Browsing: return

[ad_1] Income Tax Return Due Date Extension for AY 2023-24 Latest News (July 21): If you haven’t filed ITR till now and waiting for an extension of the due date, here’s some bad news for you. The Government is not considering any plan to extend due date for Assessment Year 2023-24, which is July 31, 2023. There are only 10 days left before the end of the due date and more than 3.4 crore ITRs have already been filed till July 20. Latest ITR filing data As per information available on the Income Tax Return (ITR) e-filing website, more than…

[ad_1] By Parizad Sirwalla July 31 is the tax filing deadline for personal tax returns for Financial Year (FY) 2022-23 (AY 2023-24) and it is just a few days away. Every individual whose gross total income exceeds INR 2,50,000 in a given FY is obliged to file the tax return. There may be other conditions as well (e.g., having foreign assets for resident and ordinary residents etc.) where return filing may be mandatory irrespective of quantum of income. The return preparation and filing process has been simplified and made tech-enabled over the years. Today, it can be done online through…

[ad_1] Promoting compliance and ensuring accurate reporting have long been the key challenges in implementing tax laws. However, leveraging technology, the Income Tax Department has taken a significant stride towards addressing these issues through the introduction of the Annual Information Statement (AIS), a powerful tax transparency tool. The AIS serves as an extension of Form 26AS, which traditionally provided details of property purchases, high-value investments, and TDS/TCS transactions for a given financial year. Expanding on this functionality, the AIS now encompasses additional information such as savings account interest, dividends, rent received, purchase and sale transactions of securities or immovable properties,…

[ad_1] Income Tax Return Due Date Extension AY 2023-24 News: More than 3 crore taxpayers have filed their returns till July 19. According to the Income Tax Department, the milestone of 3 crore ITRs has been reached seven days early this year, compared to the preceding year (AY 2022-23). The data on the e-filing website shows that more than 2.9 crore returns have been verified by taxpayers while over 1.6 crore ITRs have been processed. Many tax filers have also received their refunds. While the number of ITRs filed till July 19 is impressive, but around 3 crore returns are…

[ad_1] Revised Income Tax Return (ITR) Filing for AY 2023-24: To err is human. Taxpayers also make mistakes while filing their Income Tax Returns. This year is also no exception. These mistakes may be in the form of not disclosing all incomes or forgetting to claim some deductions. However, the Income Tax rules provide an opportunity for taxpayers to rectify their mistakes by filing a revised Income tax Return (ITR) within a fixed time frame. But there is no additional fee for filing a revised return. This article provides all the key details taxpayers need to know about filing revised…

[ad_1] Income Tax Return filing Errors AY 2023-24 (how to avoid): Taxpayers have been proactive this year in filing their returns early. According to Income Tax Department’s data, more than 3 crore returns for AY 2022-23 have been filed till July 18 while over 1.5 crore ITRs have been processed by the taxpayers. Tax filers have also verified more than 2.8 crore returns. Experts have, however, noticed that tax filers often miss small details or make some minor mistakes, especially when filing by themselves, which either leads to defective returns or fewer refunds. FE Money got in touch with some…

[ad_1] ITR (Income Tax Return) Filing Last Date/Due Date Extension AY 2023-24 Latest News Update (July 18): There is no plan to extend the due date of ITR filing for Assessment Year 2023-24. The due date of ITR filing for income earned in FY 2022-23 is July 31 for taxpayers whose accounts don’t need to be audited. The last date to file ITR this year is December 31. December 31 is the date by which taxpayers can file belated ITR along with a late fee. However, there is no fee for filing ITR by July 31. As the Government is…

[ad_1] Income Tax Return (ITR) Due Date Extension AY 2023-24 Latest News (July 17): If you are waiting for the extension of the due date to file ITR for Assessment Year 2023-24 beyond July 31, you should stop doing so and file now. The Government is not contemplating any extension of the due date of filing ITR for AY 2023-24. On Sunday, news agency PTI quoted Revenue Secretary Sanjay Malhotra as saying that income taxpayers should file their returns at the earliest as the finance ministry is not contemplating an extension of the July 31 deadline. “We expect that the…

[ad_1] Mutual Fund calculation: If you manage to find the right fund giving decent returns, you can multiply your investments multiple times in the long term. However, it is not easy to find the right fund suitable to your needs. This is why it is always recommended to consult a trustworthy financial advisor, who can do this exercise for you. Now suppose you do manage to find the right fund. What after that? You may want to know how long it will take to multiply your wealth. Or, what should be the rate of return to help multiply your investment…

[ad_1] Income Tax Return (ITR) Filing Due Date AY 2023-24 Lates Updates (July 14): Only 17 days are left before the end of the due date to file Income Tax Returns for Assessment Year 2023-24. July 31 is the due date of ITR filing for taxpayers whose accounts don’t need to be audited. Most of the salaried employees are in this category. They have to file returns for income earned in Financial Year (FY) 2022-23. Will there be ITR due date extension? No. There is no expectation of any extension of ITR filing due dates for AY 2023-24. To date,…