024. January 30, 2025 Last date …

ITR advance tax deadline today: Who all should pay these taxes? All you need to know
3 months, 2 weeks ago

ITR advance tax deadline today: Who all should pay these taxes? All you need to know

Live Mint  

As the third installment of advance tax is due on December 15, taxpayers are reminded of the importance of adhering to this deadline to stay compliant and avoid penalties. Advance tax, often referred to as the "pay-as-you-earn" tax, is a requirement for individuals and businesses whose tax liability for the financial year exceeds ₹10,000. Salaried individuals are also required to …

ITR Advance Tax Deadline Today: Know how to pay tax before due date to avoid penalty
3 months, 2 weeks ago

ITR Advance Tax Deadline Today: Know how to pay tax before due date to avoid penalty

India TV News  

The advance tax deadline is nearing and taxpayers with an income tax liability exceeding Rs 10,000 must pay advance tax by December 15. According to Section 208 of the Income Tax Act, 1961, taxpayers with an estimated tax liability of over ₹10,000 in a year, are required to pay tax in installments in the form of advance tax. As per …

ITR advance tax deadline on December 15: What is it? How to pay tax before due date? Here’s all you need to know
3 months, 2 weeks 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 …

Income tax news: How much money you can save if you pay advance tax on or before December 15— explained
3 months, 2 weeks ago

Income tax news: How much money you can save if you pay advance tax on or before December 15— explained

Live Mint  

The term "advance tax" describes the portion of income tax that must be paid in instalments by the deadlines rather than all at once. If taxpayers' income tax liability exceeds ₹10,000, they must pay advance tax; otherwise, they will be subject to penalties and penal interest. You can avoid interest penalties under Sections 234B and 234C of the Income Tax …

Income tax news: What happens if taxpayers fail to pay advance tax payment on December 15?
3 months, 3 weeks ago

Income tax news: What happens if taxpayers fail to pay advance tax payment on December 15?

Live Mint  

Advance tax payment: The deadline to make your advance tax payment is fast approaching — in only three days, on December 15. For advance tax payments done on or before June 15 — 15 per cent of the dues can be paid. For advance tax payments done on or before September 15 — 45 per cent of the dues can …

Advance tax deadline on December 15: What happens if you miss it
3 months, 3 weeks ago

Advance tax deadline on December 15: What happens if you miss it

India Today  

Paying taxes in advance can help you avoid penalties. Taxpayers with an income tax liability exceeding Rs 10,000 must pay advance tax in four instalments—June 15, September 15, December 15, and March 15. PAYMENT DEADLINE ADJUSTMENT FOR PUBLIC HOLIDAYS If the due date for advance tax payment falls on a public holiday, taxpayers can make the payment on the next …

Income Tax Deadline: Last one week left to file tax return for THESE taxpayers. Check details
4 months, 3 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 …

Advance tax first instalment payment: Who has to pay, penalty for missing
9 months, 2 weeks ago

Advance tax first instalment payment: Who has to pay, penalty for missing

Hindustan Times  

Paying income tax in installments throughout the year rather than paying it all at once at the end of the year is advance tax. Advance tax first instalment payment: Taxpayers are required to pay advance tax in four quarterly payments between June 15 and March 15 of the financial year. Taxpayers are required to pay advance tax in four quarterly …

10 personal finance deadlines to watch out this June
10 months ago

10 personal finance deadlines to watch out this June

Hindustan Times  

This June will see a number of financial changes taking place. After June 14, 2024, there’s a charge of Rs.50 for updating your proof of identity and address, the Economic Times wrote 6) Swiggy-HDFC Bank credit card cashback Beginning June 21, cashback for the Swiggy HDFC Bank credit card will be adjusted against the card statement balance for the following …

Income Tax department issues fresh reminder on PAN-Aadhaar linking to avoid higher TDS. Check details
10 months ago

Income Tax department issues fresh reminder on PAN-Aadhaar linking to avoid higher TDS. Check details

India TV News  

The Income Tax Department has issued a fresh notification to taxpayers, asking them to link their Permanent Account Number with Aadhaar by May 31, 2024. Linking your PAN with your Aadhaar by May 31 ensures you don’t face higher tax deduction/tax collection under Section 206AA and 206CC of the Income Tax Act, 1961, due to an inoperative PAN for transactions …

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment
11 months ago

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment

News 18  

In India, advance tax denotes the tax individuals, companies, and businesses pay ahead of time instead of deferring payment until the end of the financial year. As per section 208, every person whose estimated tax liability for the year is Rs 10,000 or more, shall pay his tax in advance, in the form of ‘Advance Tax’. The presumptive taxation scheme …

Income tax deadlines in April 2024: Know essential dates as per IT department
1 year ago

