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

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 …

Income File Itr Dec Vivad Se Vishwas Tax Return Foreign Income

6 days, 12 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

1 month 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

Income tax department advises taxpayers to carefully review their foreign income, assets in ITR

Live Mint

New Delhi, November 24 : The Central Board of Direct Taxes has advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns. Income Tax department in its special edition of 'Samvad' raised awareness on proper disclosure of foreign assets and income by taxpayers. The session aimed to raise awareness among …

Tax Indian Assets Report Itr Taxpayer Shukla

1 month ago

ITR Filing: Income tax department shortens time limit for condonation of delay – What it means for taxpayers

Live Mint

The Income Tax Department has recently made important changes in its refund claim procedures which have led to the reduction of the period when taxpayers could claim old income tax refunds. The onus has shifted now to the taxpayers to keep all the required documents amidst the transactions in future and submit them before the tax authorities at the prescribed …

Income Claims Delay Five Years Submit Filing Itr

1 month ago

The taxman knows about your foreign assets and is giving you a chance to revise ITR

Live Mint

The Income Tax department is taking a lenient approach this year to address the non-disclosure of foreign assets in income tax returns filed in the current assessment year. “This looks like a new initiative from the tax department, wherein instead of directly sending summons of investigation under section 131 of the Income Tax Act, it is giving taxpayers a chance …

Investigation Tax Assets Income Department Foreign Act

1 month ago

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

India TV News

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

Tax Assets Income Itr Return Rs 10 Lakh Foreign Assets

1 month, 1 week ago

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

Live Mint

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

Tax Assets Income Foreign Itr Asset Foreign Asset

1 month, 1 week ago

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

The Hindu

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

Tax Assets Income Foreign Itr Asset Foreign Asset

1 month, 1 week ago

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

Live Mint

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

Tax Assets Income Foreign Itr Cbdt Taxpayers

9 months, 2 weeks ago

FASTag KYC, Paytm Payments Bank To Aadhaar Updation, 6 Money Deadlines You Can’t Miss In March

News 18

March 2024 brings a flurry of crucial financial and administrative deadlines. Notably, Paytm Payments Bank customers have until the 15th to transfer their funds to other accounts, while free Aadhaar updates cease on the 14th, incurring fees thereafter. March 15 Paytm Payments Bank deadline: Customers of Paytm Payments Bank need to transfer their assets to another bank by this date. …

Tax Bank Itr Deadline Paytm Paytm Payments Bank

1 year, 2 months ago

Income Tax Return: Failure to declare foreign shares, investments, or assets can lead to a penalty of Rs 10 lakh

Live Mint

Failing to disclose foreign shares and other overseas assets in your income tax return can have significant financial consequences. According to the report, a Mumbai Income Tax Appellate Tribunal imposed a penalty of Rs 10 lakh for each year in which foreign shares and other assets were not disclosed in the “Schedule FA” of the individual’s ITR. Under Section 43 …

India Tax Penalty Indian Assets Income Schedule

1 year, 6 months ago

Decoding crypto reporting requirements in new income tax return forms

Live Mint

The government has finally, via the Finance Act of 2022, included taxation of cryptocurrencies or virtual digital assets in the Income Tax Act and laid out some key aspects around how much tax one has to pay on the gains, whether losses can be set off and which expenses to claim as deduction from gains arising from the sale of …

Tax Sale Income Itr Return Taxpayer Reporting

2 years ago

Bearing the tax burden and taking responsibility for filing ITR of deceased

Live Mint

Certain things are unavoidable in our lives and these include death and taxes. There are several responsibilities of a legal representative/executor such as computing the income of the deceased by referring to bank statements, investments, annual information statement, Form 26AS and taxpayer information statement as available on the income tax portal once he/she is authorized by the tax authorities. The …

Death Legal Tax Income Date Person Filing

2 years, 1 month ago

One income tax form to rule them all: Centre’s proposal to simplify filing returns explained

Firstpost

According to the finance ministry, the proposed form will be user-friendly with income from digital assets listed under a separate head. The CBDT, under the finance ministry, said that ITR-1 and 4 would continue, but individuals would also have the option to file returns of income in the common ITR form. Sujit Bangar, Ex-IRS officer and founder of Taxbuddy.com told …

Income Digital Assets Returns Forms Cbdt Taxpayers Schedules

2 years, 4 months ago

Income Tax Return: All you need to know before filing it

Live Mint

Income tax as stated is tax on the income earned by an individual, company, or any other entity. Income tax returns is nothing but filing of information on the income tax portal about the various incomes received by us throughout the financial year i.e from April 01st to 31st March along with assets owned if any. A ITR is a …

