FILE REVISED ITR
ITR filing deadline extension: Bombay HC orders tax dept to allow these taxpayers claiming 87A rebate to file ITR till January 15, 2024
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-filing of the income-tax returns...." This order came against the backdrop of a PIL filed by The Chamber of Tax Consultants regarding denial of 87A tax rebate when filing ITR through the utility despite being eligible.
ITR filing: December 31, 2024, is last date to file belated, revised return for FY 2023-24, what happens if you miss this deadline
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 individual has made a mistake in the original and belated returns. Know what happens if belated or revised return is not filed by December 31, 2024 for FY 2023-24.
Report foreign income, assets in ITR by December 31, 2024 or Rs 10 lakh penalty can apply: Income Tax Department
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 be levied, if the aggregate value of an asset or assets (other than immovable property) exceed twenty lakh rupees," said the Income Tax Department.
ITR filing: CBDT sending emails for mismatches in ITR, AIS, high-value transactions, not filing ITR for these years
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 and SMS notifications to taxpayers and non-filers, highlighting discrepancies and encouraging them to file updated or late ITRs for FY 2023-24 by December 31, 2024.
CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS
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. This campaign encourages filing revised or belated ITRs and allows taxpayers to provide feedback on their AIS information.
ITR filing last date FY2023-24: Missed ITR deadline or made mistake in ITR? File a revised, belated return by December 31, 2024
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 can also file revised ITR if they have made a mistake in the originally filed ITR.
KSCAA writes letter to income tax dept about taxpayers being wrongly charged late penalty for ITR filing
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 representation to the Central Board of Direct Taxes highlights critical systemic issues in income tax return processing that are causing undue hardship to taxpayers and professionals," says CA Vijaykumar M Patel.
Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official
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. Failing to declare foreign assets and income can result in penalties.
Income Tax Department reduces time allowed to apply for old income tax refunds; check the new time limit
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 taxpayer to claim old income tax refunds and carry forward of losses and set off.
ITR filing deadline is November 15, 2024 for these taxpayers; file tax audit report before filing ITR
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 pricing cases the ITR filing deadline is November 30, 2024 for FY 2023-24.
New relief for income taxpayers: CBDT allows other person to claim TCS credit for tax paid on expenses like foreign travel, study abroad
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 another person only if the collectee has submitted the declaration.
What is the deadline to file a revised income tax audit report? When can you submit a revised tax audit report?
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, 2025," says SR Patnaik, Partner (Head - Taxation), Cyril Amarchand Mangaldas.
Pay a penalty of Rs 1.5 lakh or 0.5% of total sales if you fail to submit tax audit report by September 30, 2024
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 cause a significant loss, hence upload the tax audit report by September 30, 2024.
Can you claim income tax refund for previous years even after revised ITR deadline is over? Difficult but possible
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 return the excess income received. Can he also claim income tax refund on it?
No income tax rebate u/s 87A despite total income below Rs 7 lakh in these cases
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 why is this so and when is tax rebate under section 87A given.
Received tax refund? You can still file revised ITR by December 31, 2024 for FY 2023-24
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 after receiving an intimation under Section 143(1)," says Shalini Jain, Tax Partner, EY India.
Made a mistake in your filed income tax return? Check the revised ITR filing last date, what are the charges
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 filing date.
No need to file revised ITR in case of errors: You can 'discard' filed ITR and refile but only if it has not been verified
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 file a revised ITR.
ITR Filing: Be ready to pay penalty or file a revised ITR before the deadline if you missed reporting any income
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 original ITR. Make the corrections and file a revised ITR.
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