ITR filing: Form 67 is a crucial document in ... to the tax department within the stipulated timeline to avail of a tax credit. It is imperative that Form 67 is filed on or before the due date ...

In most cases, small tax-payers with ‘special rate’ income such as short-term capital gains from sale of equities suffered when the income tax return (ITR) utility for the financial year 2023 ...

If you somehow failed to file your income tax return (ITR) for any of the past two years ... Taxpayer did not report income correctly c) To reduce tax credit under section 115JB/ 115JC However ...

Of course, an updated ITR can only be filed to report a higher tax liability, unlike a revised return that can modify your ITR to include deductions and reduce tax liability. Introduced in April ...

ITR filing: Taxpayers who missed the deadline to file their belated or revised Income Tax Return (ITR) for the financial year 2024-25 in July 2024 were given a second opportunity to do so on ...

Also, they can file their ITRs if they didn't do so within the prescribed time limit or failed to file the belated ITR- within two years from the end of the relevant assessment year. Here is the brief ...

ITR Filing Deadline, January 15, 2025: Failure can lead to a loss of opportunity to file or revise your return for AY 2024-25 and additional penalties. ITR Filing Deadline, January 15, 2025 ...

Similarly, if you failed to file your ITR for the financial year 2021-22 (assessment year 2022-23) or wish to rectify errors, you can submit updated returns by March 31, 2025. You need to enter ...

Legal notices: The Tax Department collects income statements from various sources. Failure to file ITR may trigger reports based on undeclared income. Carry forward losses: Filing before the ...

The simplified ITR-1 form is currently available for residents. Extending it to NRIs with limited income sources would make tax filing easier ...

Rate of tax was not correct in previous ITR a) To reduce carried forward loss b) To reduce unabsorbed depreciation c) To reduce tax credit under section 115JB/ 115JC However, one cannot file if ...