As a taxpayer, it"s crucial (and even a legal obligation) to stay on top of your tax obligations. The Income Tax Return (ITR) is a vital document that provides the Income Tax Department with ...

Income Tax filing is one of the most important financial exercises in a fiscal year. From April 1, 2024, the Income Tax Department enabled the online income tax return forms, ITR-1, ITR-2 and ITR-4, ...

A belated return can be filed after the expiry of the original ITR filing deadline. The revised return is meant to disclose any additional income that was not mentioned earlier. A penalty of Rs 5,000 ...

Steps to file ITR online: The last date of ITR filing is July 31 and taxpayers and tax professionals are hopeful that the government will extend the deadline to file income tax returns beyond the due ...

If you file belated ITR, then its biggest disadvantage (Disadvantages of Belated ITR) will be that you will have to pay late fees. If your taxable income is less than Rs 5 lakh, you will have to pay a ...

Carry forward losses to offset future gains Claim an income tax refund Secure a visa or loan from banking institutions Purchase term insurance Filing an Income Tax Return (ITR) is a crucial ...

If you somehow failed to file your income tax return (ITR) for any of the past two years, you can still file an updated income tax return. These two years are 2021-22 (AY 2022-23) and 2022-23 (AY 2023 ...

ITR-1 (SAHAJ): Who can use ITR-1? ITR 1 can be used by salaried individuals with an annual income of up to Rs 50 lakh. This includes income from salary/pension, one house property or other sources ...

Which ITR Form Should You File? Understand the Rules for ITR-1, ITR-2, ITR-3, and ITR-4 Based on Your Income Type Filing Income Tax Returns (ITR) is a legal responsibility for every taxpayer in India, ...

New Delhi: The Income Tax Return (ITR) filing season is underway for Assessment Year 2024–25, and the Income Tax Department has extended the deadline to September 15, 2025. Filing ITR is mandatory if ...

There is confusion in the minds of many persons as regards who has to file an ITR. Few salaried as well as senior citizens receiving interest income carry an impression that as tax has already been ...

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return (ITR). But this does not mean you have to pay income tax as there is a tax rebate under ...