Now that you have filed your income tax returns, you must be wondering when you will receive your income tax (I-T) refund. And if you have not yet filed your return, you can still file a belated return before December 31, 2024, by paying a penalty. For more details about filing a belated return, you … Read more
With a notable increase in taxpayers opting for the new tax regime while filing their income tax returns (ITR) for FY 2024, experts predict the Finance Ministry may consider phasing out the old tax regime within the next year or two. The key question is: When will the government officially end the old tax regime? … Read more
The last date to file an income tax return (ITR) ended on July 31, 2024, and taxpayers are now awaiting the refund of excess tax paid. The income tax (I-T) department’s latest data reveals that more than 7.28 crore ITRs were filed till July 31, 2024, 7.5 per cent higher than the 6.77 crore ITRs … Read more
Although more than seven crore income tax returns (ITR) were filed until 7 pm on July 31, 2024, there would still be hundreds of thousands of taxpayers who have yet not filed their income tax returns. Such taxpayers who missed filing their income tax returns on time, i.e., before the July 31 deadline, can file … Read more
Since the deadline to file income tax return (ITR) did not get any extension beyond July 31, the last date to file the return for financial year 2023-24 is set to end tonight. Meanwhile, a PIB Fact Check clarified that the due date for filing ITR is July 31, and it has not been extended, … Read more
The Income Tax Department’s repeated reminders about the July 31 income tax returns (ITR) filing deadline are important. With more than four crore ITRs already submitted for AY 2024-25, it’s evident that many taxpayers are attentive to their tax responsibilities. To check the status of your income tax refund online using only your PAN card, … Read more
Despite successfully filing your income tax returns or ITR for this assessment year, your tax refund may be delayed, a social media user claiming to be a Chartered Accountant said. CA Anand Luhar, who claims to be associated with the Institute of Cost & Works Accountants of India (ICWAI), in a post on X (formerly … Read more
Filing your taxes at the last-minute could lead you to miss out on disclosing some transactions or failing to gather all the required documents on time. For instance, if you invest in cryptocurrency, you have to disclose those transactions scrip-wise. Karan Batra, founder of Charteredclub.com, said crypto exchanges don’t have a standard format for statements, … Read more
The Income Tax Department has asked all citizen filing income tax returns to not make bogus claims for expenses, under-report their income or exaggerate deductions, this is a punishable offence causing delays in the issuance of refunds, reported PTI on Sunday, July 28. The income tax return (ITR) filing session for the assessment year 2024-25 … Read more
The Budget has dealt a blow to property owners by removing the indexation benefit. Previously, sellers could adjust the purchase price of a property for inflation, which would significantly reduce capital gains tax. The silver lining, however, is that the long-term capital gain (LTCG) tax has been reduced to 12.5% from 20% earlier. But, those … Read more