Selecting the incorrect form: One of the most common mistakes people make is choosing the incorrect form to file their taxes. Each form is tailored to a certain sort of income and taxpayer profile, and using the incorrect form might result in mistakes and processing delays. CA expert advises taxpayers to thoroughly analyse the qualifying … Read more
No sooner had the new financial year started than the income tax return (ITR) filing process commenced for FY 2024. The income tax department (ITD) has already enabled all the return filing forms – ITR-1, ITR-2, ITR-4 and ITR-6 — for filing the returns at the e-filing portal. The department has released the excel utility of … Read more
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 … Read more
The Income Tax Department Monday said it is in the process of issuing notice to taxpayers about ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assessment year 2021-22 (FY 2020-21). The tax department urged taxpayers to access their Annual … Read more