For people who have income from a business or profession, loss adjustment in the subsequent financial year will be allowed only if you have filed a return before the deadline the previous year. FAQs on Income Tax Return filing 1. What is Form 16? How do I get Form 16?
1. No efiling for this assessment year It means you have not filed your ITR or had filed manually Cross check the assessment year You may need to check your ITR status online or file a revised or rectified return. 2. Not Determined The tax department has not proceeded your return ...
Tax Refunds: If taxes paid exceed the actual tax liability, taxpayers may be eligible for a refund. Filing returns facilitates this process. Financial Records: Income tax returns serve as important financial records, often required for loans, visa applications, property transactions, etc. Types of ...
Hi all,It was a pleasure to talk to you on my Facebook page yesterday, and answer your income tax and tax saving investment related questions.I am glad that I could be of help, and we would definitely have more such sessions before the end of the investment season. A background …[Re...
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 your return and refund. Revised Return...
Not Eligible for ITR 1 Filing Online for AY 2024-25Such a person will have to file a return in ITR-2 or ITR-3, as the case may be. The taxpayer whose income is more than Rs 50 lakhs is not eligible to furnish this form. Non-residents and RNOR (Residents not ordinarily residents)...
Belated ITR Filing:If you miss the ITR filing due date, you can still file a belated return, but you must do so by December 31st of the particular assessment year. For example, if you miss the July 31, 2024, due date for the financial year 2023-24 (assessment year 2024-25), you ...
Extension of time limit for filing ITR-V formNirav Pankaj ShahEmail thisPrint this
Q. What are the due dates of filing Income Tax Returns ? -For Individuals, the last date of filing Income Tax Return is 31st July of next financial year -For Companies & Persons who require tax audit under section 44AB, the last date of filing Income Tax Return is 30th September of ne...
A senior tax consultant CA Kirti Joshi addressed filing GST returns presents the final opportunity to rectify any errors caused during the annual return for the year 2022-23. It is crucial to consider the income tax return while submitting GST returns, a