ITR Filing Last Dates AY 2024-25 (FY 2023-24)

ITR Filing Last Dates AY 2024-25: For the financial year 2023-24 (assessment year 2024-25) the last date to file income tax returns is July 31, 2024. In case you miss this date, you will have to pay extra charges. Firstly, there is interest which refers to the additional amount that an individual has to pay … Read more

How to File Revised Income Tax Return for A.Y 2023-24?

How to File Revised Income Tax Return?: It is common for taxpayers to realize that they have made a mistake or missed out on important details while filing their Income Tax Returns (ITR) originally. The good news is that these errors can be rectified. The procedure requires submission of revised tax returns through the tax … Read more

How to File Belated Income Tax Return Online A.Y. 2023-24?

How to File Belated Income Tax Return Online A.Y. 2023-24: You can still file your income tax return if you missed the deadline of July 31, 2023, for the Assessment Year 2023-24. This is referred to as a belated income tax return by the income tax department. While there are certain drawbacks to filing your … Read more

Belated Income Tax Return: Penalty, Time Frame & Consequences

Belated Income Tax Return: Penalty, Time Frame & Consequences: A belated return is a term used for a tax return that is filed after its original due date. You have a specific window of time within which you can submit a belated return. This window is calculated as follows: You can file a belated return … Read more

Missed Deadline ITR – What to Do Now?

Every year, you need to file your taxes and income tax returns by the 31st of July. For the year that starts in April and ends in March, the due date is always 31st July. The tax office sends us reminders through emails and texts so we don’t forget and end up with penalties. Still, some … Read more

Section 44AE: Simplified Taxation for Goods Carriage Businesses (A.Y. 2023-24)

Section 44AE of the Income Tax Act is a significant provision that facilitates the implementation and management of the Presumptive Taxation Scheme. This scheme is specifically designed for small and medium enterprises engaged in the business of plying, hiring, or leasing goods carriages. It aims to simplify the tax compliance process by providing a standard … Read more

Form 10IEA: Switch to Old Tax Regime (A.Y. 2024-25)

Form 10IEA: Switch to Old Tax Regime (A.Y. 2024-25): Form 10IEA is a tax form introduced by the income tax department specifically for the assessment year 2024-25. It is used by individuals and Hindu Undivided Families (HUFs) having business and professional income who want to opt out of the default new tax regime and switch … Read more

Form 10IE: Opting for New Tax Regime AY 2023-24

HUFs and individuals interested in opting for the new tax regime for the Assessment Year 2023-24 are advised to use Form 10IE. The purpose of this form is to indicate that they would prefer the new tax regime to the default old tax regime. Individuals and HUFs with business or professional income must use Form … Read more

Section 44ADA: Simplifying Taxation for Professionals

The Income-tax Act provides certain provisions to simplify the taxation process for professionals, such as doctors, lawyers, architects, engineers, and other specified professionals. One such provision is Section 44ADA, which introduces a presumptive taxation scheme exclusively for professionals. In this article, we will discuss about of Section 44ADA and its benefits for professionals. The professional … Read more

ITR 4 (Sugam) A.Y.2023-24: How to File ITR-4 Online?

ITR-4 (Sugam) A.Y.2023-24: ITR-4 (Sugam), also known as the Income Tax Return Form 4, is a tax filing form for individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships) who have income from business or profession. ITR-4 is especially for individuals/HUF/Firms whose total income does not exceed ₹50 lakh and who have income … Read more

ITR-3 A.Y.2023-24: How to File ITR-3 Online?

ITR-3 A.Y. 2023-24 – Individuals and HUFs have income from profit and gains of business or profession: ITR-3 is a form applicable to resident individuals and Hindu Undivided Families (HUFs) who earn income from proprietary businesses or professions. It is used for filing income tax returns. Individuals or HUFs engaged in activities such as proprietary businesses, including … Read more

How to File ITR-2 (A.Y.2023-24) – Step by Step Procedure

How to File ITR-2 (A.Y.2023-24) – Step-by-Step Procedure: You can use ITR-2 to file your income tax return if you are an individual and HUFs and earn over Rs. 50 Lakh without business income. An ITR-2 covers any income from a salary, pension, house property (More than one house property), capital gains, director in a … Read more

FAQs for Filing ITR-1 (Sahaj) – A.Y. 2023-24

1. What is ITR and what is ITR-1? – ITR stands for Income Tax Return, which is a form filed by taxpayers to disclose their income earned during the financial year. ITR-1 is the simplest form, also known as Sahaj, used by individuals with income from salaries, one house property, or other sources (excluding capital … Read more

How to File ITR-1 (Sahaj) Step by Step (A.Y.2023-24)

How to File ITR-1 (Sahaj) Step by Step (A.Y.2023-24): To file an income tax return, the income tax department has released different types of income tax forms based on the category of taxpayers. Currently, there are seven ITR forms available to file an income tax return. The Income Tax Return Form 1 (ITR-1), also known … Read more

Form 26AS Simplified: View or Download Your Tax Credit Statement

Form 26AS is an important document for taxpayers in India as it provides a comprehensive summary of the tax credits associated with their Permanent Account Number (PAN). Form 26 AS consolidates information from various sources such as tax deducted at source (TDS), tax collected at source (TCS), advance tax, and self-assessment tax payments. You have … Read more

How to e-Verify of Income Tax Return? (All Methods)?

E-verifying your income tax return is a crucial step in the tax filing process. Without e-verification, your return remains incomplete, and any refunds due will be withheld. In this comprehensive guide, we will explore how to e-verify income tax returns using various methods, ensuring a smooth and hassle-free experience. Updates:  The new rule for e-verification … Read more

How to Pre-validate Bank Account for Faster Refund?

As per Income Tax Department guidelines, you will get your income tax refund only if your bank account is validated on the income tax filing portal. So all taxpayers who want income tax refunds fast and without any error should pre-validate their bank account on the income tax portal. The official website of income tax … Read more

Income Tax Login: Income Tax Portal Registration for Easy ITR Filing

Income Tax Login: Income Tax Portal Registration for Easy ITR Filing: Is filing your income tax returns every year a hassle for you? The new income tax portal offers a seamless experience that makes filing your ITR a breeze. A user-friendly interface, faster processing times, and a variety of services make tax compliance easier with the … Read more

Essentials Documents Needed for Filing ITR (A.Y.2023-24)

Essentials Documents Needed for Filing ITR (A.Y.2023-24): When filing your Income Tax Return (ITR), it is crucial to have the necessary documents readily available, even though physical attachments are not required. In the event of a future audit or query from the tax authorities, you will have the necessary information readily available. The process of preparing … Read more