Received an income tax notice after filing your ITR? Don’t panic! While unsettling, it often doesn’t signal major trouble. With tax data now digitized, even minor mismatches between your return and records like Form 26AS or Annual Information Statement (AIS) can trigger an automated notice. These are frequently just requests for information or intimations of … Read more
Annual Information Statement (AIS) before filing your Income Tax Return (ITR) isn’t just a suggestion anymore – it’s a crucial step for a smooth tax season. The Income Tax Department is cracking down, and even small mismatches between your declared income and their records can lead to big headaches. Why the AIS is Your Best … Read more
Income Tax Returns (ITR) for Salaried Professionals: Key Dates and Penalties for FY 2024-25 Good news for salaried professionals and individuals not requiring an audit! The deadline for filing Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26) has been extended. Revised Due Date: This extension, announced by the Central Board of … Read more
The Income Tax Department has rolled out the Excel utility for ITR-3 for the financial year 2024-25 (Assessment Year 2025-26), introducing several crucial updates for taxpayers, particularly stock market traders. Here’s a breakdown of the key modifications in the ITR-3 Excel utility: 1. Capital Gains Reporting Gets Granular: 2. Enhanced TDS (Tax Deducted at Source) … 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
The Income Tax Department has announced the activation of online filing for ITR-2 forms, complete with pre-filled data, for the Assessment Year 2025-26. This development follows a recent extension of the tax return deadline to mid-September, a decision prompted by legislative changes introduced in the Finance Act 2024. ITR-2 is specifically designed for individuals and … Read more
Receiving an income tax notice can be unsettling, but it doesn’t always mean you’ve done something wrong. With tax authorities stepping up scrutiny, it’s more important than ever to understand these notices and how to respond. Ignoring them can lead to penalties, so let’s break down the common types, why you might get one, and … Read more
Found a discrepancy in your Annual Information Statement (AIS)? The Income Tax Department has a straightforward solution to help you fix it before you file your Income Tax Return (ITR) for Assessment Year (AY) 2025-26. Many taxpayers are encountering issues with their AIS, and the good news is, you’re not alone, and there’s a clear … Read more
Filing ITR-2 for AY 2025-26? Key Changes to Note in the Excel Utility Planning to file your Income Tax Return (ITR-2) for Assessment Year 2025-26 (Financial Year 2024-25)? The Income Tax Department’s e-filing portal now allows you to download the Excel utility for this form. However, before you dive in, it’s crucial to be aware … Read more
