News Muncher - category itr

4 days, 7 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

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 …

Tax Income Interest File Itr Ensure Your Income

5 days, 17 hours ago

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty

India Today

Failing to disclose foreign income and assets can land taxpayers in double trouble under both the Income Tax Act and the Black Money Act. STEPS FOR FILING AND DEADLINES Taxpayers must declare foreign income and assets in the applicable ITR for the assessment year they were a resident in India. Disclosing foreign income and assets not only ensures compliance with …

Tax Assets Income Foreign Act Itr Disclose

5 days, 20 hours ago

CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS

The Hindu

The income tax department on Tuesday said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement and income disclosed in ITRs for the financial years 2023-24 and 2021-22. In a statement, the Central Board of Direct Taxes said it has launched an electronic campaign to assist taxpayers …

Information Campaign Income Reported Itr This Campaign Cbdt

6 days, 4 hours ago

Only 6.68 pc of population filed income tax return in 2023-24 fiscal | DEATILS

India TV News

Income tax returns: The country's population may be the largest in the world, but Indians are still lagging behind in filing income tax returns. The latest data shows that only 6.68 per cent of India's population filed income tax returns for the financial year 2023-24, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya …

Tax Income Tax Income Crore Itr Income Tax Returns Income Tax Return

6 days, 17 hours ago

Attention taxpayers: CBDT issues alerts to taxpayers on mismatch in ITR, information statement

India TV News

The income tax department said it is issuing alerts to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement and income disclosed in ITRs for the financial years 2023-24 and 2021-22. The Central Board of Direct Taxes in a statement said it has launched an electronic campaign to assist taxpayers in resolving mismatches between …

Information Income Reported Itr This Campaign Cbdt Taxpayers

6 days, 17 hours ago

Income Tax Department admits error of sending wrong ITR notices. Check details

India Today

In an unexpected move, the Income Tax Department has acknowledged its error in sending defective ITR notices to taxpayers who had correctly filed their returns. On November 29, 2024, the tax department issued notices citing defective ITRs under Section 44AD, claiming discrepancies in turnover limits and missing financial documents. However, on December 5, 2024, the department clarified the mistake, stating, …

Tax Notices Itr Rs 2 Crore Section 44Ad Revised Itrs

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 week ago

Personal loan for self-employed: How can one raise money based on ITR. Details here

Live Mint

Self-employed individuals can avail of personal loans by providing their Income Tax Return documents as proof of income. Banks typically assess their income tax returns to assess their financial stability, repayment capacity, and eligibility. If you want to procure a personal loan, you need to gather an income tax return for the past 2 to 3 financial years. Typically range …

Personal Bank Loan Personal Loan Income Banks Itr

1 week, 1 day 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 …

Income Liability Advance Tax Deadline 15 Taxpayers

1 week, 1 day 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 …

Tax Pay Liability Advance

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 …

Tax Instalment Paid Due Date Pay Advance

1 week, 2 days ago

Rajasthan High Court Monthly Digest: November 2024

Live Law

Citations: 2024 LiveLaw 328 To 2024 LiveLaw 377 NOMINAL INDEX Jakir Khan v State of Rajasthan & Anr. Title: Banwari Lal Kushwah v State of Rajasthan Citation: 2024 LiveLaw 334 Rajasthan High Court allowed the bail application of an accused charged under Sections 420 and 406 IPC, on grounds of Section 480 BNSS, since the trial did not conclude within …

India Rajasthan Justice Supreme Court High Court Dental 2024

1 week, 4 days ago

Income tax: Refunds surge 46.31% to ₹3.08 lakh cr; 1.62 crore ITR filings processed in a day, says Finance Ministry

Live Mint

The Ministry of Finance on Thursday, December 12, announced that the issuance of tax refunds had increased 46.31 per cent during the period of April 1 to November 27 in the financial year 2024-25, compared to the same period in 2023-24, reported the news agency ANI. At its peak, the income tax return portal handled over 900 filings in a …

Tax Refunds Income Tax Tax Refunds Ministry Itr Tin

1 week, 6 days ago

Income tax implications for Indian consultants with overseas earnings— Explained

Live Mint

I worked for more than 182 days in Oman, so the income earned in Oman will not be taxable in India. Will the income earned in India in Indian rupees be taxable, although I have worked more than 183 days in Oman last year? Since you have not been in India for 182 days or more, you are non-resident for …

India Tax Indian Income Tax Income Itr Oman

1 week, 6 days ago

Rs 5,000 late fee: Your last chance to file belated ITR before December 31, check steps here

