The Income Tax Department provides guidelines for Income Tax Return (ITR) scrutiny. These guidelines ensure transparency in ...

The "no tax on tips" provision within the Senate version of the One Big Beautiful Bill Act allows tipped workers to deduct ...

The $40,000 cap would begin this year, with the same $500,000 income phaseout, and both figures would rise by 1% annually ...

Misreporting or underreporting income can lead to penalties of up to 200 per cent of the tax due. Tax experts warn that even ...

The ITR filing deadline for FY 2024-25 has been extended to September 15, 2025, potentially waiving penal interest under ...

CBDT extends ITR filing deadline to Sept 15, detailing penalty waivers under Section 234A and unchanged advance tax penalties ...

Act, interest is charged when ITR is filed after the due date. Since the last date has been extended, no interest will be ...

The Central Board of Direct Taxes (CBDT) has extended the last date to file income tax return from July 31, 2025, to ...

Discover complete tax guide for senior citizens (aged 60 and above) for FY 2024-25, covering due dates, exemptions, penalties ...

ITR-U stands for "Updated Income Tax Return". According to CA Ruchika Bhagat, MD, Neeraj Bhagat & Co it is filed using Form ITR-U under Section 139 (8A) of the Income-tax Act, 1961.

To build a more competitive state that attracts business, retains top talent and provides high-paying jobs, I support a simplified flat tax and the responsible elimination of the state income tax ...

According to Section 234A, if you submit your return after ... On May 19, 2025, the Income Tax Department launched the updated ITR-U form in line with the Finance Act, 2025. Notable changes include an ...