ITR FILING LAST DATE
Penalty for missing ITR filing last date: Who has to pay and who doesn't
Penalty for late filing ITR: Under the Income-tax Act, 1961, a penalty or a late filing fee is levied when a taxpayer misses the last date to file income tax return. The late filing fee must be paid or else final submission of income tax return form cannot happen. However, not all taxpayers are required to pay penalty for filing belated ITR.
ITR e-verification: How to e-verify ITR, timelimit, other important FAQs
The ITR is deemed invalid or will not be regarded as filed if the assessee does not validate it within the allotted period. e-Verification is the most convenient and instant way to verify your ITR.
New tax regime to old tax regime: How to choose old income tax regime when filing ITR for FY2023-24
New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be the automatic choice for the fiscal year 2023-24.
What is AIS, how to download it and how it helps taxpayers in ITR filing?
What is AIS, how to download AIS: Annual Information Statement (AIS) is a statement introduced by the income tax department in 2021. This statement is a comprehensive which help individuals and other taxpayers to get access of most of their financial transactions done in a financial year. It also helps in the knowing different sources of income.
Advance tax first instalment payment deadline: Who has to pay, penalty for missing last date
Advance tax payment: Individuals with a net income tax liability exceeding Rs 10,000 in any financial year must make advance tax payments. Net tax liability is the estimated tax amount after deducting the TDS (tax deducted at source) within the financial year. If your total tax liability after considering TDS is more than Rs 10,000, you are expected to pay advance tax.
Error in AIS: How to correct errors in Annual Information Statement to file ITR
ITR filing: The Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayers can provide feedback on information displayed in AIS.
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Who needs to file income tax return (ITR) in India for FY 2023-24
Who is required to file ITR mandatorily: The Income-tax Act, 1961 defines the situations where income tax return filing is mandatory for individuals. Under the income tax laws, ITR filing is mandatory if total taxable income exceeds the basic exemption limit. There are other provisions in the income tax laws which make ITR filing mandatory.
BPCL bonus issue: Last day to buy shares to qualify before record date
BPCL had announced June 22 as the record date for its 1:1 bonus share issuance. Friday is the last day to buy shares to qualify for receiving the company's bonus shares. The bonus shares are expected to be credited to shareholders' accounts by July 8, as per a previous filing with the stock exchanges.
Should you file ITR if your income is less than Rs 7 lakh with nil income tax?
Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.
Documents required for ITR filing: 10 documents you need to file income tax return
Documents required for ITR filing: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.
What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)
ITR filing for FY2023-24: Form 26AS is an important document for filing your income tax return (ITR). It shows the dates and amounts of advance tax payments and consolidates all your financial transactions.
Form 16 due date: When will you get TDS certificate from your employer?
Last date to get Form 16: Salaried individuals need Form 16 to make the ITR filing process easier for them. It is a TDS certificate showing all the taxes deducted during the financial year as well as total income paid by an employer during the financial year. Read on to know the deadline for employer to issue Form 16.
Last date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25)
Due date of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment of late filing fees, not being able to opt for old tax regime among others.
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
Moonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other details
Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.
ITR filing: This is essential to get income tax refund credited to your bank account
Income tax refund: The income tax department will scrutinise your filed returns and handle the refund once received. Note that having a validated bank account is essential for receiving of refunds.
Salaried individual filing ITR? Advisable to wait till June 15
ITR filing for salaried individuals: The last date to file income tax returns for salaried and other taxpayers (whose accounts are not required to be audited) is July 31 every year. However, it is advisable for salaried individuals to start the process of filing their tax returns after June 15 due to following reasons.
Mandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny
Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria to be followed for section 142 (1) income tax notice.
Taxpayer is entitled to claim benefit of exempted income in revised ITR if it is filed within the deadline
Income tax return: The Supreme Court of India has refused to accept a petition wherein the tax department's assessing officer (AO) contested that a individual be denied the benefit of exempted income which he claimed by filing a revised ITR. The reason behind this denial was that the AO received information from 'entry operators'.
Income tax return: My wife is a homemaker who earns interest income below Rs 2.5 lakh from FDs, RDs. Should she file her ITR?
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Income tax filing: 3 updated utilities available for filing this ITR form for AY 2024-25; find out which one works best for you
Income tax filing: Are you an individual or Hindu Unidivided Family who have income from business or profession and do not want to opt for presumptive taxation scheme? Then you may need to file ITR-3. To help you file ITR-3 easily, the income tax department has launched online, offline using Java and Excel based utilities. But which one is better?
GSTR-1 filing due date to be extended till Apr 12: GSTN
In a post on X (formerly Twitter), the GST Tech said the GSTN has noticed that taxpayers are facing difficulties in filing GSTR-1 intermittently since Wednesday due to technical issues leading to slow response on the portal.
ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal
ITR filing forms for FY 2023-24 (AY 2024-25): As of April 1, 2024, the online ITR forms have been enabled on the e-filing website. This means that taxpayers who are eligible to file their tax returns using these forms can now proceed to file their ITR for the financial year 2023-2024.
If you missed filing updated ITR by March 31, can you go to jail?
ITR-U: The deadline to file updated income tax return (ITR-U) for FY 2020-21 (AY 2021-22) was March 31, 2024. However there is no need to worry since an individual cannot be jailed just for not filing ITR-U. But the income tax department can seek imprisonment for those individuals who have escaped paying income tax i.e. tax evaders.
New ITR-V, ITR acknowledgement forms notified: Read updated instructions carefully or else penal consequences can apply
New ITR-V, acknowledgement form for income tax return: The income tax department has notified a new ITR-V and acknowledgement forms for FY 2023-24 (AY 2024-25). The notified new forms will be effective from April 1, 2024. Here is all taxpayers should know about the new ITR-V and acknowledgement forms.
March 31 is the last date to file ITR-U for AY 2021-22; If you miss, be ready to pay up to 200% of the income tax evaded
Income tax updated return: March 31, 2024 is the last date to file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21). Do note that ITR-U may be used to fix errors like under-reporting or misreporting of income, or any other errors in the previously filed ITR. Once the deadline to file ITR-U is over and you are caught evading taxes penalty up to 200% of the tax evaded can be levied.
Offline ITR-1,4 forms: Income tax department releases JSON utilities for FY 2023-24 (AY 2024-25)
Offline ITR forms for AY 2024-25: The JSON utility ITR forms have been released by the income tax department. The offline forms are released for ITR-1 and ITR-4. The last date to file ITR for FY 2023-24 (AY 2024-25) is July 31, 2024. This deadline is applicable on taxpayers whose accounts are not required to be audited (usually those who file income tax return using ITR 1, 2 and 4).
Woman gets 6-month jail for not filing ITR; who has to mandatorily file income tax return, consequences of not filing
Who has to file ITR: The decision was made following a complaint from the Income Tax Office (ITO), alleging that Rs. 2 lakh was deducted as TDS (tax deducted at source) from a receipt of Rs. 2 crore received by the accused in the fiscal year 2013-14. Despite this, the accused failed to file an income tax return for the assessment year 2014-15.
Income tax calendar 2024: Important tax-related dates you need to know
With the start of the new year, it is important to remember important deadlines for the year. Knowing the last dates well ahead of time can help individuals to avoid penalties. Here is the income tax calendar for 2024 telling you all the important last dates between January and December 2024.
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