Everything you need to know about ITR File and Types of Income Tax Return ITR stands for Income Tax Return. The Income-tax Act of 1961 issues all the ITR forms and explains the steps to follow. This article gives a detailed explanation of what ITR is and the different types of ITR forms. An Income…
ITR Filing Last Date FY 2023-24 and Consequences of Missing the Income Tax Return Filing Deadline When is the last date to file ITR? The deadline for filing Income Tax Returns (ITR) for the Financial Year 2023-24 (Assessment Year 2024-25) is July 31, 2024. However, if the return is not filed by this due date,…
What is a Statement of Financial Transaction (SFT)? The accumulation of illicit funds poses a significant threat to the Indian economy. Consequently, the Indian government has implemented several measures to counteract such activities. In 2003, the ‘Annual Information Return (AIR)’ was introduced under Section 285BA of the Income Tax Act. It was subsequently repealed by…
