Disclose foreign asset or income details in ITR by December 31, 2024 or else Rs 10 lakh penalty can apply, says Income Tax Department

Black Money Act: ​"Failure to disclose foreign income or asset in ITR can mean assessment proceedings being initiated under Black Money (undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Penalty of Rs 10 lakh can be levied, if the aggregate value of an asset or assets (other than immovable property) exceed twenty lakh rupees," said the Income Tax Department.

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ITR filing: CBDT sending emails for mismatches in ITR, AIS, high-value transactions, not filing ITR for these years

The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to help taxpayers reconcile discrepancies between their Annual Information Statements (AIS) and Income Tax Returns (ITRs) for two financial years. The CBDT is sending email and SMS notifications to taxpayers and non-filers, highlighting discrepancies and encouraging them to file updated or late ITRs for FY 2023-24 by December 31, 2024.

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Vivad Se Vishawas Scheme 2024: Income Tax Department releases new FAQs on eligibility, tax amount payable; Check details here

Vivad Se Vishwas Scheme 2024: You can settle your pending income tax litigation cases by appling for Vivad Se Vishwas Scheme 2024. The Ministry of Finance has released new frequently asked questions (FAQ) on this scheme. "The objective of the Scheme is to, inter alia, reduce pending income tax litigation, generate timely revenue for the Government and benefit taxpayers."

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Income Tax Department regrets issuing erroneous notices to taxpayers: Know the details

Income Tax Dept sent wrong tax notice to many: The tax department has erred in sending notices to many taxpayers for defective income tax return (ITR). A defective return notice was wrongly issued on 29th Nov 2024 stating that income is offered u/s 44AD.... We regret the above erroneous communication, which was issued, for the return filed for the AY 2024-25," said the Income Tax Department.

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Gala is saving for retirement but his mutual fund portfolio is risky: Here's what he should do to meet goals

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Income taxpayers can set off short term capital loss from share sale against long term capital gains: ITAT

The Income Tax Appellate Tribunal recently upheld a taxpayer's right to engage in legitimate tax planning, allowing the set-off of short-term capital loss incurred from the sale of shares against long-term capital gains (LTCGs), according a TOI report. The decision is a huge relief for stock market investors who often face scrutiny during income tax assessments.

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PAN 2.0: A master-key to access digital system and govt services, know how it will help you

PAN2.0: The common identifier number which is going to be PAN 2.0 has many benefits. ​Gaurav Makhijani from Roedl & Partner India, says: This project is expected to provide taxpayers a more seamless experience. By integrating data from various sources onto a single platform, the common identifier number will simplify the tracking of transactions/ investments that will provide better experience. This also means a reduction in overall cost of compliance handling, reduction in errors, etc."

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Advance tax payment deadline December 15 is Sunday: Can you pay this third installment of advance tax on December 16?

Advance tax: The third installment of advance tax of FY 2024-25 needs to be paid on or before December 15, 2024. However, since December 15, 2024 is a public holiday i.e. Sunday you can pay it by December 16, 2024. This is based on the fact that a 1994 circular permits this.

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ITR filing last date FY2023-24: Missed ITR deadline or made mistake in ITR? File a revised, belated return by December 31, 2024

ITR filing due date: December 31, 2024, is the last date to file belated and revised ITR for FY 2023-24 (AY 2024-25). A taxpayer can file a belated ITR if they have missed the original due date of ITR filing which is applicable to them. A taxpayer can also file revised ITR if they have made a mistake in the originally filed ITR.

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PAN 2.0: How to apply for PAN card reprint with QR code

PAN card reprint application: If you are one of those taxpayers having a PAN card with old designs and want to update it to the new design having a QR code, then you can submit an application for the PAN card reprint. There are charges applicable to applying for a PAN card reprint. Know the steps you should follow to apply for a PAN card reprint with a QR code.

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No late fees for filing GSTR-7 after deadline; Here’s why these taxpayers still need to file it to avoid serious consequences

GSTR-7 due date: New advisory by GSTN says even if the due date for filing GSTR-7 is missed, taxpayers filing a 'Nil' GSTR-7 return won't have to pay any late fees. The deadline to file GSTR-7 is December 10, 2024 for November 2024 tax period. Read below to know why you must file GSTR-7, which has been made sequential from October 2024 onwards.

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GST registration: Register for GST via biometric-based Aadhaar authentication and document verification in these states

GST registration in Haryana, Manipur, Meghalaya, and Tripura will now involve biometric Aadhaar authentication and document verification. Under this, some applicants might be required to visit a GST Suvidha Kendra to complete biometric verification. Read on to find out who will be required to visit the GST Suvidha Kendra for biometric verification, and in which states is this facility already active.

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Deadline for filing GSTR-7 is December 10, 2024 for these GST registered taxpayers even if TDS was not deducted

GST return: Now you need to file GSTR-7 even if no TDS (tax deducted at source) was deducted. "GSTR-7 return is to be filed in chronological order, beginning with the return period of October 2024. It is pertinent to mention that for a month in which no deduction has been made, deductors need to file Nil return for the same month," said GSTN.

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Income tax grievance redressal overhaul: Faster response, demarcated list of officers for tax refund, TDS, PAN, waiver, other issues

Income tax:The income tax department has overhauled the grievance redressal system to make it faster. Experts say now taxpayers can expect faster resolution of various grienvances relating to PAN, TDS, tax refund and others. ​"The Income Tax Department of India has introduced several enhancements to its grievance redress mechanism in 2024. With the launch of the e-Nivaran and CPGRAMS system, taxpayers now have a more efficient way to address their concerns, track progress, and escalate unresolved issues as needed."

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PAN 2.0 is going digital: Will you still need a physical PAN card as ID proof and KYC document?

Permanent Account Number: As PAN 2.0 is going to be digital with the option to take physical PAN, will you still need to spend money for getting PAN 2.0 physical card? ​CA Ankit Jain says: "Based on current experience, digital PAN is accepted at entry points of airports, hotels, trains etc. Digital PANs are also accepted while applying for GST registration, Director Identification Number, Company Registration, etc."

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KSCAA writes letter to tax dept about taxpayers being wrongly charged late penalty for ITR filing

Income tax department: KSCAA has reported that the tax department has been erroneously processing many income tax returns (ITRs) and even imposing late filing fees of Rs 5,000 in cases where the ITR was filed before the deadline expired. "Our representation to the Central Board of Direct Taxes highlights critical systemic issues in income tax return processing that are causing undue hardship to taxpayers and professionals," says CA Vijaykumar M Patel.

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PAN 2.0: How to get PAN card with QR code for free by updating your address online

PAN with QR code: The FAQs released by the income tax department allow PAN card holders to update their addresses online for free if they have old addresses updated in the income tax records. Here is a step-by-step guide on how PAN cardholders can update addresses using Aadhaar based e-KYC.

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Have high hopes from GST cut on health, life insurance? Here's why a drastic fall is unlikely to benefit policyholders

GST on insurance: The public demands lowering of GST rate on insurance products as it is too high. However industry experts warn that if the GST rate is cut from 18% to 5% without input tax credit is not given then instead of making the premium affordable, the premiums will rise.

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