If you find yourself in this situation, don’t panic. While penalties and fees are associated with filing your ITR after the due date, it’s still better to file late than not at all. In this blog post, we’ll go through the step-by-step process of filing income tax returns after t...
Filing the tax returns requires you to have complete knowledge of the process. For the convenience of the taxpayers, the Income Tax Department categorizes the ITR forms into seven different types:ITR1,ITR2,ITR3,ITR4,ITR5, ITR6, and ITR7. This article comprises of all the information relate...
Explore the crucial role of income tax filing in personal and national development. Get a detailed guide on how to file your Income Tax Returns (ITR).
Section 115BAC of the Finance Act 2020 introduced a choice between the old and new tax regimes for the ITR forms. Assessee who chooses to pay tax in accordance with the new tax regime needs to submit Form 10IE to the ITR department before filing their ITRs. Also, if the assessee choose...
Deadlines for filing BIR Form 1701, 1701A and 1700 The BIR requires that your Annual Income Tax Return must be filed on or before the 15th day of April each year. We do recommend that you file your annual ITR as soon as possible to avoid any unforeseen problems. ...
In Case of Online ITR Filing In the case of online ITR, the correction can only be made by the assessing officer of the taxpayer. As per the ITR filing website, “the taxpayer must visit the assessing officer and request him to correct the mistake made by him in ITR. The office of ...
After e-filing ITR: ITR-V,Receipt Status,Intimation u/s 143(1) Paying Income Tax : Challan 280 Hope this explains how to revise income tax returns. Disclaimer: Please use article the for informational purpose only. We do not hold any responsibility for mis-information or mis-communication. ...
Note: that ITR-U cannot be used to show a loss return, claim income tax refund and so on. When can an Updated ITR be filed? An Updated Returncan be filedin the following cases: Did not file the return. Missed return filing deadline and the belated return deadline ...
As the due date for income tax is 31 July, you need to make sure that te returns are file on time. From April 2018, tax rules have changed and a penalty of upto Rs 10000 will be levied if the return is not filed on time. Also, the ITR revision time limit
Timely Filing of Income Tax Returns Filing within the Due Date: Ensure you file your income tax return (ITR) within the stipulated due date, as prescribed by the Income Tax Act, to be eligible for interest on your refund. Filing early allows ample time for the tax authorities to process ...