Taxpayers

Updated ITR filing deadline approaching! Some individuals receiving emails from income tax department; here’s why | Business

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Updated ITR filing deadline approaching! Some individuals receiving emails from income tax department; here’s why | Business

Updated ITR deadline: As the deadline for updating Income Tax Returns (ITRs) for the fiscal year 2020-21 draws near, many individuals have recently received emails from the Income Tax Department regarding significant transactions flagged in their Annual Information Statement (AIS). Here’s what you need to know about these communications and how to address them: Who … Read more

Income Tax Department cancels long Good Friday weekend from March 29-31 for employees; here’s why | India Business News

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Income Tax Department cancels long Good Friday weekend from March 29-31 for employees; here’s why | India Business News

Long weekend cancelled for income tax department: The approaching end of the financial year 2023-24 brings with it deadlines and obligations for taxpayers across the country. However, with March 29 falling on Good Friday and March 30 being a Saturday, followed by March 31 on Sunday, it initially appeared to be a long weekend for … Read more

Offline ITR-1, 4 forms FY 2023-24: Income tax department releases new forms for AY 2024-25; know the details here | India Business News

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Offline ITR-1, 4 forms FY 2023-24: Income tax department releases new forms for AY 2024-25; know the details here | India Business News

Offline ITR-1,4 forms FY 2023-24 released: The Income Tax Department has released the offline ITR 1 and ITR 4 forms for the financial year 2023-24 (Assessment Year 2024-25). The department released offline forms (JSON utility) for ITR-1 and ITR-4 on March 18. These forms will be applicable for filing from April 1, onwards.According to the … Read more

Wait for data update: I-T dept on advance tax

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Wait for data update: I-T dept on advance tax

NEW DELHI: A day after the income tax department launched a campaign, asking taxpayers to pay advance tax in line with the financial transactions made by them during the current financial year, it advised them to await update for securities market related data due to glitches.“Based on feedback from taxpayers on the e-campaign for advance … Read more

Income Tax department scans financial dealings, tells assessees to pay advance tax

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Income Tax department scans financial dealings, tells assessees to pay advance tax

NEW DELHI: A nudge to taxpayers to declare their “real” income will no longer be an annual affair. The income tax department is starting an e-campaign that aims to inform those with significant financial transactions in 2023-24, urging them to compute their advance tax liability correctly and deposit the due tax on or before March … Read more

Income Tax notice coming your way? CBDT says some taxpayers will get notices soon for not filing their ITRs

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Income Tax notice coming your way? CBDT says some taxpayers will get notices soon for not filing their ITRs

Income Tax notice coming your way? The income tax department is set to send notices to individuals who have not filed tax returns, despite having tax deducted at source on their incomes, according to Central Board of Direct Taxes (CBDT) chairman Nitin Gupta. In an interview with ET, Gupta stated that there are approximately 15 … Read more

Budget 2024 income tax: Some relief for taxpayers; outstanding personal tax demands up to Rs 25,000 withdrawn | Business

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Budget 2024 income tax: Some relief for taxpayers; outstanding personal tax demands up to Rs 25,000 withdrawn | Business

Budget 2024 income tax: During Budget 2024 speech, the Finance Minister Nirmala Sitharaman announced the removal of disputed direct tax demands up to Rs 25,000, aiming to provide relief to income taxpayers. As mentioned in the speech, this is expected to benefit approximately 1 crore taxpayers.The proposal involves withdrawing outstanding direct tax demands, specifically those … Read more

Taxpayers Must File Belated Income Tax Returns Before Dec 31, Check Step-by-step Guide Here

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Taxpayers Must File Belated Income Tax Returns Before Dec 31, Check Step-by-step Guide Here

Home Business ITR Filing 2023: Taxpayers Must File Belated Income Tax Returns Before Dec 31, Check Step-by-step Guide Here ITR Filing 2023: Not filing ITR at all can have significant consequences. Taxpayers then will not be able to carry forward losses from the current assessment year. If taxpayers file their return late, they will be … Read more