While the income tax dept allows ITR late filing until one year from the end of the relevant financial year, you will need to pay a penalty and may lose some benefits
5 min read11 Sep 2018There is no restriction on the number of times an income tax return (ITR) can be revised, if it fulfils the stipulated criterion
4 min read26 Aug 2018If you have filed your ITR and verified it, you should periodically check the status of income tax return. You can know if the ITR has been accepted and processed.
3 min read17 Aug 2018Since you have both income from specified profession (as per Section 44ADA read with Section 44AA of the Income Tax Act, 1961) and capital gain, you will need to use ITR-3 for filing your tax return for the financial year 2017-18
3 min read30 Jul 2018Here are some of the common income categories taxpayers generally miss reporting in their ITRs, according to experts
3 min read2 Aug 2018The extension in the ITR filing due date comes as a relief to those who are yet to file their income tax returns as late ITR filing could attract a penalty of up to 10,000
1 min read26 Jul 2018Whether income from other sources is exempt or taxable, you must disclose it in the income tax returns
5 min read26 Jul 2018e-Verification of ITR can be done up to 120 days from filing. So the Aadhaar OTP option can be exercised as soon as it is enabled, the income tax department said
1 min read25 Jul 2018Income tax return filing: From assessment year 2018-19, ITR 1 form requires detailed calculation of income from salary or house property
2 min read16 Jul 2018You can do the verification of your ITR filing for FY 2017-18 otherwise the income tax return will not be processed
2 min read12 Jul 2018The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared