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Source: Live Mint With only two days to go before the deadline to file revised income tax return (ITR) for FY 2023-24 expires, taxpayers can claim tax rebate under section 87A. Notably, the income tax department recently released excel utilities for ITR forms ITR-2 and ITR3 to exercise the option to claim rebate u/s 87A. However, you have…
Source: Live Mint If you somehow failed to file your income tax return (ITR) for any of the past two years, you can still file an updated income tax return. These two years are 2021-22 (AY 2022-23) and 2022-23 (AY 2023-24) for which taxpayers can still file their updated return before March 31, 2025, reveals the…
Source: Live Mint Taxpayers must note that the deadline for filing a belated income tax return or submitting a revised return for the assessment year 2024-25 is fast approaching. The final date for submission is in one week, i.e., on January 15, 2025. Originally, the deadline was set for Dec 31, 2024. However, the Central…
Source: Live Mint Not being able to file an income tax return (ITR) before July 31, 2024, prevented Suresh Jain (name changed) from filing his ITR under the old tax regime, thus missing out on certain exemptions and carry-forward of losses to which he was entitled. Thanks to the condonation of delay, which was recently…
Source: Live Mint If you have made investments in some tax-saving instruments but realise that you won’t be able to claim the exemptions against them since you missed intimating your employer about opting for the old tax regime during the year, there is a way out. It is vital to note that you can still…
Source: Live Mint The calendar year 2025 has begun and the financial year 2025 is set to end in three months. However, taxpayers can still invest in a slew of tax-saving schemes that enable them to claim tax exemptions for fiscal 2024-25. So, it is vital to note that the investment must be made in…
Source: Live Mint If you have invested in tax-saving instruments during the year, it is imperative that you submit the proof of investment to your employer in order to claim deduction for those investments. For the uninitiated, salaried employees are supposed to intimate their employer about the investment they made in tax-saving financial instruments during the year….
