The raid in Jaipur and the discovery of the cryptocurrency account mark a pivotal moment in the Income Tax Department’s ongoing campaign against financial crimes.
Income tax returns: The total number of individuals reporting zero taxable income in their ITRs is 4.90 crore in Assessment Year 2023-24, up from 4.64 lakh in 2022-23.
The Central Board of Direct Taxes (CBDT) in a statement said it has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22.
Know the income tax rules for savings accounts and how much cash you can deposit without attracting scrutiny. Discover the daily cash transaction limits, high-value transaction reporting requirements, and how to respond to an income tax notice.
Taxpayers who missed the July 31 deadline for Income Tax Return (ITR) filing for FY 2023-24 (Assessment Year 2024-25) must file by December 31 to avoid increased penalties. Know the late fees, steps to file, and what happens if you miss the deadline.
Many individuals have more than one PAN card due to an error. However, it is important to check if their PAN card is still active or not.
Missed declaring foreign assets or income in your ITR for AY 2024-25? File a revised return by December 31, 2024, to avoid a penalty of up to Rs 10 lakh under the Black Money Act.
For effective financial management and to avoid penalties, keeping track of deadlines is crucial. Here are some important dates and deadlines in November that could affect your PF, income tax filing and pension accounts.
The extension of the ITR filing deadline applies to taxpayers covered under sub-Section (1) of Section 139 of the Income-tax Act, 1961. This deadline extension comes after the government extended the deadline to submit tax audit report to October 7, 2024, from the initial deadline of September 30.
The announcement from the CBDT comes in response to the challenges taxpayers faced with electronic submissions under the Income Tax Act, particularly due to issues with the e-filing portal.
The returns from ELSS investments qualify for tax exemption under Section 80C of the Income Tax Act of 1961. These funds, which primarily invest in stocks, provide higher returns than ones that are focused on debt or gold.
The CBDT said the e-DRS enables the taxpayers to file an application electronically for dispute resolution to the Dispute Resolution Committees (DRC) designated for the region of Principal Chief Commissioner of Income Tax having jurisdiction over the taxpayer.
If it's been a considerable amount of time since you filed your ITR, you can check the status on the Income Tax Department's e-filing portal or contact their support for more information.
The due date for filing Income Tax Returns was on July 31, 2024, and the taxpayers who have successfully filed their ITRs by the deadline can expect the refund to be deposited into their bank accounts shortly.
Taxpayers awaiting Income Tax Return (ITR) refunds should note that processing times vary by the type of ITR form filed. ITR-1, being the simplest, is processed the fastest, with refunds typically issued within 15 days.
The Income Tax Department has already outlined that the processing of ITR refunds starts only after the taxpayer electronically verifies the returns.
ITR 2024: The process of issuing income tax refunds begins only after the taxpayer e-verifies their return. The deadline for filing Income Tax Returns (ITR) was July 31, 2024.
The Income Tax Department set a new record with 7.28 crore ITR filings for the fiscal year 2024-25, marking a 7.5% increase from last year. A notable 72% of taxpayers opted for the new tax regime.
Sikkim Tax-Free: Sikkim, a small state in northeastern India, is unique in that it is exempt from paying income tax under its own tax laws established in 1948.
The I-T department's helpdesk has been operational 24x7, offering support through calls, live chats, WebEx sessions, and social media to assist taxpayers with ITR filing and related services.
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