Tax Return: Four Key Deadlines to Note Before December 31, 2024

As the year-end approaches, taxpayers must take note of crucial deadlines related to income tax filing. While various categories of taxpayers have distinct Income Tax Return (ITR) submission dates, the final deadline for filing belated and revised returns is consistent: December 31, 2024. Missing this deadline can lead to significant consequences. Income Tax Return Filing…

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PMJJBY: Comprehensive Guide to Eligibility, Benefits, and Application Process

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a key life insurance initiative introduced by Prime Minister Narendra Modi on May 9, 2015. This central government scheme offers yearly renewable life insurance coverage against death from any cause. According to recent data shared by the Ministry of Finance on platform X (formerly Twitter), the…

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ITR Filing Deadline Extended: Relief for Taxpayers Eligible for Section 87A Rebate

The Honourable Bombay High Court recently intervened to address a pressing issue affecting taxpayers eligible for the Section 87A rebate. The court has ordered the Central Board of Direct Taxes (CBDT) to extend the due date for filing revised and belated income tax returns (ITRs) to January 15, 2025. This interim relief ensures that affected…

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GST Advisory: New E-Way Bill Rules Impact Buyers, Sellers, and Transporters; Input Tax Credit at Risk

The Goods and Services Tax Network (GSTN) has issued an important advisory introducing key changes to the GST portal, effective January 1, 2025. These changes impact buyers, sellers, and transporters, with potential consequences for compliance and business operations. Key Updates at a Glance Implications of E-Way Bill Rules on Buyers, Sellers, and Transporters For Buyers:…

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Can You Carry Forward Losses When Filing Income Tax Return (ITR) Late?

Profit and loss are integral parts of any financial journey. While losses are undesirable, the Indian Income-tax Act provides taxpayers with some relief by allowing the set-off and carry-forward of losses under specific conditions. Let’s delve into the provisions for set-off and carry-forward of losses to understand how they can benefit taxpayers. Set-Off of Losses…

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