India TV News

Taxpayers who failed to file their Income Tax Return for the financial year 2023-24 still have an opportunity to file their Income Tax Return. However, there is now a late fee of Rs 5,000 for filing as per Section 234F of the Income Tax Act. Late Fee on income below Rs 5 lakh: The late payment of Rs 1,000 will …

Tax Income Fee Lakh File Itr Return

2 weeks ago

Karnataka women are filing more income tax returns than ever, with 26% rise: Report

Hindustan Times

Karnataka has seen a significant rise in women filing income tax returns, with numbers climbing from 11.3 lakh in 2019-20 to 14.3 lakh in the assessment year 2023-24. Women now account for about a third of all ITR filers in the state, up from 29 per cent in 2019-20, suggesting their participation is outpacing overall growth trends. Despite economic disruptions …

Growth Bengaluru Karnataka Women Economic State Report

2 weeks ago

How to check your TDS refund status: A simple guide

India TV News

Tax Deducted at Source is the tax deducted by the payer before they make certain payments. If you have paid excess tax deducted at source or noticed that you’re owed a refund from the Income Tax Department, you might be wondering how to check the status of your TDS refund. Here are some common cases where TDS refunds apply: Salaried …

Tax Bank Income Process Status Department Check

2 weeks, 1 day ago

How gains through margin trading facility transactions are taxed in India

Live Mint

The margin trading facility is a powerful financial instrument. The tax treatment of this interest depends on whether the income from MTF transactions is categorized as capital gains or business income. While interest expenses on borrowed funds are capped at 20% of dividend income for dividends, no specific provision under the Income Tax Act allows the deduction of interest expenses …

Income Capital Gains Set Itr Losses Transactions Ltcg

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 2024 Month

3 weeks, 1 day ago

LPG price revisions, Aadhar card updates: 7 key changes coming into effect from Dec 1

Hindustan Times

Several key rule changes are set to be implemented from December 1, which will affect daily finances for people in India, including revisions to LP prices, credit card changes, Aadhar card updates and more. Several key rules changes are set to be implemented in the last month of 2024, including upgrades for SBI credit card users LP price revision Oil …

Prices Price Card Itr Dec Sbi Trai

December 2024 money deadlines: Belated ITR, free Aadhaar update, special FD rates revision, and key dates you MUST know

Live Mint

Many financial deadlines are approaching as we are just a month away from the new year. From revised FD rates to deadlines related to Aadhaar updates and income tax returns, people need to keep a few dates in mind in December. Under this FD scheme, the general public will get interest rates of 7.05%, 7.25%, 7.35%, and 7.20% for 300 …

Aadhaar Bank Interest Rates Interest Rates Itr Update

3 weeks, 3 days ago

Key financial deadlines in December 2024: Aadhaar updates, ITR filing and more | Check details

India TV News

As December approaches, it's essential to be aware of key financial deadlines that can significantly impact your personal finances. AU small finance bank credit card changes – December 22, 2024 AU Small Finance Bank has announced changes to its Ixigo AU credit card’s reward points system. Additionally, the bank is removing reward points for international transactions and implementing a zero …

Financial Aadhaar 2024 Reward Points Itr Deadline Deadlines

4 weeks, 1 day ago

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Deccan Chronicle

New Delhi: As many as two lakh Income Tax Returns containing details of foreign assets and income have been filed during the current assessment year till now, according to the tax department which urged Indian residents for tax purposes to ensure they file the right form and revise their returns if they submitted the wrong form. The shares obtained and …

Indian Assets Income Tax Report Department Foreign Officer

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Articles for Itr

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

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

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty

CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS

Only 6.68 pc of population filed income tax return in 2023-24 fiscal | DEATILS

Attention taxpayers: CBDT issues alerts to taxpayers on mismatch in ITR, information statement

Income Tax Department admits error of sending wrong ITR notices. Check details

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

Personal loan for self-employed: How can one raise money based on ITR. Details here

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

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

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

Rajasthan High Court Monthly Digest: November 2024

Income tax: Refunds surge 46.31% to ₹3.08 lakh cr; 1.62 crore ITR filings processed in a day, says Finance Ministry

Income tax implications for Indian consultants with overseas earnings— Explained

Rs 5,000 late fee: Your last chance to file belated ITR before December 31, check steps here

Karnataka women are filing more income tax returns than ever, with 26% rise: Report

How to check your TDS refund status: A simple guide

How gains through margin trading facility transactions are taxed in India

December tax deadlines: Your essential guide for ITR compliance

LPG price revisions, Aadhar card updates: 7 key changes coming into effect from Dec 1

December 2024 money deadlines: Belated ITR, free Aadhaar update, special FD rates revision, and key dates you MUST know

Key financial deadlines in December 2024: Aadhaar updates, ITR filing and more | Check details

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official