India Tax Income Tax Income Form Filing File

2 years, 5 months ago

Taxpayers must be vigilant about the details in ITR

Live Mint

A well-known policy objective of the government is to widen the tax base and bring unaccounted income and wealth to tax. The information being collected directly from taxpayers now includes details of directorships held, details of investment in unlisted equity shares and a separate Assets and Liabilities schedule, which is applicable where the total income of the taxpayer during the …

India Equity Assets Company Reported Foreign Itr

2 years, 6 months ago

The accounting period for foreign assets

Live Mint

It is mandatory for every individual, who qualifies as “Resident and Ordinarily Resident” of India, to file income-tax return if the person has any asset located outside India or is a signing authority in any account overseas. Interestingly, schedule FA follows the “accounting period” concept instead of financial year. The above difference between the accounting period and financial year can …

India Financial Tax Income Accounting Schedule Period

2 years, 8 months ago

ITR filing: Income tax rules for crypto, virtual digital assets you should know

Live Mint

The government is working on an FAQ on taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said. The DEA, Revenue Department and the Reserve Bank are working to ensure that the taxation aspect is clear both for field tax offices as well as those who …

Crypto Income Tax Dea Gst Digital Assets Virtual Faq

2 years, 8 months ago

ITR Filing, Higher TDS, Tax on Crypto: 5 Income Tax Rules that Change from Today

News 18

Income Tax Rules Change: April 1 marks the beginning of a new financial year, and this means that several rules in the finance front are usually changed during this period. This year is no exception too, as a set of new income tax rules have come into effect from April 1, that is today. This year, many changes related to …

Change Budget Income Tax Income Rules Itr Effect

2 years, 8 months ago

New Income Tax Rules from April 1: Cryptocurrency Tax, PF, Revised ITR Form, Key Changes

News 18

Even as the new financial year is starting from Friday, so are the new income tax and other rules. Updated ITR on Payment of Additional Tax In the Budget Speech, Sitharaman also announced to allow taxpayers to correct any discrepancy or omissions in their income tax returns within two years of filing these, from April 1. No ITR Needed for …

Financial Tax Budget Crypto Income Rules Senior Citizens

2 years, 8 months ago

New income tax rules: Know major changes in ITR from April 1

India Today

The Central Board of Direct Taxes will be introducing a slew of major changes to the income tax from April 1 under the Income-tax Rule 2021. While the crypto taxation to be introduced from April 1 has been the prime point of concern among many, the government has also incorporated some changes in filing of updated returns, new tax rules …

Income Covid Return Epf Major Changes Crypto Tax Received Digital

2 years, 9 months ago

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

India Today

As the ongoing financial year 2021-22 draws to a close, there has been a lot of chatter pertaining to crypto-tax in India. The central government in Union Budget 2022 proposed the introduction of a specific tax regime for virtual digital assets. INCOME TAX ON DIGITAL ASSETS FM Sitharama proposed that "any income from the transfer of any virtual digital asset …

Tax Crypto Assets Income Tax Transfer Digital Income

3 years ago

The complex task of reporting foreign income

Live Mint

The enactment of the Black Money Act in 2015 instituted a notable makeover in income tax returns to envelop extensive disclosures capturing details of foreign assets and income, making the intent loud and clear. A resident taxpayer holding foreign assets or foreign interest at any time during the relevant accounting period needs to necessarily disclose the same in the ITR …

Tax Assets Income Schedule Foreign Form Itr

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Articles for Itr, search results for assets

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

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

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

Income tax department advises taxpayers to carefully review their foreign income, assets in ITR

ITR Filing: Income tax department shortens time limit for condonation of delay – What it means for taxpayers

The taxman knows about your foreign assets and is giving you a chance to revise ITR

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

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

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

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

FASTag KYC, Paytm Payments Bank To Aadhaar Updation, 6 Money Deadlines You Can’t Miss In March

Income Tax Return: Failure to declare foreign shares, investments, or assets can lead to a penalty of Rs 10 lakh

Decoding crypto reporting requirements in new income tax return forms

Bearing the tax burden and taking responsibility for filing ITR of deceased

One income tax form to rule them all: Centre’s proposal to simplify filing returns explained

Income Tax Return: All you need to know before filing it

Taxpayers must be vigilant about the details in ITR

The accounting period for foreign assets

ITR filing: Income tax rules for crypto, virtual digital assets you should know

ITR Filing, Higher TDS, Tax on Crypto: 5 Income Tax Rules that Change from Today

New Income Tax Rules from April 1: Cryptocurrency Tax, PF, Revised ITR Form, Key Changes

New income tax rules: Know major changes in ITR from April 1

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

The complex task of reporting foreign income