Updated Return (ITR-U) Can sometimes be costlier than a reassessment. Can updating ITR cost you more than a reassessment? Yes, updating an Income Tax Return (ITR) using ITR-U (Updated Return) can sometimes be costlier than a reassessment initiated by the Income Tax Department. The proposed extension of the ITR-U (Updated Return) filing window from two …
The viral claim that senior citizens above 75 years old are exempt from paying taxes is false. Fact Check: What is the Truth? No Tax Exemption for Senior Citizens Above 75 Years : The Government of India has not announced any such exemption for senior citizens. Section 194P – Exemption from Filing ITR, Not Paying …
Section 87A Rebate Restored- utility update disallowed rebate on Special Rate Income The Income Tax Department’s announcement about the updated utilities for ITR-2 and ITR-3 incorporating Section 87A rebate provisions is a notable development, especially for taxpayers dealing with income taxed at special rates such as Short-Term Capital Gains u/s 111A and Long-term capital gains …
Filing a Belated Income Tax Return: Key Details If you’ve missed the deadline to file your Income Tax Return (ITR), you can still file it as a belated return under Section 139(4). While filing the belated return, you must select Section 139(4) of the Income Tax Act. What is a Belated Return? A belated return …
CBDT Guidelines for Handling Delayed Old pending Tax Refund Claims The Central Board of Direct Taxes issued Circular No. 11/2024 on October 1, 2024, providing new guidelines for condoning delays in filing Income Tax Returns (ITRs) that claim refunds or carry forward losses u/s 119(2)(b) of the Income-tax Act, 1961. This circular supersedes earlier instructions …
If Tax Refund delayed – Unless these taxpayers verify it on the ITR portal, they will not receive a refund. Even though the Taxpayer filed & verified his Income tax Returns, the Risk Management System can pause your refund if there are discrepancies that require clarification. Ensuring the accuracy of your claims and being prompt …
Undisclosed Foreign Asset must accurately report in ITRs to avoid Penalties The issue of whether a bona fide mistake in the non-disclosure of foreign assets in an Income Tax Return (ITR) would result in a penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) has …
Frequently Asked Questions – New Capital Gains Taxation Regime Finance Minister Nirmala Sitharaman presented the full Budget for this fiscal year on July 23, announcing several significant changes to the capital gains tax regime. Here’s a comprehensive guide to the major changes and their implications: How Capital Gains from Equity Mutual Funds and Other Assets …
Guide to Choosing Correct ITR Form for Stock Market Income For those whose yearly income exceed the basic exemption limit, they must file an ITR. To finish the electronic filing of their income tax returns, taxpayers must fill out a variety of paperwork. These ITR forms are divided according to the type of income. But …
Allowable Deduction Under New Tax Regime – NPS-related deduction u/s 80CCD(2) Under the new tax regime, the National Pension System (NPS)-related deduction under Section 80CCD(2) can indeed be claimed. Here are the key points to consider: This deduction is available only to salaried individuals. Self-employed individuals cannot claim this benefit. The deduction under Section 80CCD(2) …