Budget 2025 introduced a number of changes including the new tax slab rates under the new tax regime wherein taxpayers are not supposed to pay any income tax up to â‚ą12 lakh a year. This has undoubtedly made the new tax regime quite tempting for the middle-class taxpayers. In FY 2023-24, around 74 percent of taxpayers opted…
In case you forgot to report some income while filing tax returns anytime in the past four fiscal years, Budget 2025 has good news. The timeline to file an updated income tax return has been increased to four years from two years starting April 2025. Of course, an updated ITR can only be filed to…
The protagonist, a farmer from a small town near Bengaluru, is now facing a staggering â‚ą69 crore tax demand. The man did not wish to be identified, so we will refer to him as AN for ease of narration. What began as a brief stint in futures and options (F&O) trading a decade ago has…
With only two days to go before the deadline to file revised income tax return (ITR) for FY 2023-24 expires, taxpayers can claim tax rebate under section 87A. Notably, the income tax department recently released excel utilities for ITR forms ITR-2 and ITR3 to exercise the option to claim rebate u/s 87A. However, you have to manually edit…
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 2023-24) for which taxpayers can still file their updated return before March 31, 2025, reveals the department’s website. Notably, the…
Taxpayers must note that the deadline for filing a belated income tax return or submitting a revised return for the assessment year 2024-25 is fast approaching. The final date for submission is in one week, i.e., on January 15, 2025. Originally, the deadline was set for Dec 31, 2024. However, the Central Board of Direct…
Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, believes that these tax notices are wrongly sent since the limitation…
To provide relief to some taxpayers and reduce litigation, the Central Board of Direct Taxes (CBDT) has notified the e-dispute resolution scheme, 2022, wherein a taxpayer can seek resolution in cases where the department has passed an order asking for additional tax liability of an amount lower than â‚ą10 lakh. Under this provision, taxpayers can,…
Have you ever wondered what is the way out when your demands or desires outstrip your economic potential? For example, you may want to go to a European destination with your partner for a week-long trip, but do not have the adequate money in your bank, or want to add a small extension to your new…
The deadline to file an income tax return (ITR) passed on July 31, 2024, following which eligible taxpayers received either a refund or an income tax (I-T) notice intimating them that there was something amiss in their income tax return (ITR). It could be because of a defective I-T return or a pending assessment. Let…
