News Muncher - searching for penalty

6 days, 13 hours ago

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

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 week, 2 days 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 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

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 …

Tax Audit Report File Itr Deadline Tax Returns

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 …

Tax Income Filed Filing Itr Claim

4 months, 3 weeks ago

ITR filing: 'Over 5 crore returns filed so far this fiscal year', says Income Tax Department

India TV News

The Income Tax Department on Saturday revealed that more than 5 crore Income Tax Returns have been filed on the e-filing portal so far this fiscal year. In a post on social media platform X, the IT Department said, "More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department …

Tax Income Department Filing File Itr Tax Department

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 …

Financial Tax Financial Transactions Income Return Deadline Itr Filing

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, 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 …

Tax Penalty Income Crore Filed File Itr

1 year, 4 months ago

ITR last date today: Over 6 crore returns filed. Support available 24x7, says IT dept

Hindustan Times

ITR Filing 2023 LIVE Updates: July 31, the last date to file income tax returns for the financial year 2022-23, has arrived, and there is no hint or indication yet from the government on whether there will be an extension to the deadline. There is no hint from the govt yet on whether the deadline will be extended On Sunday, …

Tax Itr

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 …

Tax Penalty Income Penalties Cent Filing File

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, 4 months ago

What is belated ITR filing?

Business Standard

The income tax return filing deadline, 31 July, has passed and over 58.3 million returns were filed for the Assessment Year 2022-23. If you are one of those who didn't file an income tax return before the deadline, you can still file it on or before three months prior to the end of the relevant assessment year. Filing belated returns …

Tax Filing File Itr Return Taxpayer Itr Filing

2 years, 4 months ago

ITR Filing Penalty, Bank of Baroda Cheque Rules, LPG Price: 5 Money Rule Changes from Today

News 18

Financial Changes from August: The new month has kicked in and from August 1, there will be a host of financial changes in financial matters. From Bank of Baroda positive pay system, Income Tax Return filing penalties, to LPG cylinder price drop, here are some of the money rule changes from August 1. Here are Five Key Financial Rule Changes …

Mumbai Tax Changes Pay Price Hdfc Itr

2 years, 4 months ago

ITR: Income tax return deadline tomorrow. File it immediately to avoid penalty

Hindustan Times

The last date for filing income tax returns is July 31, i.e Sunday. The income tax department has made it clear that the deadline will not be extended, and has asked the tax payers to file their returns before the deadline to avoid any fine. On Friday, the income tax department took to Twitter to remind the tax payers about …

Income Tax Date Department Filing File Itr Return

2 years, 4 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 …

Tax Income Tax Filed Filing Rs 5 26Th July File Income

2 years, 4 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 …

Tax Income Date Filing File Itr Taxpayer

2 years, 5 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. …

Tax Income Date File Late Taxpayer Late Fee

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, 11 months ago

Belated Returns: How to file ITR after due date

India Today

The general due date for filing the Income Tax Return by Assesse was December 31, 2022, but the finance ministry has extended till March 31, 2022. Here is how to file an Income Tax Return after the due date: The process of filing a belated return is the same as filing the return on or before the due date. If …

Tax Income Date Filing File Itr Return

3 years, 3 months ago

File your IT returns now to avoid interest penalty

Live Mint

The income tax department, last week, extended the deadline for filing income tax returns to 31 December from 30 September. However, there is no relief on interest penalty for taxpayers who have an outstanding tax liability above ₹1 lakh and are late in filing their returns. On 9 September, a notification by the Central Board of Direct Taxes said “the …

Tax Interest Month File Itr Outstanding 31 December

3 years, 6 months ago

Received dividend in FY20-21? Know the new rules before filing ITR

Live Mint

NEW DELHI: From FY20-21, the government has made dividend distributed by a company taxable in the hands of the investors. dividend earned up to 15th June 2020, from 16th June 2020 to 15th September 2020, 16th September 2020 to 15th December 2020, 16th December 2020 to 15th March 2021 and 16th March 2021 to 31st March 2021,” said Tarun Kumar, …

Tax Income Dividend Itr Tds Dividend Income 2020 16Th

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Articles for Itr, search results for penalty

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

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

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

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

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

ITR filing: 'Over 5 crore returns filed so far this fiscal year', says Income Tax Department

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

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

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

ITR last date today: Over 6 crore returns filed. Support available 24x7, says IT dept

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

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

What is belated ITR filing?

ITR Filing Penalty, Bank of Baroda Cheque Rules, LPG Price: 5 Money Rule Changes from Today

ITR: Income tax return deadline tomorrow. File it immediately to avoid penalty

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

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

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

The accounting period for foreign assets

Belated Returns: How to file ITR after due date

File your IT returns now to avoid interest penalty

Received dividend in FY20-21? Know the new rules before filing ITR