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New deadline to file belated/revised ITR extended to 15 January for resident taxpayers

New Delhi, January 1 : The Central Board of Direct Taxes has extended the last date for filing belated/revised income tax returns for the Assessment Year 2024-25 for resident individuals, as stated in a notification issued by the CBDT. In the notification the CBDT added, "The Central Board of Direct Taxes, in exercise of its powers under section 119 of …

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 …

Resident Individuals

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 …

The message was rather abrupt: “Your PAN is inoperative." Such NRIs who fall in resident jurisdiction and did not link Aadhaar with PAN are now seeing their PAN getting inoperative," said Prakash Hegde, chartered accountant, Acer Tax & Corporate Services LLP. Also, getting PAN database changed every time you become resident to NR or vice versa is not a practical …

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 …

Income taxpayers must take note that new ITR forms have been notified by the finance ministry for the Assessent Year 2022-23. The ITR forms seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year. "For individuals being a resident having total income upto Rs.50 lakh, having Income from …

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 …

India's income tax law provides special benefits to the resident senior citizens and very senior citizens. Income tax benefits available to resident senior and very senior citizens range from higher exemption limit to higher deductions under various income tax sections on account of medical expenses and interest earned on deposits. Read on for the special income tax benefits for senior …

India's income tax law pampers senior citizens and very senior citizens with several tax benefits. Income tax benefits available to resident senior and very senior citizens range from higher exemption limit to deductions under various sections on account of medical expenses and interest earned on deposits. Here is the list of income tax benefits for senior citizens and very senior …

An Indian resident invests through his Indian bank accounts in mutual funds like Franklin India Feeder - Franklin US Opportunities or ICICI Prudential US Bluechip Equity. Units of global equity mutual funds may be reported in the income-tax return as a foreign asset only if the individual is an owner or a beneficiary or a beneficial owner of the shares …

If you are a resident Indian, you need to report all foreign assets in your ITR

I am an NRI for the current financial year. For rendering service outside India, I received Indian salary in Indian rupees in my non-resident ordinary account and a foreign allowance in US dollars in my foreign account. I received the foreign allowance paid by my Indian employer in my foreign account for duties rendered outside India. My usual Indian salary …