The last day to file the Income Tax Return (ITR) is July 31. After the returns are filed, the department will verify the claims and subsequently initiate the refunds accordingly. Know about how the ITRs are processed and what steps to take.
ITR filing 2024: The deadline to file an Income Tax Return (ITR) for the assessment year 2024-25 (FY24) is July 31, 2024. Here's a general step-by-step guide to claim your Income Tax refund for the year 2024.
Income Tax return filing: The last date for filing your income tax return is July 31. Do not wait until the last minute; file it as soon as possible to allow ample time for any necessary corrections.
As July approaches, prepare for significant financial changes impacting credit cards, Paytm wallets, and income tax filings. Key updates include Paytm closing inactive wallets on July 20, 2024, SBI Card ending reward points on government transactions, and ICICI Bank adjusting credit card fees.
The Income Tax Department took to social media to inform taxpayers about the crucial deadline to link their PAN to Aadhaar. The department's post emphasised that not linking PAN with Aadhaar would lead to a higher rate of TDS.
The counsel for the convict submitted that the sentence awarded to the convict should concern the social circumstances of the convict and the condition of the convict at the time of the commission of a crime and at the time of imposing of sentence.
The Budget announced the withdrawal of outstanding small tax demands dating back to 1962, up to Rs 25,000 till 2014-15.
Business news: Sugam can be filed by individuals, HUFs and firms other than Limited Liability Partnerships being a resident having total income of up to Rs 50 lakh and income from business and profession.
Your Income Tax Refund may get stuck due to these five mistakes, E-Verification
The Income Tax Department on Sunday announced that over 6 crore tax returns have been filed for the previous year (2022-23) as of July 30, 2023.
Income Tax Return: The number of ITRs filed has exceeded the number of returns filed last year till July 31, according to government data.
Filing the Income Tax Return (ITR) on time is crucial to avoid penalties under Section 234F of the Income Tax Act, 1961. If someone forgets to file the ITR, they may attract a penalty of Rs 5,000 when filing a belated ITR.
The majority of people frequently view the process of filing income tax returns as time-consuming and cumbersome. That is the motivation behind why many choose to skip documenting returns.
ITR filing: July 31 is the due date to document personal government forms for the assessment year 2023–24 (relating to FY23), so the perfect opportunity to begin the process is when you get your Form 16.
Form 16 is a record of Tax Deduction at Source (TDS), and it conveys the subtleties of complete expenses paid in a monetary year by a salaried citizen. The TDS certificate that an employer issues at the conclusion of a financial year is known as Form 16.
While initially income tax return (ITR) filing was slow, the pace picked up as the deadline neared.
ITR filing deadline: The deadline for filing I-T returns by those taxpayers who do not have to get their accounts audited for the fiscal that ended on March 31, 2022 was Sunday (July 31, 2022).
Income Tax return filing deadline: The department issued a public message through its official Twitter handle asking taxpayers, largely individuals and salaried class, to file their returns within the due date of July 31.
The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals.
ITR-7 is filed by charitable/ religious trust, political party, scientific research association, Newsagency Association or institution, fund or institution or university or other educational institution or any hospital or other medical institution and university and college.
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