Consequences of Not Filing ITR on Time If you are mandated to file an Income Tax Return and miss the deadline, you can still file your tax return as a belated ITR. While it is possible to file a belated ITR, it is important to be aware of the penalties and potential complications that can …
Indexation benefits & its Limitation under Capital gains tax calculation In a significant development, the FM -Nirmala Sitharaman has moved for amendments to the Finance Bill, introducing changes to the Long-Term Capital Gains tax calculation on real estate properties. This move provides taxpayers with a choice in how they calculate their capital gains tax for …
Highlight significant issues in regulatory framework governing IPs & CoC The current regulatory environment for IPs indeed presents significant challenges. Addressing these concerns requires a balanced approach where both the CoC and IPs are held to standards of accountability and responsibility. Constructive dialogue with regulatory authorities and collective action from within the profession are essential …
CBDT: TDS/TCS provisions on death of deductee/collectee before linking of PAN & Aadhaar The Central Board of Direct Taxes has issued Circular No. 8 of 2024 on August 5, 2024, providing relaxations in the TDS and TCS (Tax Collected at Source) provisions under the Income-tax Act, 1961, in the event of the death of the …
Ministry of Finance Revises LTCG Indexation Budget Proposal on Real Estate For properties acquired on or before 23rd July 2024, taxpayers will have the option to choose between the new method (12.5% without indexation) or the old method (20% with indexation). The excess tax payable under the new law over what would have been payable …
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 …
RBI Guidelines on Roles & Responsibilities on Statutory Suditors in wilful defaulters case The Reserve Bank of India Circular on “Master Direction on Wilful Defaulters and Large Borrowers” dated 30.7.2024 outlines several key roles and responsibilities for statutory auditors. These directives aim to enhance the accountability of statutory auditors, ensure proper monitoring of the end-use of …
Frequently asked questions on Financial Intelligence Unit – India (FIU-IND) Reporting on FINGate 2.0 Portal Here are the frequently asked questions related to Financial Intelligence Unit – India reporting on the FINGate 2.0 Portal: What Is FIU-IND Reporting? FIU-IND Reporting is a platform used by different entities registered under various laws to share information and data with direct …