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AY 2023 24
Income Tax AY 2026-27: Even if your salary income is below Rs 12.75 lakh, you still need to pay tax for these incomesIncome Tax AY 2026-27: Salaried individuals earning up to Rs 12.75 lakh annually may enjoy zero tax liability due to enhanced Section 87A r...- Filing ITR? Don’t ignore the ‘nature of employment’ field; it can affect NPS & retirement tax benefitsThe "Nature of Employment" field in the ITR is more than a routine disclosure. An incorrect selection can affect certain tax benefits, incl...
- Rs 13 lakh cash payment for credit card bill triggers tax notice; man wins case after ITAT accepts ‘family gift’ explanationA Mumbai man faced a tax notice for using Rs 13 lakh cash to pay his credit card bill. He explained the cash as gifts from his wife, father...
- March 31 is deadline for updated ITR: Have unreported income, applied wrong rate of tax? File ITR-U with payment of additional tax, else be ready to pay higher penaltiesIndividuals can now file an updated Income Tax Return (ITR-U) to correct past errors, including unreported income or incorrect tax rates. T...
- Waiting for pending old ITR? You may soon get ITR refund or income tax demand notice as CBDT extends the deadline till November 30, 2025Income tax: The Income Tax Department will process pending ITRs for AY 2023-24 (FY 2022-23) by November 30, 2025, potentially leading to ta...
- I-T’s About Her: Women taxpayers on the riseThe number of women taxpayers has been steadily increasing, with 22.9 million women filing income tax returns in the assessment year (AY) 2...
- Income tax slab rates for FY 2024-25 (AY 2025-26), FY 2023-24 (AY2024-25), FY 2022-23 (AY 2023-24), FY 2021-22 (AY 2022-23) under old tax regime
- More than 8 cr ITRs filed for first time ever: I-T DeptOver eight crore Income Tax Returns have been filed in the Assessment Year 2023-24, surpassing previous year's 7,51,60,817 mark, according ...
- Missed ITR filing deadline of July 31 for FY 2022-23? Don’t forget to file belated ITR by Dec 31If you have missed the income tax return (ITR) filing deadline of July 31, 2023, then you have time till December 31, 2023 to file a belate...
- Can you switch tax regime from previous/ last year when filing belated ITR?If an individual is having income from business or profession for FY 2022-23 (AY 2023-24) and want to opt for or opt out of the new tax reg...
- ITR-1,4 for income tax return filing FY2023-24 notified by CBDT; last date to file July 31, 2024The Central Board of Direct Taxes (CBDT) has notified the income tax return forms for current financial year i.e. FY 2023-24 (AY 2024-25). ...
- What is the last date to file ITR-U?An updated income tax return (ITR-U) can be filed within 24 months from the end of the relevant assessment year, provided the deadline for ...
- Average processing time of income tax return (ITR) after verification reduced to 10 days: CBDTAs on September 5, 2023, 6.98 crore ITRs for AY 2023-24 were filed, out of which 6.84 crore ITRs have been verified. The average processing...
- CBDT processed 88% ITR, refunds over Rs 2.45 crore issued till September 5Total 6.98 crore ITR were filed for the Assessment Year 2023-24. “More than 6 crore ITRs of AY 2023-24 have been processed out of the verif...
- I-T dept says record 6.77 cr ITRs filed for AY 2023-24 till July 31The income tax department on Monday stated that a record 6.77 crore income tax returns for the assessment year (AY)2023-24 were filed till ...
- ITR filing for FY 2022-23: Which income tax return form applies to youContrary to the norms, the Central Board of Direct Taxes (CBDT) notified the income tax return forms for FY 2022-23 (AY 2023-24) in Februar...
- What happens if you miss the ITR filing deadline of July 31, 2023The rules regarding filing belated returns have been amended from FY 2020-21 (AY 2021-22). Read on to know what has changed and how will im...
- What to do if you have missed income tax return filing deadline of July 31The last date for filing income tax return (ITR) for FY 2021-22 (AY 2022-23) is July 31, 2022. If this deadline is missed by the individual...
- What is the last date for filing ITR for FY 2022-23 (AY 2023-24)?It's important for taxpayers to understand that currently the ITR that is being filed is for the financial year 2022-23 which ended on Marc...
- E-filing of income tax return forms 1, 4 for FY2022-23 (AY 2023-24) has started via offline methodThe income tax return forms were notified by the Central Board of Direct Taxes (CBDT) in the February 2023, well after Budget 2023. This wa...
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