FILE REVISED ITR

87A tax rebate: The Honourable Bombay High Court said recently, "?By way of interim relief, the... Central Board of Direct Taxes is hereby directed to forthwith issue requisite notification under Section 119 of the Act extending the due date for e-f...

December 31, 2024 ITR filing deadline: Income tax laws allow individual to file belated and revised return. A belated return is filed if an individual has missed the last date to file original ITR. On the other hand, revised return is filed if an in...

Report Foreign Income in ITR: ?"Failure to disclose foreign income or asset in ITR can mean assessment proceedings being initiated under Black Money (undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Penalty of Rs 10 lakh can b...

The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to help taxpayers reconcile discrepancies between their Annual Information Statements (AIS) and Income Tax Returns (ITRs) for two financial years. The CBDT is sending email...

The Income Tax Department is reaching out to taxpayers and non-filers via SMS and email regarding mismatches between their reported transactions in the Annual Information Statement (AIS) and their Income Tax Returns (ITRs) for FY 2023-24 and 2021-22...

ITR filing due date: December 31, 2024, is the last date to file belated and revised ITR for FY 2023-24 (AY 2024-25). A taxpayer can file a belated ITR if they have missed the original due date of ITR filing which is applicable to them. A taxpayer c...

Income tax department: KSCAA has reported that the tax department has been erroneously processing many income tax returns (ITRs) and even imposing late filing fees of Rs 5,000 in cases where the ITR was filed before the deadline expired. "Our repres...

The Income Tax Department reminds Indian residents to declare foreign assets and income in their tax returns. Two lakh returns with this information have been filed this year. Taxpayers should file revised returns if they submitted incorrect forms. ...

ITR Filing: The Central Board of Direct Taxes recently issued a circular for condonation of delay in filing ITR. ?The latest circular has reduced the time limit for applying for condonation of delay. This condonation of delay request is filed by a t...

Income tax return: File your income tax return if you are liable to submit a tax audit report. The deadline for ITR filing is November 15, 2024 and this ITR cannot be filed without first submitting a tax audit report. However do note, for transfer p...

New relief for income taxpayers on tax collected at source: The income tax department has amended the income tax laws to allow claiming of tax collected at source credit to other person than the collectee. However, the TCS credit can given to anothe...

Revised tax audit deadline: You have to file an tax audit report on or before October 7, 2024. ?"For the current assessment year of 2024-25, the deadline for uploading a revised tax audit report pertaining to financial year 2023-24 shall be March 31...

Income Tax Audit: The tax audit report submission deadline for specified taxpayers is September 30, 2024 for FY 2023-24 (AY 2024-25). If you miss this deadline you need to pay Rs 1.5 lakh penalty or 0.5% of total sales, whichever is lower. This can ...

claim income tax refund: An individual can claim income tax refund while filing their income tax return. However, it may happen that the taxpayer received excess income in the previous year and paid taxes accordingly. Now, the taxpayer needs to retu...

Tax rebate: No tax rebate is given if you have long term capital gains (LTCG). However, in some situations even if you filed your ITR carefully and claimed the right deductions still section 87A tax rebate can be denied to you. Read below to know wh...

Revised ITR: You can file a revised Income Tax Return (ITR) even if your ITR filed by the deadline (original ITR) is processed successfully with or without tax refund. ?Yes, revised ITR can be filed as per timelines given in Section 139(5) even afte...

Revised ITR filing last date: The option to file a revised Income Tax return (ITR) is offered by the Income Tax Department for such cases. The revised return will replace the original ITR and will be considered as if it was filed on the original fil...

Discard ITR: Now you can discard a duly filled up income tax return (ITR) and file a fresh ITR only if the original ITR which is discarded now has not been verified. Earlier if you needed to make any corrections in a submitted ITR, you could only fi...

Revised ITR: If you had filed an original income tax return (ITR) before the deadline but missed reporting certain incomes, then it is better to file a revised ITR and make the correction. Same holds true for selection of wrong ITR form while filing...