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Discard ITR: Now you can discard a duly filled up income tax return (ITR) and file a fresh ITR only if the original ITR which is discarded now has not been verified. Earlier if you needed to make any corrections in a submitted ITR, you could only file a revised ITR. Did you ever find…
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If you’ve dabbled into crypto investments, you must provide detailed disclosures in the newly introduced Schedule VDA (Virtual Digital Assets) when filing returns before July 31. Unlike other assets, you cannot offset crypto losses against capital gains from other assets, such as the sale of mutual fund units or stocks. It’s that time of the…
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While the old utility of income tax filing permitted the claim of Rs 25,000 worth of rebate, the altered utility — updated on July 5, 2024 — declined it, without any amendment in the Income Tax Act, 1961. After an updation of tax-filing utility on the income tax portal this month, taxpayers are being forced…
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Income Tax Return(ITR) Filing FY 2023-24: As the deadline for filing income tax return for the assessment year 2024-25 approaches, it is imperative that you file your tax return on time. Any delay in filing your ITR beyond the due date can cost you a penalty. Also, in case you have a tax liability exceeding…
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When it comes to saving taxes, credit cards can be handy tools. Leveraging credit cards for tax-saving purposes can be a prudent approach, provided it’s done judiciously. This method not only facilitates tax savings but also offers additional perks such as rewards and cashback. Here’s how you can make the most of them in simple…
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The Central Board of Direct Taxes (CBDT) via an order dated February 13, 2024, stated that the tax department has started remitting and extinguishing eligible old tax demands which were outstanding as of January 31, 2024. “Consequent to the Order of the CBDT in 375/02/2023-IT-Budget dated 13.2.2024 eligible outstanding direct tax demands have been remitted…
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Sovereign Gold Bonds (SGBs) are government-issued securities offering a secure and convenient way to invest in gold without physical possession. SGBS provides investors with the opportunity to earn potential capital appreciation due to changes in the price of gold along with a fixed interest. SGBs aim to provide investors with a tax-efficient and hassle-free way…
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Does making an incorrect claim tantamount to furnishing in accurate particulars, liable to penalty u/s 271(1)(c)? When an assessment order is made under the Income Tax Act, 1961, certain additions and disallowances are made which enhances the total income of the assessee. In addition to the assessment order, the Act has made provision for the…
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Time flies, but your tax obligations don’t! With ITR-U, you’ve got 24 months from the end of the assessment year to file your returns. In this financial year 2023-24, seize the chance to file for AY 2021-22 and 2022-23. Don’t miss the final call: Update your FY 20-21 return by March 31, 2024. Stay ahead…
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