Income tax deadlines in April 2024: Know essential dates as per IT department

Hindustan Times  

Income tax deadlines: India’s financial year system follows the April to March cycle- starting on April 1 and ending on March 31 the following year. Income tax deadlines: Here's a look at the tax calendar for April 2024 as per the income tax department. Here's a look at the tax calendar for April 2024 as per the income tax department: …

Zerodha’s Nithin Kamath urges traders to file advance taxes before March 15 deadline
1 year ago

Zerodha’s Nithin Kamath urges traders to file advance taxes before March 15 deadline

Live Mint  

As the March 15 deadline for filing advance taxes is nearing, Zerodha co-founder and chief executive officer Nithin Kamath on Tuesday urged traders to file taxes on time and also asked them to check a quick guide to file taxes on the stock broker platform. But most traders ignore this and end up with notices.” “March 15th is the deadline …

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 …

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: …

Last day for filing Income Tax Returns for FY 2022-23 ends on December 31
1 year, 3 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 …

Income Tax: Taxpayers get intimation for paying lower advance tax
1 year, 6 months ago

Income Tax: Taxpayers get intimation for paying lower advance tax

Live Mint  

Between April and August of this year, the Income Tax Department dispatched notifications to approximately 500,000 taxpayers regarding “zero” and “lower advance tax payments”, as revealed by an official familiar with the situation to Business Standard. The department’s analysis highlighted approximately 2.5 million instances in which taxpayers with substantial incomes and significant high-value purchases made little to no advance tax …

ITR filing last date today: What to do if you miss the July 31 deadline?
1 year, 8 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 …

Income Tax Day 2023: Nirmala Sitharaman to lead the celebration today
1 year, 8 months ago

Income Tax Day 2023: Nirmala Sitharaman to lead the celebration today

Live Mint  

On the occasion of 164th Income Tax Day celebrations, Finance Minister Nirmala Sitharaman will join the celebration at Plenary Hall, Vigyan Bhawan, New Delhi on Monday. @nsitharaman will preside over the 164th Income Tax Day celebrations in the presence of Union Minister of State for Finance Shri @mppchaudhary, tomorrow, 24th July 2023, from 18.00 Hours IST onwards at Plenary Hall, …

ITR Filing: What is ITR-6, how to file online for AY 2023-24
1 year, 9 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 …

PAN-Aadhaar Linking, Higher EPF Pension, And Other Important Personal Finance Deadlines In June 2023
1 year, 10 months ago

PAN-Aadhaar Linking, Higher EPF Pension, And Other Important Personal Finance Deadlines In June 2023

ABP News  

From the deadline for applying for a higher pension to PAN-Aadhaar linking, June 2023 is crucial for some important personal finance tasks that need to be completed. PAN-Aadhaar linking In March 2023, the Finance Ministry extended the deadline to link PAN with Aadhar till June 30, 2023. June 14, 2023 The due date for issuing TDS certificates for tax deducted …

Aadhaar-PAN Link, Advance Tax, TDS Challan: These 5 Dates In June You Can't Miss
1 year, 10 months ago

Aadhaar-PAN Link, Advance Tax, TDS Challan: These 5 Dates In June You Can't Miss

News 18  

Income Tax Dates June, 2023: Having knowledge of the important dates pertaining to taxation is essential for taxpayers in order to prevent penalties, effectively handle their finances, meet filing deadlines, and remain informed about any modifications in tax laws and regulations. Due Dates For June 2023 According to the tax calendar given on the official website of the Income Tax …

From PAN-Aadhaar link to EV interest benefit, 5 tax rules to end on March 31
2 years ago

From PAN-Aadhaar link to EV interest benefit, 5 tax rules to end on March 31

Live Mint  

March is not just a busy month for closing the financial accounts, but also a very important period for taxpayers. As per Abhishek Soni, Co-founder & CEO of Tax2win, a Fisdom company, taxpayers should take note that there are several tax rules that have a deadline of March 31, 2023. Under section 80 EEB of the Income Tax, individuals can …

Income Tax: How Advance And Self-Assessment Taxes Are Calculated And Paid?
2 years ago

Income Tax: How Advance And Self-Assessment Taxes Are Calculated And Paid?

