Income tax
Understanding income tax is crucial for managing your finances. Discover how income tax works, learn about tax brackets, deductions, and credits. Stay informed about changes in tax laws and filing requirements. Navigate the world of taxation with confidence and ensure you make the most of your financial opportunities.
Created on: 12/19/2023
Latest ITR Update Taxpayers Fine Unfinished Task December 31
However, taxpayers have the option to file ITR for this financial year at any time within the next 24 months (up to March 31, 2026), albeit with associated penalties and interest.
Created on: 12/19/2023
Third Instalment Advance Tax Significance Deadlines Penalties Procedures
Settle Your Third Instalment of Advance Tax within Nine Days! The clock is ticking, and you have until December 15 to fulfill your obligation of paying the third installment of advance tax.
Created on: 12/18/2023
Penalties Misreported Income Income Tax Department Revised ITR
If you missed this deadline, you can still submit a belated return until December 31, 2023. Failure to rectify income misreporting may lead to penalties and prosecution proceedings under the provisions of the Income Tax Act, 1961, cautioned the I-T department in a post on X (formerly Twitter).
Created on: 12/14/2023
Belated Return Due Date
As we are approaching the end of the year, the belated return due date is also getting closer. Time is closer to file ITR for the FY 2022-23 financial year.
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Created on: 12/06/2023
Income Tax Act Section 139(4) Guide Filing Belated Returns
A belated return is when an individual fails to file their income tax return by the original due date of 31st July each year and submits it afterward but before 31st December of the same year.
Created on: 12/06/2023
File Belated Income Tax Returns FY23 December 31
Late submission of an income tax return (ITR) incurs penalties. Individuals filing their ITR after the due date will be charged a late fee of Rs 5,000, along with applicable interest.
Created on: 12/06/2023
CBDT Extends Deadline Processing Refund Claims ITRs 2018-19 2020-21
Considering pending grievances related to refunds for assessment years 2018-19, 2019-20, and 2020-21, the CBDT, using its powers under section 119, relaxes the timeframe for processing.
Created on: 12/05/2023
Income Tax Exemptions Section 10 14 i Closer Look
In the Income Tax Act, Section 10(14)(i) outlines provisions related to allowances and perquisites—benefits provided by employers to employees as part of their salary.
Created on: 12/05/2023
Income Tax Department Appeals Supreme Court High Court Order Validity
The Income Tax Department is contemplating filing an appeal in the Supreme Court. The process for filing the appeal is in its final stages, and expert opinions are being sought, as per the source.
Created on: 12/04/2023
Considerations New Discard Option Income Tax Department
Filing your income tax return (ITR) is an annual task for taxpayers, and it's crucial to be aware of the necessary steps. As the number of filed tax returns increases, understanding the process becomes essential.
Created on: 12/04/2023
Newly Introduced Discard Income Tax Return Feature Advantages
The “Discard” ITR option on the Income Tax Department's website allows taxpayers to permanently delete their filed tax returns. Once discarded, the return can not be retrieved by the taxpayer.
Created on: 12/04/2023
Tax Deadline File Updated Return Assessment Year 2021 2022
The Income Tax Department reminds taxpayers of the approaching deadline to file the Revised Income Tax Return (ITR) for the Assessment Year 2021-2022.