Income tax return (ITR) filing for the financial year 2023-24 (current assessment year) was opened in the first week of April. This is unlike past years when the tax filing utilities would typically be enabled by May. The Central Board of Direct Taxes in a press release said this is for the first time in recent …
If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related …
If you have already filed your income tax return for financial year 2020-21 and realised that there were a few mistakes or omissions in that then today is the last date to file an updated return to incorporate the changes. Notably, the provision of filing an updated income tax return (ITR-U) was announced in Budget …
I inherited ₹20 lakh in cash and two house properties. Subsequently, I gifted ₹10 lakh in cash and one house to my maternal aunt residing in South Africa. Do I need to pay income tax on the entire inheritance, or only on the remaining amount after allocating my aunt’s share? Additionally, should I declare this …
Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms well in advance for the Assessment Year 2024-25. The CBDT has notified Income-tax Return Forms (ITR Form) – 2, 3 and 5 for the Assessment Year 2024-25. Further, ITR Form-6 has also been notified. Earlier, ITR-1 and ITR-4 for the A.Y. 2024-25 were …
This implies that if you don’t expressly select either the old or new regimes, your taxes will be computed under the new regime by default. Nevertheless, you have the flexibility to revert to the old regime at any time before the due date for filing your return for the applicable assessment year. The frequency of …
In the run up to the Budget 2024, there are expectations galore that the finance ministry could perhaps raise some of the exemption limits, which would reduce the tax burden. Among tax exemptions, one of the important ones is house rent allowance (HRA) which one can claim regardless of who owns the house. In other words, even …
In case you have delayed the e-verification or filing of income tax return (ITR) beyond December 31, you can make a proper request for the condonation of delay. Ideally, if you have missed the verification of filing your income tax return by the deadline, you are liable to face penalty. But the provision of ‘condonation …
The Central Board of Direct Taxes (CBDT) on Saturday notified Income Tax Return forms 1 and 4. In a post on X platform (formerly Twitter), the Income Tax (I-T) department announced that the Board has notified ITR forms 1 and 4. The post also highlights that the other ITR forms will be released in the …
As the saying goes, “Better late than never,” but when it comes to filing your income tax return (ITR), failing to meet the deadline can have serious consequences. Taxpayers who have yet to file their income tax returns for the financial year 2022-2023 should take immediate action. The deadline of December 31, 2023, represents the …