According to a notification issued by the CBDT, this extension under section 119 of the Income Tax Act, 1961, has been given to the taxpayers referred to in clause (a) of Explanation 2 of sub-section (1) of section 139, from October 31, 2024 to November 15, 2024.

CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.

✅The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.

✅Circular No. 13/2024 dated… pic.twitter.com/rstiKeYCEA

— Income Tax India (@IncomeTaxIndia) October 26, 2024

This extension will not apply to other income tax forms like tax audit report, transfer pricing certification in Form 3CEB and Form 10DA. Its deadline will remain October 31, 2024 as before.

Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala

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The post ITR Filling: CBDT extended the date of ITR filing under AY 2024-25, you can file return till this date first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 324F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 234F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post New order issued regarding extension of ITR filing date , You can file return till 31st Decemaber, know here complete details first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 324F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post Big News! New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 324F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 324F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

The government has changed the rules of income tax. If the income from Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) of an individual exceeds Rs 25,000 in a financial year, then filing of return has been made mandatory for him. According to the new rule, if the income of an individual is less than the exemption limit of 2.5 lakh, but TDS and TCS income is 25 thousand or more, then it is necessary to file a return for that.

The post New rule issued regarding tax return, if income from TDS and TCS exceeds 25 thousand then it is necessary to file return first appeared on Rightsofemployees.com.