While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
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.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
The new income tax returns form, ITR-1, is relatively simpler than Saral. Here is a lowdown on what salaried individuals will now have to cope with.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
rediffGURU T S Khurana answers readers' personal income tax queries.
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
There is no proposal to modify income tax returns forms, finance ministry sources clarified when asked to comment on news reports that the purported statement of financial transactions expansion would result in the filing of high-value financial transactions in ITR by the taxpayers themselves.
Excerpts from a Q & A with Tax Expert Subhash Lakhotia on CNBC AAWAZ.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
'Going forward, the encouragement would be to move to the new tax regime.'
Failure to disclose any income can lead to penalties and legal issues.
rediffGURU T S Khurana answers readers' personal income tax queries
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
If you are one of those who are relying solely on your chartered account friend for all income tax assessment submissions, make sure to check for the ITR-V submission to avoid any problem in the future.
The system performance was also validated through the data captured by a number of radars, telemetry and electro-optical tracking system deployed by ITR, Chandipur.
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego and Mahesh Padmanabhan your I-T related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
Senior Congress leader Shashi Tharoor on Tuesday attacked the Centre over the glitches in the new income tax portal, alleging that even after spending Rs 4,200 crore on it, the government had "failed" to make it user-friendly and created a "mess" instead.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
By the time the enemy aircraft is 50 km away, the Akash-NG's computers have calculated the launch trajectory and impact point and launched the missile.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
It is important to have the necessary documents on hand to verify the information in the form.
