Sat, Oct 26, 2024
ITR Filing Deadline Extend: The income tax department has announced a 15-day extension for corporates to file their income tax returns, moving the deadline to November 15 for the assessment year 2024-25.
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Wed, Sep 04, 2024
Income Tax Return Filing: House Rent Allowance (HRA) is a key component in the salary of an employee taxpayer. It can help them save considerable tax. But sometimes, such taxpayers get greedy and use wrong methods to cheat the Income Tax Department (I-T Department). But the I-T Department has its own ways to catch such violators.
Fri, Aug 30, 2024
ITR Filing: If you are one of those who have filed an ITR by 31st July and have not yet verified it, then you have only one day left because today i.e. August 30, is the last day to verify it. Know penalty charges, how to e-verify your income tax return:
Tue, Aug 01, 2023
The Income Tax Department imposes an interest rate of 1 per cent per month on the total tax amount if there's a delay in filing the return. You can file the belated return along with the late fee in order to claim the refund.
Mon, Jul 31, 2023
For errors noticed from records or Section 143(1) intimation, you can use the Rectification Request on the e-filing portal. Rectifications are for correcting factual, arithmetic, or clerical errors, not altering tax liability. Always provide correct information to avoid complications.
ITR filing: If you fail to file your ITR using the correct form, your return will not be validated. You will also not be able to claim the deductions. The last date to file the income tax return is today, July 31. Take a look at which ITR form you should use.
Verifying your Income Tax Return (ITR) is a critical step to ensure the validity and processing of your tax return. Failure to verify the ITR within 30 days of e-filing can lead to delays in processing and refunds. The Central Board of Direct Taxes (CBDT) has reduced the e-verification timeline to 30 days for ITRs filed after 1st August 2022.
ITR filing: You can reduce your tax burden by opting for relevant deductions like home rent allowance, standard deduction, home loan interest, PF investments and more. To ensure your ITR filing is complete, you need to verify the tax return within 30 days.
ITR filing: If you are filing your ITR in a hurry, there can be some mistakes. There are some important points you need to keep in mind for an error free filing as there could be a rush to file ITR on the last day, July 31.
Sat, Jul 29, 2023
Two forms are the stars of the show: ITR-2 and ITR-3. ITR-2 is your go-to form if you have made capital gains from cryptocurrency, but don't possess business income. With the last day of the income tax filing deadline today (July 31), also keep points in the mind suggested in the write-up.
To claim HRA by paying rent to relatives, a valid rental agreement, proper payment channels, and property ownership in the name of the rent receiver are crucial. With the income tax return deadline ending today (July 31, 2023), you should know whether incorporating such rent documents in your ITR can benefit you in tax saving.
Fri, Jul 28, 2023
When obtaining a rent receipt, it is crucial to include specific details like the date of payment, the landlord's name and address, the tenant's name, the paid amount, and the rental period. While filing ITR taxpayers need to submit at least four rent receipts, one each from every quarter.
The Income Tax Act, section 139(9), sends a 'defective' notice when there's an issue with your income tax return (ITR). Section 139(9) can be used for many reasons. However, the best way is to cross-check all the details of your ITR before submitting it ahead of the deadline (July 31).
The income tax deadline for 2022-23 is just around the corner, and missing it can lead to trouble! Find out what happens if you don't file your returns on time, including late fees, interest on tax dues, loss of interest on refunds, and more.
According to the Income Tax Department data, more than 6 crore ITRs have been filed by July 30. As already a significant number of ITRs have been filed so far the government is not expected to extend the July 31 deadline. But all have to wait till evening today (July 31), whether the government comes up with a notification to extend the deadline.
Thu, Jul 27, 2023
In addition to the principal repayment, tax deductions are also applicable on the interest paid on your home loan. Section 24 of the Income Tax Act allows for deductions of up to Rs 2 lakh for a self-occupied property on the interest paid for home loan.
The co-browsing feature enables agents to navigate, scroll, type text, and highlight relevant areas on the browser along with the taxpayer. In conjunction with live chat or phone calls, this tool resolves any issue faced by taxpayers while filing ITR through the e-filing portal before the ITR filing deadline of July 31.
Wed, Jul 26, 2023
Without verification your ITR filing process is not complete. Failing to verify your return within the stipulated time frame might render your tax return invalid. In other words, it's as good as not being filed, which may lead to penalties or late fees.
Mon, Jul 24, 2023
The feature is likely to come in handy for taxpayers given that the last date to file Income Tax Return for FY 2022-23 is July 31,2023. PhonePe has joined hands with B2B payments and service provider PayMate to enable the Income Tax Payment feature
Sat, Jul 22, 2023
Essential documentation includes personal particulars, investment proofs, Form 16, Form 26AS, PAN, Aadhaar, and the Annual Information Statement. E-verification should be done promptly to avoid penalties. Taxpayers should accurately report all sources of income, verify tax credits, claim applicable deductions, and verify bank account details for a quick refund.
If you are a freelancer or a consultant who doesn’t draw a salary at the end of every month and whose income is more than the basic exemption limit? In this case, you still need to file ITR before its deadline of July 31, but you will be required to use a different form.
If you wish to revise your return after receiving this notice, you must do so within 15 days. If no action is taken within this timeframe, the tax return will be processed with the specified adjustments. The deadline for income tax return filing is July 31.
For each foreign asset or account, be prepared to provide the name and code of the country, the foreign entity's name, address, zip code, and account number. The deadline for ITR filing is July 31.
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