This blog post details a significant update for taxpayers who have received a notice under Section 158BC of the Income-tax Act, 1961. It explains that Form ITR-B, a special return for undisclosed income found during past search and seizure operations, can now be submitted conveniently through the Income Tax portal's e-Proceeding tab. The article clarifies what a Section 158BC notice entails, highlights the benefits of online submission (convenience, efficiency, transparency), provides step-by-step guidance, and emphasizes the crucial role of professional advice for these complex assessments.

This blog post explains the Updated Tax Return (ITRU), a crucial provision under Section 139(8A) of the Income Tax Act that allows taxpayers to correct errors or declare omitted income in previously filed ITRs. It highlights the significant extension of the filing deadline from two to four years from the end of the relevant assessment year, providing more flexibility. The article details the penalties and interest associated with filing an ITRU, outlines who is eligible to file (those declaring additional income) and who isn't (those seeking refunds or reduced liability), and provides a step-by-step guide on the filing process. The aim is to empower taxpayers to proactively ensure compliance and avoid harsher penalties, with a strong call to action for expert assistance from MyITRonline.

Big news for individual taxpayers and small businesses! The Income Tax Department has released the Excel Utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for Assessment Year 2025-26. This means you can now begin filing your income tax returns offline. This blog covers who can use these forms, the benefits of early filing, and how MYITRONLINE can provide seamless assistance.

The Income Tax Department has announced a monumental extension for ITR-U (Updated Income Tax Return) filing, allowing taxpayers to rectify errors or omissions for up to four previous years instead of the prior two. This blog delves into what ITR-U is, the new extended deadlines, who is eligible to file, situations where it cannot be filed, the associated additional tax liability, and the myriad benefits this flexibility offers for enhanced tax compliance and reduced legal complications.

The ITR-U filing date for FY 2022–2023 is March 31, 2025. The definition of ITR-U, who is eligible to file it, late filing penalties, and a detailed tutorial on how to submit it online are all covered in this blog. Don't let the deadline pass!

This blog discusses the distinctions between ITR-U and Condonation of Delay for late tax filing in India. Learn about eligibility, methods, and how to select the best solution for your needs.

A substantial 70% extra tax on files after the two-year mark is the catch of the planned extension of the revised ITR filing term from two to four years in the Union Budget 2025. The goal of this action is to deter tax evasion and promote prompt compliance. This article examines the ramifications, professional viewpoints, and actions that taxpayers must take to avoid fines.

In order to rectify prior errors, record extra income, or file missed reports, taxpayers can now file an Updated Income Tax Return (ITR-U) for the preceding four years. This tutorial provides detailed instructions on how to submit an ITR-U, as well as information on who is eligible, deadlines, and penalties.

For AY 2024–2025, the Income Tax Department has released revised tools for ITR Forms 2 and 3. Now, taxpayers have the option to file their taxes online or offline and collect the Section 87A reimbursement. Find more about the changes, difficulties, and actions taxpayers should take to ensure smooth compliance.