If you missed the July 31 deadline to file your income tax returns, don’t worry, you still have a chance to file a belated return before December 31. However, keep in mind that you’ll have to pay a late fee of ₹5,000 if your total taxable income exceeds ₹5 lakh. If your income is below […]
The last date for filing the income tax audit report has been extended to October 7, 2024 . This is a welcome relief for taxpayers who were facing difficulties in electronically filing the required reports due to technical issues on the e-filing portal . The Central Board of Direct Taxes (CBDT) made this announcement on […]
NEW AMENDMENT IN LONG TERM CAPITAL GAIN For classifying assets into long-term and short-term, there will only be two holding periods: 12 months and 24 months. The 36-month holding period has been removed. […]
