Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The income tax department on Saturday extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25. In a circular, the Central Board of Direct Taxes (CBDT) said the deadline will be extended from the earlier target date of October 31. The new deadline for Assessment Year 2024-25 (for furnishing tax returns for fiscal 2023-24) is November 15.
However, the department has not changed ITRs significantly, considering Covid-19 crisis.
It also said that over 1.38 crore entities have already filed their income-tax returns till now.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The missile showcased its precision and capability to neutralise targets, the statement said.
rediffGURU T S Khurana answers readers' personal income tax queries.
Finance Act, 2019 has made it mandatory for certain categories of taxpayers to file their ITR, even though their income may be below the taxable threshold. read on to find the details.
The Central Board of Direct Taxes (CBDT) has extended various tax returns filing deadlines till December 31 this year but it will continue to levy interest on delayed payments made after July 31, the original due date. Officials say tax payment has to be done through net banking, and the assessee doesn't need to use the e-filing portal, which has been facing glitches. So, taxpayers have to bear the interest payment liability of 1 per cent per month on the outstanding tax for those who filed a return after July 31.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Extending the deadline for the third time, the government on Wednesday allowed individuals to file income tax returns for 2019-20 fiscal till January 10. The deadline for companies and individuals who need to get their accounts audited too have been extended by 15 days till February 15, the finance ministry said in a statement. The due date for filing income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively.
'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
A taxpayer filing ITR electronically without digital signature has to verify it using either Aadhaar OTP, or logging into e-filing account through net banking, or by Electronic Verification Code or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
rediffGURU T S Khurana answers readers' personal income tax queries.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
The flight test fully met all the trial objectives validating complete network centric warfare weapon system, the defence ministry said.
Prime Minister Narendra Modi asserted that his "vocal for local" campaign is bearing fruit as Indian products are going global and making their presence felt across the world. He said that India was becoming the land of infinite innovations, finding affordable solutions and offering them to the world. The prime minister also highlighted the country's rising defense products, electronics, automobile sector, and the success of superfoods, Ayush products, and yoga. He said India should be presented to the world as it is, without any bias. Modi said that the country was now emerging as a manufacturing hub and a "factory of the world." He added that India was creating solutions that were affordable, accessible, and adaptable, and offering them to the world without gatekeeping.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
The ITR forms were put on hold by the ministry last month.
The CBDT said this is "the final opportunity being provided to the taxpayers to regularise their pending ITRs pertaining to AYs 2009-10 till 2014-15.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank would not be required to file income tax returns for the financial year beginning April 1.
Some of the disclosures in the ITR form, under review at present, increases procedural hassles for expats
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
rediffGURU T S Khurana answers readers' personal income tax queries.
