Has the last date to file ITR been extended beyond July 31?

ITR deadline extended? Last year, the government did not extend the deadline for filing income tax returns, similar to the year before. However, two years ago, the government extended the deadline for filing income tax returns due to the COVID-19 pandemic.

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Despite being NRI you will taxed as Indian resident if your income in India is above this; Know what else NRIs to watch out while filing ITR

ITR for Non-resident Indians (NRIs): While filing income tax return (ITR) NRIs need to keep a close watch whether deemed residency status have been applied on them or not. As per Mudit Vijayvergiya, Founder, SBNRI, "Under the purview of Income Tax law, NRIs must obtain a Tax Residency Certificate (TRC) to claim DTAA benefits in India."

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ITR filing deadline: 5 consequences of not filing your income tax return today

ITR filing deadline: Taxpayers who fail to meet the deadline for submitting a return have the option to submit a late return by December 31 of the applicable assessment year. Let's examine five outcomes of failing to file ITR before the deadline.

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No penalty for missing ITR filing deadline of July 31, 2024 for these people

ITR filing: You don't have to pay the penalty of Rs 5000 or Rs 1000 for filing the ITR after deadline, if you are filing a tax return voluntarily or have income below the basic exemption or the ITR filing deadline for you is October 31, 2024. Read on to find more about belated ITR filing.

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ITR 3 applicability: Who can file income tax return using ITR 3 form for FY2023-24

ITR 3 form applicability: Depending on the origin of your income and the type of taxpayer you are, you need to choose one of these forms when you file your income tax returns. For non-audit cases, the deadline to submit ITR 3 forms for the relevant assessment year is July 31, and for audited accounts, if applicable, the deadline is October 31.

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Budget 2024: Why crypto F&O investors are happy - No STT, no TDS, no 30% tax

Budget 2024: Crypto future and options investors are happy because the budget did not impose any TDS, STT and neither section 115BBH (30% tax) provisions on it. While at the same time Budget 2024 increased STT on stock market future and options (F&O). Many now believe crypto F&O transactions are now more attractive than stock and index F&O.

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What is the difference between tax exemption and tax deduction?

If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the ninth part of this series, ET Wealth explains the difference between tax exemption and deduction.

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What is the penalty for filing ITR after the deadline of July 31, 2024?

Penalty for missing ITR filing deadline: The penalty for late filing of the Income Tax Return (ITR) applies to individuals who fail to meet the July 31, 2024 deadline. A belated ITR refers to an income tax return filed after the designated due date.

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Made a mistake in your filed income tax return? Check the revised ITR filing last date, what are the charges

Revised ITR filing last date: The option to file a revised Income Tax return (ITR) is offered by the Income Tax Department for such cases. The revised return will replace the original ITR and will be considered as if it was filed on the original filing date.

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Paying income tax is not enough, you must file the ITR by July 31, 2024 to avoid jail in certain cases

ITR filing: You must remember to file the ITR by July 31, 2024 and also pay any pending income tax amount (if any). "There are legal provisions in the Income Tax Act that can lead to imprisonment for not filing income tax returns (ITRs) or not paying income tax when liable," says Priyanka Jain, associate partner, Vaish and Associates.

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Hike in employer's contribution to NPS is good news for salaried but this tax deduction is still missing

NPS Employer contribution hike: Budget 2024 has increased the deduction available on the employer's contribution to the NPS account under the new tax regime to 14%. This is a good news for the salaried individuals. However, one important NPS deduction for salaried individual is still missing under the new tax regime.

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Budget 2024: No GST demand notice to be issued beyond 42 months from the due date of filing annual return; Know how it will help you

GST: Now demand notices of GST cannot be issued beyond 42 months from the due date of filing GST annual return. Moreover, GST demand orders now have to be issued within 12 months from the date of GST demand notice. Know how this Budget 2024 amendment helps you in GST cases.

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New LTCG rule on property to hit homeowners hard: Below 9% annual property price growth, common in many cities, could mean higher loss now

Budget 2024 eliminated the indexation benefit on calculation of capital gain tax on property sales, imposing a flat 12.5% long-term capital gain tax instead. The Ministry claimed the majority of homeowners would benefit, but an analysis showed that those with slow or stagnant property growth will end up paying higher taxes now. Most major cities experienced below 9% property price growth over the past five years, burdening these homeowners further.

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