Thursday, October 3, 2024

Income Tax: Do not delay anymore in filing ITR for FY19, know what experts say

Income Tax: Do not delay anymore in filing ITR for FY19, know what experts say
On 29 July, the government had extended the deadline for filing income tax returns for the financial year 2018-19 once more, giving relief to the taxpayers. It is estimated that the deadline will not be extended any further. A nationwide lockdown was implemented in the country from 22 March 2020 in the wake of the Corona virus epidemic. This disrupted all activities. With the last date of the financial year 31 March also coming in lockdown period, the government had to go ahead with several deadlines, one of which is the deadline for filing income tax returns.

Wednesday, October 2, 2024

ITR Filing: Not Reporting High-Value Transactions May Get You An IT Notice

Taxpayers are required to report certain high-value transactions in their Income Tax Return (ITR), otherwise, they may be taxed.

Income tax department information

It is to be noted here that the IT department receives information on high-value transactions from various government agencies.

If you, as an individual, do not report the transaction to ITR, the IT department may send you a notice seeking clarification.

Received Notice From Income Tax Department?

If a person does a high-value cash transaction, he is likely to get a notice from the Income Tax Department .  Banks, mutual fund houses, br...

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