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.
ITR Filing 2024: Today is the deadline for ITR filing. Taxpayers who have filed their returns and are due a refund can expect processing to take 15 to 45 days after e-verification. Refund status can be checked online using a PAN card on the Income Tax e-filing portal.
July 31, 2024, is the deadline to file income tax returns. You can easily file online from home using these steps if you haven't done so already.
Income Tax Return (ITR) filing is the process through which individuals and entities report their income, deductions, and tax liabilities to the government. This is done to comply with tax laws and ensure that the correct amount of tax is paid.
More than 5 crore Income Tax Returns (ITRs) have been filed on the e-filing portal so far this fiscal year, the income tax department said on July 27. The figure is 8 per cent more than what it was last year.
ITR filing 2024: To benefit from income tax exemptions on earnings up to Rs 10 lakh, you should opt for the old tax regime. Here’s how you can make an income of Rs 10 lakh tax-free.
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