A chartered accountant, Aditi Bhardwaj, has flagged a critical technical glitch in the ITR-2 online utility that could create significant problems for taxpayers. The error, which affects how capital gains and losses are reported, could lead to incorrect filings, triggering automated adjustments under Section 143(1), and potentially causing return rejections. The primary issue is an … Read more
Don’t Let AIS Discrepancies Derail Your ITR: Fix Them Now to Avoid Penalties! Taxpayers, listen up! As you prepare to file your Income Tax Return (ITR) for Assessment Year 2025-26, a crucial step often overlooked is reviewing your Annual Information Statement (AIS). Ignoring errors or mismatches in your AIS can lead to unwelcome income tax … Read more
As the September 15 deadline for filing Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26) rapidly approaches, taxpayers face an unprecedented level of scrutiny from the Income Tax Department. With approximately 1.65 lakh cases already flagged for detailed assessment under Section 143(2), it’s clear that compliance checks are more rigorous than … Read more