Losses on capital gains and losses on business and profession shall not be carried forward in case of belated ITR filing
"There is a misconception that if the deadline has been extended, there is nothing to worry about," said Anurag Jain, Partner, ByTheBook Consulting.
TDS: You can ask for a refund when the tax deducted does not match with your actual tax payable
The new income tax e-filing portal "www.incometax.gov.in' had a bumpy start from the day of its launch, as it continued to face tech glitches
The new portal was launched on June 7 with an aim to make it taxpayer-friendly. But since its launch users have been complaining of technical issues
Parekh said, "We are working collaboratively with the department, CAs, individual taxpayers, to make sure we create a great new experience."
The detailed monetary activities described by the various organisations/ institutions are reflected in the taxpayer’s form 26AS
Some taxpayers complained that interest and late fee was charged while filing income tax return (ITR) after July 31, 2021
The faceless tax system aims to eliminate physical contact between the taxpayer and the taxman to make tax administration objective and transparent.
Investors should pay advance tax on capital gains each quarter instead of waiting to make payments while filing ITR after the end of financial year