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Tag: income tax return filing

Advance Tax Paid, Do You Still Need To File ITR? Check Details Here
11Apr By adminNo Comments
Business

Advance Tax Paid, Do You Still Need To File ITR? Check Details Here

Filing an income tax return is necessary to report all sources of income, deductions, exemptions, and credits accurately to the Income Tax Department. (Representative image)ITR Filing: Failure to pay advance tax can result in penalties and interest charges.ITR or Income Tax Return is a form you submit to the Income Tax Department that details your income earned and taxes applicable for a specific financial year (April 1st to March 31st of the following year).Filing your ITR is important for a couple of reasons;Tracks your tax liability: It helps the government determine the income tax you owe based on your income sources and deductions claimed.Claim tax refunds: If you’ve paid more tax than you owe, filing an ITR allows you to claim a refund from the Income Tax Department.While several ta...
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Income Tax Return Filing: Confused Between ITR 1 And 4 Forms? Clear All Doubts Here
10Apr By adminNo Comments
Business

Income Tax Return Filing: Confused Between ITR 1 And 4 Forms? Clear All Doubts Here

Income Tax Return Filing AY 2024-25: Selecting the correct income tax return (ITR) form holds significant importance for both individuals and businesses. It ensures adherence to tax laws, minimising the likelihood of penalties or legal issues. Tailored to various taxpayer categories, including individuals, businesses, and organisations, each ITR form collects pertinent details on income, deductions, exemptions, and tax obligations.Also Read: New Tax Regime Vs Old Tax Regime In AY2024-25: Which Income Tax Regime Is Beneficial For You?Furthermore, utilising the appropriate form enables taxpayers to leverage tax advantages and deductions tailored to their income streams and classification, potentially reducing their tax burden and optimising savings. Moreover, employing the correct form faci...
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Tax filing for AY24 touches all-time high, surpasses 67.7 million
1Aug By adminNo Comments
Business

Tax filing for AY24 touches all-time high, surpasses 67.7 million

Income-tax (I-T) filings for the assessment year (AY) 2023-24 have hit a record high, exceeding 67.7 million. This figure represents a 16.1 per cent increase compared to the total tax returns filed during the previous assessment year, according to an announcement by the revenue department on Tuesday. For AY23, the department received 58.3 million returns. It emphasised that the 5.37 million income-tax returns (ITRs) received from new taxpayers signify a “widening of the tax base.” On 31 July, the final day for filing, the number of ITRs peaked with over 6.433 million ITRs submitted in a single day, the I-T department reported. According to the department, various campaigns on social media, coupled with targeted email and SMS initiatives, aided taxpayers in submitting ...
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Income Tax Dept’s Big Swift Action: 1 Lakh Notice Scrutiny Set To Wrap Up By Mar 2024
30Jul By adminNo Comments
Business

Income Tax Dept’s Big Swift Action: 1 Lakh Notice Scrutiny Set To Wrap Up By Mar 2024

Notices have been sent to non-filers of tax returns. Under income tax law, officers can reopen past assessments of up to six years. (Representative image) The last date to file ITR for the financial year 2022-23 (assessment year 2023-24) is July 31, 2023. There will be no further extension of the deadline.The income tax department by March 2024 will complete the assessment of one lakh income tax notices sent for mismatch in disclosed income and information available with the department, Finance Minister Nirmala Sitharaman recently said. The tax department has sent about 1 lakh notices to individuals with income above Rs 50 lakh for a mismatch in income disclosed in ITR versus information available with the department.Also, notices have been sent to non-filers of tax returns. Under income...
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