The income tax department notified the taxpayers of the late filing of tax returns for A.Y. 2024-25, along with a penalty of INR 5000 However, if the taxpayer’s total income does not exceed Rs 5 lakh, then the maximum penalty levied for delay will not exceed Rs 1000....
Delay in Receiving Refunds Penalty for Late Filing Income Tax Return u/s 234F As per the modified rules notified under section 234F of the Income Tax Act that is already in action from 1 April 2017, filing your ITR after the due date can make you liable to pay a maximum penalty of ...
The original ITR must be for AY 2023-24 (FY 2022-23) and onwards. This means that any ITR filed on or from April 1, 2023, can be discarded from the income tax records If an individual is using the 'Discard Return' feature, then one must be aware of the co...
Due Date for Revised/Belated Return of Income for FY 2023-24: December 31, 2024. Note on "ITR date extension":The Central Board of Direct Taxes (CBDT) extended the deadline for corporates to file their income tax returns for the Assessment Year (AY) 2024-25 from 31st October 2024 to15...
However, it has been seen many times that some people have to face a lot of delay in getting the income tax refund. In such a situation, after applying for income tax refund, its status can be checked with easy steps. Let’s know about it… ...
Most refunds take about 21 days after the IRS has approved your e-filed tax return. However, there are delays that are possible due to various reasons. These articles explain in more detail what may cause a delay: Where's My Refund? Top 5 Reasons It's Been Delayed ...
Mistakes here can delay returns, lead to confusion, or even have the IRS reject the return altogether. Remember, your tax return is a legal document. Presenting accurate and truthful information is not just recommended; it's a requirement. Understand Tax Penalties The tax world is governed by ...
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Another way to minimize the effects of the NIIT is to delay income, such as year-end bonuses or capital gains, to stay below the threshold in a given year, says Carey. Investors can also use the strategy of harvesting capital losses to offset taxable gains and lower their MAGI. "Another...
9.State of California Franchise Tax Board.Nonrefundable Renter’s Credit. Accessed Jan 17, 2024. 10.California Franchise Tax Board.Delay your bill payment. Accessed Apr 5, 2023. 11.California Franchise Tax Board.Payment plans. Accessed Apr 5, 2023. ...