Income Tax: Want to update your ITR? You can file an updated tax return; Here’s all you need to know

Income Tax: Want to update your ITR? You can file an updated tax return; Here’s all you need to know

The deadline to file income tax return expired on July 31, taxpayers can, meanwhile, file a belated income tax return (ITR) before December 31, 2024 after paying a penalty. It is noteworthy to mention that a record 7.28 crore tax returns were filed by July 31, 2024 with 72 percent of tax filers opting for … Read more

Income Tax Returns: Exemptions and deductions that are still allowed under new tax regime

Income Tax Returns: Exemptions and deductions that are still allowed under new tax regime

As a taxpayer, you must be aware of the fact that the new tax regime is now the default regime. Therefore, one has to opt for the old tax regime in case they want to avail one or more tax deductions and exemptions. The last date to file income tax return for financial year 2023-24 … Read more

Income Tax: What is your default regime— old or new? Key things you should know before filing ITR

Income Tax: What is your default regime— old or new? Key things you should know before filing ITR

As the last date to file the income tax return (ITR) looms closer and you have not yet filed the return, it is imperative to first decide the tax regime you plan to opt for. One should file their ITR by July 31 of a financial year to avoid penalties.  It is noteworthy to mention … Read more