News 18  

Income Tax: In India, advance tax refers to the tax that is paid by individuals, companies, and businesses in advance, rather than waiting to pay it all in a lump sum at the end of the financial year. As per section 208, every person whose estimated tax liability for the year is Rs 10,000 or more, shall pay his tax …

ITR filing last date for FY 2019-20: How much additional tax do you need to pay?
2 years, 1 month 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 …

New ITR Forms For AY 2023-24: Know The Key Changes
2 years, 1 month ago

New ITR Forms For AY 2023-24: Know The Key Changes

Live Law  

On February 10, 2023, the Central Board of Direct Taxes announced the tax return forms for the financial year 2022–2023.This year, ITR forms were announced in advance, which is a very positive step toward making compliance easier. The disclosure and reporting requirements on tax return forms will be better understood by taxpayers.Here are the key changes:Separate section for. Here are …

CBDT Notifies ITR Forms For Assessment Year 2023-24
2 years, 1 month ago

CBDT Notifies ITR Forms For Assessment Year 2023-24

Live Law  

The Central Board of Direct Taxes has notified the ITR forms for the assessment year 2023–24.The Board has notified the Income-tax Rules, 2023, which shall come into force with effect from April 1, 2023.The Board has notified the Indian Income Tax Return Forms, namely ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, and ITR-V, and the Indian Income Tax. The …

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details
2 years, 8 months ago

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details

News 18  

ITR Filing for AY22-23: Tax season is almost coming to an end with the deadline to file income tax returns ending this week on July 31, which is this Sunday. Over 3.4 crore ITRs filed till 26th July, 2022 & about 30 lakh ITRs filed on 26th July, 2022 itself.The due date to file ITR for AY 2022-23 is 31st …

Income tax return: Missing ITR filing last date may land you in jail
2 years, 8 months ago

Income tax return: Missing ITR filing last date may land you in jail

Live Mint  

ITR filing for AY 2022-23: The due date for income tax return filing for the financial year 2021-22 or for the assessment year 2022-23 is fast approaching as ITR filing due date is 31st July 2022. However, in case a taxpayer misses to file is ITR by given last date of 31st December 2022, then in that case the income …

ITR: Are you a salaried employee? You should use this form for income tax return
2 years, 8 months ago

ITR: Are you a salaried employee? You should use this form for income tax return

Hindustan Times  

Have you filed your income tax returns yet? The Narendra Modi has said it is not considering extending the last date for filing income tax returns, i.e July 31. The income tax department on Monday said more than three crore returns have been filed through the e-filing portal till date for the financial year 2021-22. In the last fiscal year, …

ITR Due Date AY22-23: Deadline Remains July 31; Govt Not Considering Extending It
2 years, 8 months ago

ITR Due Date AY22-23: Deadline Remains July 31; Govt Not Considering Extending It

News 18  

Revenue Secretary Tarun Bajaj on Friday said the government is not considering extending the July 31 deadline for filing the income tax return. So, for now, individuals who do not need to get their income accounts audited must file ITR for the assessment year 2022-23 by July 31. Over 2.3 crore income tax returns were filed till July 20 for …

ITR filing for AY 22-23: Know last date and penalty if you miss deadline
2 years, 8 months ago

ITR filing for AY 22-23: Know last date and penalty if you miss deadline

Live Mint  

ITR filing for AY 22-23: The due date for income tax return filing for the financial year 2021-22 or for the assessment year 2022-23 is fast approaching. They penalty will be charged in the form of late fee that a taxpayer will have to pay if they fail to file their ITR by given due date of 31st July 20222. …

ITR Due Date AY 22-23: Know Last Date of Filing ITR for FY22 for Salaried, Companies, Others
2 years, 8 months ago

ITR Due Date AY 22-23: Know Last Date of Filing ITR for FY22 for Salaried, Companies, Others

News 18  

ITR Due Date AY 22-23: If you are an earning individual, you must pay income tax. The last date of filing income tax return for financial year 2021-22 or assessment year 2022-23 is July 31, 2022. 2) The last date for filing income tax return for Hindu Undivided Families, who do not need an audit, is also July 31, 2022. …

PAN-Aadhaar Linking, Income Tax, Credit Card Rules: 6 Money Rule Changes from Today
2 years, 9 months ago

PAN-Aadhaar Linking, Income Tax, Credit Card Rules: 6 Money Rule Changes from Today

News 18  

The new month has kicked in and from July 1, there will be a host of financial changes in financial matters. From PAN-Aadhaar linking, income tax rule changes, to TDS on cryptocurrencies and LPG cylinder price drop, here are some of the money rule changes from July 1. 2. Credit Card Rules Change From July 1, rules relating to issuance, …

ITR filing for FY 2021-22: Documents required to file your Income Tax Return
2 years, 9 months ago

ITR filing for FY 2021-22: Documents required to file your Income Tax Return

India Today  

The last date to file Income Tax Return for FY 2021-22 is July 31, 2022. The procedure of filing an Income Tax Return varies as per the income earned per year and income source like salary, business profit, investment profit and so on. Generally, the required documents are Copy of PAN card, Copy of AADHAR card, Bank Statement / Bank …

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