Why is Income Tax Dept On ITR Processing Slow This Year? Overall 25% Less ITRs have been processed so far. ITR 2 Processing Growth: -59% ITR 3 Processing Growth: -37% Delay in ITR Processing: Lot of factors collectively explain the slowdown in Income Tax Return processing this year, with an overall 25% decrease in processed …
What is the Income tax Penalties for late or belated ITR filing for AY 2024-25? Taxpayer may please note there will be NO EXTENSION in ITR Filing this time. Kindly file your ITR up to 31 July 2024 for AY 2024-25 to avoid any late fee and penalty. The last date for filing an ITR …
High volume of Income Tax Return filings on the deadline day FY 2023-24 High volume of Income Tax Return filings on the deadline day indicates a significant rush among taxpayers to comply with the tax regulations before the due date. Over 7 crore ITRs filed this year demonstrates a broad base of compliance and awareness …
If you fail to file ITR before 31 July, can result in consequences FY 2023-24 Missing the ITR filing deadline of 31 July can indeed have significant consequences for taxpayers this year, particularly due to the new provision related to the old and new tax regimes. Details is here under : No Old Regime Automatic …
Overview on Income tax scrutiny under section 143(2) Notices When the Income Tax Department finds discrepancies, whether minor or major, in your income tax returns, a notice is issued under Section 143(2). These discrepancies could involve under-reporting income or over-reporting losses. The notice aims to ensure that you have not underpaid taxes. U/s 143(2) of …
Why you should file ITR even if your income is less than INR 2.5 Lakhs ? While it may not be mandatory to file an ITR if your net taxable turnover is ₹2.5 lakhs or below, Filing an Income Tax Return (ITR) in India is not compulsory for everyone, especially if your net taxable turnover …
How to Claim a Full Income Tax Refund An income tax refund occurs when the tax paid by a taxpayer exceeds their actual tax liability for a financial year. This typically happens due to advance tax payments or Tax Deducted at Source (TDS) deductions that exceed the final assessed tax liability. Following are the Eligibility …
Income Tax Return Filing & Audit Report Deadlines for FY 2023-24 (AY 2024-25) In order to ensure compliance with income tax law and avoid penalties, certain deadlines are essential. To properly fulfil these deadlines, Income tax taxpayers should prepare their financial accounts and Tax return well in advance. Here’s a summary of the Income Tax …
Income Tax Return Filing: Why You Should Wait Until June 15 to File ITR for FY 2023-24 Filing your income tax return (ITR) is an important financial task that every taxpayer must complete accurately and on time. For the financial year (FY) 2023-24, there are compelling reasons to consider waiting until June 15 before filing …
CBDT Notifies ITR Forms 1-6 for AY 2024-25 in advance, to facilitate taxpayers & improve ease of filing CBDT Notified income tax return forms 1-6 for AY 2024-2025 well in advance is a significant step towards facilitating taxpayers and enhancing the ease of filing. Providing taxpayers with timely access to these forms enables them to …