Wed, Jul 31, 2024
Income Tax Filing Deadline: The last date to file income tax return (ITR deadline) is today (July 31, 2024) and just a few hours are left in it. If taxpayers miss it, not only the Income Tax Department (I-T Department) will impose a penalty on them, but they will have to file a belated ITR for the financial year 2023-24.
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ITR Filing last date: Apart from paying the penalty, a taxpayer will not be able to choose the old tax regime after crossing the last date i.e. July 31, 2024. According to the income tax department, you won't be able to file your ITR under the old tax regime from August 1, and you may have to face financial loss as there are various exemptions under this regime.
Mon, Jul 29, 2024
ITR: Fraudulent claims lead to delayed refunds, thorough investigations, additional tax liabilities, and penalties. The department encourages ethical filing to ensure smooth processing and avoid legal consequences.
Mon, Jul 22, 2024
Tax Saving Strategy: Contributions to an NPS Tier I account, health insurance premiums, and home loan interest are some of the tax saving options other than those mentioned in Section 80C of the Income Tax Act, 1961.
Fri, Jul 19, 2024
Taxpayers in the old tax regime, get a standard deduction of Rs 50,000 under Section 16 of the Income Tax Act; deduction under Section 80C of the IT Act of up to Rs. 1,50,000 towards payments made to life insurance premium, provident fund, national savings certificates, housing loan principal, children's school fees, etc; and deduction under Section 80CCD (1B) of the IT Act of Rs 50,000 on contribution to National Pension Scheme (NPS) notified by the central government.
Thu, Jul 18, 2024
ITR Filing Tips: The July 31, 2024, deadline to file the income tax return (ITR filing last date) is approaching fast. Some taxpayers have yet to file their return, while many have already done so. Among them, there are many who are still waiting for their income tax refund. If it is getting delayed for many days, there can be many reasons
Fri, Jun 14, 2024
Filing Income Tax Returns: With the deadline looming, taxpayers should steer clear of common mistakes that could complicate the process or incur penalties. Individual taxpayers must file by July 31st of the assessment year. Hasty filing or procrastination can lead to errors, affecting the outcome of the filing. Whether filing manually or online, avoiding these key mistakes is crucial.
Tue, Jun 27, 2023
No income tax on wedding gifts: It is important to note that there are certain conditions that need to be met in order for the gifts to be exempt from tax.
Mon, Jun 26, 2023
If the equity shares are sold after 12 months of purchase, then the seller can make a long-term capital gain (LTCG) or incur a long-term capital loss (LTCL).
Sat, Jul 30, 2022
Income tax return filing deadline for the Financial Year 2021-22 and Assessment Year 2022-23 is July 31, 2022.
Fri, Jul 29, 2022
According to data provided by community social media platform LocalCircles, 41 per cent of Indians who qualify to file the return are yet to file their papers. Around 10 per cent said that they were facing technical glitches.
Wed, Aug 14, 2019
Income-Tax dept said, "Income tax department is launching 'e-Verify Return' for e-Verification of ITR without login."
Tue, Jul 23, 2019
Income Tax Return (ITR) filing: The decision was announced by Finance Ministry via their Twitter account.
Central Board of Direct Taxes (CBDT) has extended the date for issuing of Form 16 for employers to July 10, 2019, for assessment year 2019-20 (FY 2018-19).
Mon, Jul 22, 2019
Income Tax returns (ITR) filing delay is something one should avoid. That is exactly what I-T department has been saying to all taxpayers across India. Notably, there are penalties involved.
Sun, Jul 21, 2019
Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
Fri, Jun 28, 2019
If original income tax return has been filed in paper format or manually, then technically it cannot be revised by online mode or electronically.
Thu, Jun 27, 2019
Income Tax Return (ITR) is needed to be filed by every person who is earning and falls under taxable income bracket.
Wed, Jun 26, 2019
Every year before July end, a taxpayer must communicate all her or his income earned from salary and other sources in a financial year to the I-T department.
Wed, Mar 27, 2019
Income Tax department can impose a minimum penalty of Rs 3000, but it can increase upto Rs 2.5 lakh depending upon the amount you have avoided in returns.
Wed, Sep 26, 2018
The CBDT extended the deadline for filing Income Tax Return (ITR) and audit report for the financial year 2017-18.
Mon, Jul 30, 2018
Income Tax Return (ITR) filing: Income Tax department has now extended the deadline for filing ITR up to August 31, 2018 from previous July 31. However, taxpayers should know the full picture.
Sat, Sep 02, 2017
The taxpayers who were suppose to file Income Tax Return and Audit Report by September 30, can now file by October 31.
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