The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for resident individuals to Jan. 15, 2025, from Dec. 31, 2024. ET Year-end Special Reads The extension applies to belated returns filed under Section 139(4) and revised returns filed under Section 139(5) of the Income Tax Act, 1961, the … Read more
The initiative is part of the implementation of the e-Verification Scheme, 2021. | Photo Credit: Getty Images The income tax department on Tuesday (December 17, 2024) said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement (AIS) and income disclosed in ITRs … Read more
A flurry of income tax (I-T) notices loom over the next one month amid fears that many could slip through the tax net.Revenue officials have alerted the central authorities that it would be virtually impossible to reopen old tax returns for some of the past years before September 1, 2024, when the new law on … Read more
Last Updated: March 15, 2024, 12:43 IST Advance tax: Last instalment deadline on March 15 Missing the payment deadline would mean the taxpayers will be liable to penalties under Sections 234B and 243C. Income tax alert: March 15 is the due date to pay advance tax. Taxpayers should carefully calculate the advance tax liability. Advance … Read more
Published By: Mohammad Haris Last Updated: February 19, 2024, 18:02 IST Income tax. (Representative image) The Budget 2024-25 announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn The Income Tax department has prescribed a ceiling of Rs 1 … Read more
The Income Tax Department has sent notices to a number of taxpayers who made donations to political parties that are registered, but not recognised by the Election Commission. The notices sent to individuals and corporates are for donations made in FY21 and FY22, to find out whether such payments to lesser-known political parties were used … Read more
