The Karnataka State Chartered Accountants Association (R) (in short `KSCAA’), established in 1957 and registered under the Karnataka Societies Registration Act, represents a wide body of Chartered Accountants across the country.
The Economic Survey for FY 2025-26 pointed out how data-driven behavioral interventions improved tax collection efficiency in India, resulting in an extra Rs 119 crore collected thanks to targeted nudges about incorrect House Rent Allowance (HRA) claims.
Mr. Patel, originally from India, has been employed for the past few years at a big consultancy firm’s Uganda (East Africa) branch. However, he faced his worst nightmare when the income tax (I-T) department issued him a notice regarding Rs 20 lakh of “unexplained income” in his Non-Resident External (NRE) bank account.
Excel Utilities for filing updated returns in ITR-5, 6 and ITR-7 for the AYs 2021-22 and 2022-23 as per Finance Act, 2025 are available now for filing.
Taxpayers who missed the initial deadline have time until December 31, 2024, to file their income tax return (ITR) for FY 2023-24 (AY 2024-25). This date applies to those filing a belated ITR, subject to a penalty of up to Rs 5,000. Additionally, December 31, 2024, is the final date for submitting a revised ITR.
State-owned Indian Overseas Bank (IOB) on Tuesday (December 10) said it has received an order confirming a refund of ₹1,359.29 crore for the assessment year 2015-16, including interest under Section 244A.
Tax rebate under section 87A of the Income-tax Act, 1961 is a benefit that reduces the total income tax liability of an eligible taxpayer. The eligibility criteria are that the taxpayer’s income should be below a set threshold and not having certain types of income.
Changes on e-filing poral and Common issues while filing ITR
Indian law mandates resident individuals who hold specified foreign assets (FAs) during the relevant accounting period to file an income tax return (ITR) They must disclose all their foreign assets and incomes therein. Failure to do so can lead to a heavy penalty or even imprisonment.
As the deadline for filing the Income Tax return nears with the due date set for July 31, 2024, taxpayers need to guard against committing any last-minute misstep in their ITRs. Everyone should be careful at the time of return filing and try to enter correct information.
