"This extension is to ensure that all taxpayers are eligible for the rebate under Section 87A.", the court said.

Most of the income tax changes announced in July 2024 will affect tax deductions and exemptions that can be claimed while filing an income tax return (ITR) in July 2025. ET Wealth Online has listed 15 ...

The new tax regime (NTR) lets you compute your income tax at a lower rate slab, but it renders you ineligible to claim most ...

5. Failure to submit investment proofs: To understand the chronology, one must first declare the investments to the employer ...

The Honourable Bombay High Court said recently, "​By way of interim relief, the... Central Board of Direct Taxes is hereby ...

ITR’s most interesting stories of the year covered ‘landmark’ legal battles, pillar two, AI’s relationship with transfer ...

Another thrilling episode of Parking Revenge! Witness double parking disasters, epic towing moments, and the ultimate justice ...

A belated return refers to the income tax return that is filed after the deadline, that is July 31 of a given assessment year ...

1. Hon’ble Bombay High Court vide interim order dated 20/12/2024 directed CBDT to issue the requisite notification and extend the deadline for the revised and belated ITR filing date till 15/01/2025.

The court observed that recent changes to the Income Tax Department’s utility software prevented eligible taxpayers from ...

ITR filing: Taxpayers with foreign income or assets must disclose them by December 31, 2024, to avoid penalties under the Income Tax and Black Money Acts. The Income Tax Department has outlined ...

The Bombay high court directed the Central Board of Direct Taxes (CBDT) to extend the date for e-filing of belated income tax returns for taxpayers required to file by 31, 2024. Belated return, a last ...