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ITR PENAL INTEREST
Foreign investments in your portfolio? Follow this ITR checklist to avoid tax scrutinyResident and Ordinarily Resident (ROR) taxpayers with foreign assets or income must carefully disclose overseas investments, dividends and ...- ITR filing 2026: Foreign income and overseas assets? Avoid these 7 costly disclosure mistakesReturning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more detailed ITR-2, moving away from t...
- Didn’t report FD interest in your ITR? Here’s how you can still correct the mistakeMissed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receiv...
- Income tax alert: These taxpayers could receive scrutiny notices by June 30, 2026 under Section 143(2)The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY 2025-26 returns. An internal deadl...
- Failed to report US stocks gained via ESOP? Use this one-time Amnesty scheme; Know how it worksA one-time amnesty scheme, the FAST-DS, has been introduced to help Indian residents and NRIs resolve past non-compliance with reporting fo...
- ITR filing due date for FY 2024-25 is September 15, 2025, but is it also deadline to pay self-assessment tax without penalty?The government extended the income tax return filing deadline for FY 2024-25 to September 15, 2025, offering relief to many taxpayers. Expe...
- ITR filing due date extended but deadline to pay final tax without penalty is July 31 or Sept 15 now for FY 2024-25?Deposit tax without penalty: The Central Board of Direct Taxes (CBDT) has extended the last date to file income tax return from July 31, 20...
- Updated ITR deadline approaching: Avoid 50% additional tax by filing before March 31, 2025Taxpayers are advised to file updated Income Tax Returns (ITR-U) promptly to avoid higher penalties. Filing by March 31, 2025, incurs a 25%...
- 60%, 70% penal income tax payable when filing updated income tax return in 3rd, 4th year from end of AY: Budget 2025Budget 2025 extends the period for filing updated income tax returns from 24 months to 48 months. Taxpayers will now face higher penalties,...
- ITR filing deadline missed: A belated ITR for FY2023-24 (AY 2024-25) can only be filed under the new income tax regimeHow to File Belated ITR: A big disadvantage of filing a belated income tax return (ITR) is that, starting August 1, i.e., after the July 31...
- Missing ITR filing deadline can cost you much more than just late filing feeCost of missing ITR filing deadline: Missing income tax return filing deadline of July 31 not only leads to payment of penalty of up to Rs ...
- How to file ITR after July 31 deadline?The deadline for submitting your income tax return (ITR) for the fiscal year 2023-24 is fast approaching on July 31, 2024. If you haven't f...
- 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...
- Return excess income tax refund else you may get tax noticeIt may happen that an individual has incorrectly filed his ITR by July 31, 2023 for FY 2022-23 (AY 2023-24), and the ITR got processed and ...
- You can file ITR first, pay income tax later: Here’s how to use this feature on e-filing portalAn individual can take advantage of income tax department's 'pay later' feature to first file his income tax return (ITR) and pay the self-...
- When is the last date to file a belated ITR?Now that the deadline for income tax return (ITR) filing is over, you can only file a belated ITR by paying a penalty and interest on the i...
- What are the disadvantages of filing belated ITR?The last date for filing ITR for FY 2021-22 (AY 2022-23) is July 31, 2022. If an individual misses this deadline to file ITR, there is a mo...
- Delay in ITR filing can cost these taxpayers 1% penal interest a month: Here’s whySelf-assessment tax dues are calculated after subtracting TDS, TCS and advance tax dues. Here is a look at how self-assessment tax is calcu...
- Self assessment tax liability for FY19-20 over Rs 1 lakh? Pay by July 31 to avoid penal interestAccording to a press release issued by the Central Board of Direct Taxes on June 24, 2020, no extension has been granted to individuals hav...
- Penal interest applies on late payment of advance tax: Here's how to calculate itTaxpayer is liable to pay penal interest on advance tax if he has failed to pay any advance tax or the advance tax paid is less than 90& of...
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