Updated or revised ITR? What taxpayers need to know before Dec 31 deadline

As the December 31 deadline for filing income tax returns approaches, taxpayers are often confused about the difference ...

Updated vs Revised ITR — Here's what taxpayers should know about income tax return ahead of 31 December deadline

Income Tax Department gives the taxpaying citizen an opportunity to file a revised income tax return (ITR) and an updated ITR ...

Got income tax alert for filing revised ITR before 31 December? Step-by-step process explained

While filing ITR initially, taxpayers can often overlook certain things or make mistakes. However, the mistakes in the ITR ...

Got ITR Mismatch Message From Income Tax Department? Here's What It Means

The Income Tax Department sends these messages as part of its risk management process to ensure accuracy in tax filings.

Income Tax Alert: 70 Lakh ITRs Still Pending, December 31 Deadline To Revise Tax Returns Looms

As of December 28, around 8.5 crore income tax returns had been filed and verified. Out of these, nearly 7.8 crore returns ...
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ITR deadline: The deadline for revised and belated returns has ended! Now only this option remains.

Only One Costly Option Left After January 1 ITR Deadline Update: December 31 marks a critical cutoff for income tax filers in ...

Dec 31 deadline nears for revised and belated ITRs: What options are left for taxpayers from Jan 1

The tax return using ITR-U (updated return) can be filed regardless of whether the taxpayer filed an ITR in the relevant ...

Income Tax Alerts Explained: Why Some Refunds Are Delayed Before Year-End

Tax Department alerts flag ITR deduction mismatches, mainly for salaried staff and large donations, causing confusion and ...

Plan first, invest later: Why choice between new and old tax regimes requires deep planning

Taxpayers now face a critical decision between old and new tax regimes, impacting their tax liability significantly. This ...
Tax Guru

Opening Cash and Debtors Explain ₹1.03 Cr Cash Deposit

The assessee demonstrated that the ₹1.03 crore cash deposit arose from opening cash balance and collections from sundry debtors. The Tribunal held that the onus stood discharged and deleted the entire ...