It is necessary to have a working login, a PAN connected to your Aadhaar, and the acknowledgement number to access and monitor the status of your income tax refund.
A late fee of ₹1,000 will be charged to individuals whose annual salary is less than ₹5 lakh, and a late fee of ₹5,000 will be imposed on those whose annual salary exceeds ₹5 lakh. Certain taxpayers, however, are allowed to file their taxes after the July 31 deadline.
The Income Tax department said that a person can be asked to obtain an income tax clearance certificate only after recording the requirements’ reasons.
If you are not impressed with the new income tax regime even now, there is a provision to switch to the old one from the default regime.
Income Tax changes: Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today in Parliament and made some major announcements including tax slab change.
Under Section 87A of the Income-tax Act 1961, taxpayers with a total income up to Rs 5 lakh under the old tax regime or up to Rs 7 lakh under the new tax regime are eligible for a tax rebate that can reduce their net payable tax to nil.
Up to 48% of households face a steep drop in earnings and savings, a LocalCircles survey has shown. The rise in prices of essential goods and other expenses is forcing many families to tap into their savings buckets.
ITR Due Date Extension AY 2024-25: With ITR filing deadline approaching fast, taxpayers have started urging the government to extend the tax filing due date as they are facing technical glitches on the e-filing portal.
The deadline for filing Income Tax Returns for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. Delayed payment of taxes may result in penalties or interest charges, depending on the extent of the delay.
Before their income tax forms are deemed valid, individuals must electronically validate them according to a deadline set by the Income Tax Department.
© 2018 CA Chandan Agarwal. All rights reserved.