Filing income tax returns (ITR) is a legal obligation for every taxpayer, including salaried individuals. It is a process through which individuals report their income and taxes paid to the government. While many salaried individuals may believe that filing ITR is only necessary if they have taxable income, there are several benefits to filing returns …
Continue reading “Carrying Forward Losses: Why Timely ITR Filing Matters for Salaried Individuals”
The deadline for filing income tax returns (ITR) is fast approaching, and it’s important not to procrastinate. Filing your ITR is a crucial responsibility for every taxpayer, whether you are a salaried individual or a freelancer. The due date for filing ITR in India is 31st July, and it’s essential to understand the benefits and …
Continue reading “Carrying Forward Losses: Why Timely ITR Filing Matters for Salaried Individuals”
The deadline for filing your Income Tax Return (ITR) is quickly approaching, and it’s crucial not to procrastinate. Filing your ITR is a legal obligation for all eligible individuals, and doing so on time brings numerous benefits. Whether you’re a salaried professional or a freelancer, understanding the advantages of filing your ITR can help you …
Continue reading “Don’t Wait to File ITR, File ITR Now! Due Date is 31st July”
The 50th GST Council meeting convened today witnessed the announcement of several significant decisions that will impact taxpayers and streamline the Goods and Services Tax (GST) system. This article aims to provide a comprehensive overview of these decisions and their implications. In conclusion, the decisions taken in the 50th GST Council meeting reflect the government’s …
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Filing Income Tax Returns (ITR) offers several benefits to individuals and businesses. Here are some key advantages of filing ITR: In summary, filing ITR offers individuals and businesses a range of benefits, including compliance, claiming refunds, financial documentation, continuity in financial transactions, positive compliance history, loan approvals, and avoidance of future hassles. It is a …
Introduction The deadline for filing Income Tax Returns (ITR) for non-audit cases is rapidly approaching. As a responsible citizen, it is crucial to understand the significance of filing your ITR on time and ensuring compliance with tax regulations. This article serves as a reminder and guide for individuals to promptly complete and submit their ITRs, …
Continue reading “File Your Income Tax Return Now: Last Date is 31st July 2023”
Introduction As we approach the midway point of the year, it’s time to face one of the most crucial financial tasks for individuals and businesses alike: filing your income tax return. With just 21 days left until the deadline on July 31st, 2023, it’s essential to start gathering your documents, organizing your financial information, and …
Continue reading “Filing Your Income Tax Return: The Countdown Begins with Only 21 Days Left!”
Introduction As the days fly by, we find ourselves approaching yet another deadline – the last day to file Income Tax Returns (ITR). The clock is ticking, and with only a few days left until 31st July 2023, it’s crucial for individuals and businesses to take immediate action. Filing ITR is not only a legal …
Continue reading “File Your ITR Now or Face Penalties! Deadline Looming: 31st July 2023”
The writ petition filed by the assessee was dismissed by the High Court as the assessee could not take advantage of a mere technical mistake in the order passed under section 148A(d). The assessee had filed a return with the email id ‘jvgsurana@gmail.com‘, and the Assessing Officer had sent a notice under section 148A(b) to …
The scope of inquiry under section 148A(d) is limited to the availability of information indicating that income has escaped assessment. In a particular case, an individual assessee filed his income tax return, declaring purchases of arecanut (supari) from entities ‘K’ and ‘O’. Subsequently, the Assessing Officer issued a notice to the assessee under section 148A(b), …
