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BREAKING NEW : Excel Utilities for ITR-1 & ITR-4 Now Available for AY 2025-26! Tax Filing Season Officially Begins : The early release of Excel Utilities for ITR-1 and ITR-4 for AY 2025-26 is a welcome step, allowing taxpayers to prepare and file their returns well ahead of time. Don’t wait for the deadline …
What are the common Reasons for Scrutiny & How to Avoid Them Why Do You Receive an Income Tax Notice? Even if you have filed your Income Tax Return (ITR) correctly and on time, a notice may still land in your inbox. The reasons could range from minor errors to major mismatches. Understanding these can …
Differences Between Updated Return (ITR-U) and Application for Condonation of Delay u/s 119(2)(b): Amendments in Budget 2025 for ITR-U Previously, taxpayers had 2 years from the end of the relevant assessment year to file an updated return (ITR-U). Budget 2025 extends this period to 4 years, providing more time for taxpayers to correct omissions and …
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 …