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Updated ITR, ITR U: What is it? How to file it?

Jan 5, 2023

If you have missed December 31 deadline for filing your belated tax return or revising your filed ITR, then you have the option to file an updated ITR, ITR-U, under Section 139(8A) with some penalty and extra tax. An updated ITR, is an updated return that allows you...

New draft Common Income Tax Return Form

Nov 5, 2022

At present, depending upon the type of person and nature of income,  taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7. Income Tax Department, proposes to introduce a common ITR by merging all the existing returns of income except ITR-7....

Filing Income Tax Return after Due Date : Belated return, Updated ITR

Jul 11, 2022

If you don’t file your income tax return till due date (31 Aug 22 for FY 2021-22 or  AY 2022-23) all is not lost you can file your income tax return with fine or penalty. If you miss this deadline as well, then you will not be able to file ITR unless you receive...

Which ITR Form to Fill?

Jul 1, 2022

Every taxpayer is required to declare to the Income-tax Department of the Government of India, a summary of income, tax paid which he earned during the year(between April to Mar of next year) in a form prescribed by the Government something like a report card in...
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