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 …
Amendments in Income Tax Return Form 6 applicable to companies: New ITR forms For the AY 2024–2025, I-T return forms 2, 3, and 5 are now available for filing tax returns for the AY 2024–25, according to a recent announcement from the Income Tax Department. Prior notifications were sent out in December 2023 for the …
Taxpayers who falsely claimed for a HRA allowance received income tax notices. Income Tax Notices: By sending notices, the Income Tax Department is pursuing hundreds of individuals who have claimed housing allowance. Some individuals also receive heavy penalties as punishment. The action plan has started to be carried out by the income tax department in …
Very Important Update Related to ITRs from AY 2023-24- Tax Dept issue on FAQ related to Discard ITR The Income Tax Department portal now features a “Discard ITR” option for unverified Income Tax Returns (ITRs), applicable for belated, original, or revised ITRs under sections 139(1), 139(4), and 139(5) starting from Assessment Year (AY) 2023-24. ‘Discard …
INCOME TAX SLAB FY 2023-24 (Assessment Year 2024-25) for INDIVIDUAL Tax Department given key services within specified timelines mentioned below :
Income Tax Return Form ITR 1 & ITR 4 notified for AY 2024-25 Central Board of Direct Taxes notified Income Tax Return – ITR 1 & ITR 4 for AY 2024-25 / FY 2023-24 vide The Central Board of Direct Taxes Notification No. 105/2023-Income Tax Dated: 22nd December, 2023. The post also states that the …
Is deduction u/s 54 & 54F of the Income Tax Act be claimed simultaneously? under Section 54 & Section 54F investment in residential house has to be made within a period of 2 years from the date of sale of respective capital assets. A longer period of 3 years is available if you go for …
New Functionality “Know Your Income Tax Refund Status” Which will helps in checking status of pending refund without login on income tax portal CBDT: Income tax refunds of over INR 1,00,000/- Cr issued this FY Central Board of Direct Taxes announced on Wednesday that taxpayers have received refunds totaling Rs 1,02,952 crore in the current …