The government of India has made some changes to income tax forms that people need to fill out while filing their income tax returns. The new forms are called ITR-1 and ITR-4 and will be used for the assessment year 2024-25. Read PDF The IT department ha
#2. Avoid Tax Notice of non-filing of ITRRemember, Uncle Sam is having an eye on your ITR status! In case you fail to duly file your Income Tax Return, you may get a tax notice from the Income Tax department, which would land you up in trouble. Better you timely fulfil the ITR ...
5. Avoid penalties and late filing fees The Income Tax Department can impose a penalty of up to ₹5,000 for delayed filing or non-filing of an ITR. An additional penal interest on the unpaid tax liability will also be levied if you're filing return after the due date. ...
Income Tax Return Processing AY 2024-25: Over 6.58 crore income tax returns (ITRs) have been filed so far for the Assessment Year 2024-25, according to latest update shared by the Income Tax Department on Wednesday. Over 5.53 crore ITRs have been verified and...
July 29, 2024Arpit KulshresthaIncome Tax News and Articles, Taxes in India 3 Minutes Read Sometimes the taxpayer makes some ITR filing mistakes and may also miss some important details to fill in the income tax return form, and this fact has obliged the IT department to come up with a ...
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Understanding ITR – 2 Form Filing Income Tax Department (ITD) of India has differentiated and categorized tax- payers on the basis of their source of income and allocated a specific tax filing Form to each category for filing their annual income tax returns (ITR). Individuals or HUFs (Hindu...
Important Information On Income Tax Return (ITR) First Pay Tax Then File Return Filing of income tax return is a self assessment method wherein the taxpayer needs to make a computation of taxable income earned during the previous year and the income tax payable thereon. Before filing the ...
23.Also calledtax return. a statement on an official form showing income, deductions, exemptions, and taxes due. 24.Usu.,returns.an official or unofficial report on a count of votes, candidates elected, etc.:election returns. 25.Archit. ...
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