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14 hours, 40 minutes ago

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

4 days, 13 hours ago

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

India Today

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, 23 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

6 days, 2 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, 23 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

6 days, 23 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

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, 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, 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, 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

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

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 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 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 deadline: Has income tax return deadline for audit cases been extended?

Hindustan Times

The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns by taxpayers subject to audit and also for other designated ones, The Economic Times reported. The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns by taxpayers subject to audit and also for other designated ones …

Audit Filing Itr Deadline Income Taxpayers

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

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

1 month, 1 week ago

ITR deadline is November 15, 2024 for these taxpayers: Check details

Hindustan Times

The deadline for filing income tax returns for the financial year 2023-24 is November 15, 2024, specifically for taxpayers subject to an income tax audit and some other designated taxpayers, The Economic Times reported. Thus, the tax audit report must also be submitted before filing the ITR. The ET report cited chartered accountant Prakash Hegde as saying the following types …

Tax Audit 2024 Report Itr Taxpayers 15 Deadline

1 month, 1 week ago

EPF interest delays: How it impacts compounding and tax filing

Live Mint

Chennai-based Sudarshan Jain was in for a shock when he checked his Employee Provident Fund passbook in August this year. “EPFO considers the previous year's declared rate of interest to process the claim. If the present year rate of interest is higher than the previous year, to that extent, member will be in loss of interest," he said. If EPFO …

Loss Financial Income Delay Rate Itr Epfo

4 months, 1 week ago

Taxpayers alert! ITR processing time reduced to 10 days from 93 days

Hindustan Times

Finance minister Nirmala Sitharaman said that the average time taken to process income tax returns has decreased from 93 days in 2013 to 10 days. Finance minister said that the 'average' processing time has been reduced to 10 days. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} No, not all ITRs are going to be processed in 10 days as the Finance minister said …

Tax Tax Refunds Processing 10 Days Itr Process

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Articles for Itr, search results for taxpayers

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

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

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

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

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

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

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

December tax deadlines: Your essential guide for ITR compliance

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

ITR deadline: Has income tax return deadline for audit cases been extended?

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

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

ITR deadline is November 15, 2024 for these taxpayers: Check details

EPF interest delays: How it impacts compounding and tax filing

Taxpayers alert! ITR processing time reduced to 10 days from 93 days