Income Tax Return – FinanceViewers

ITR Series: Day 17: Rectify or Revise a Mistaken ITR: An Overview

TaxationJuly 4, 202523Views 0Likes 0Comments

Table of Contents Overview Option 1- Revised Return u/s 139(5) Option 2- Rectification Request u/s 154 Quick Comparison Final Word Filing your Income Tax Return (ITR) is a crucial step — but what if you realize later that you've made a mistake? Don’t panic, don’t lose sleep — and definitely don’t ignore it. The…

ITR Series: Day 16: What Happens After You File ITR? – Intimations, Refund Process & More

TaxationJune 27, 202510Views 0Likes 0Comments

Table of Contents Introduction ITR Verification- Complete the Filing Processing of Return & Intimation under 143(1) Refund Process-When You Will Get Your Money? Possibility of Notices or Scrutiny Filing a Revised Return or Rectification Final Words You've successfully filed your Income Tax Return , that's a big step done . But what happens next? Many assume…

ITR Series: Day 15: How to E-Verify Your ITR – The Final (But Crucial) Step in Your ITR Journey

TaxationJune 25, 202512Views 0Likes 0Comments

Table of Contents Overview Why E-Verification matters? Methods to e-verify your ITR Timeline to e-verify Final Thoughts Still think you're done after clicking 'Submit'? Think again. Filing your Income Tax Return (ITR) is like signing up for a marathon—you’ve entered the race, but haven’t crossed the finish line yet. That final sprint? It’s called e-verification. Skip…

ITR Series: Day 14:ITR-7 – The Return for Charitable Trusts, Institutions & Political Entities

TaxationJune 24, 202510Views 0Likes 0Comments

Table of Contents Overview Who Can File ITR-7? Who Cannot Use ITR-7? Key Structure Important Considerations Why ITR-7 is Uniquely Detailed? Final Word Unlike other ITR forms that focus on individual or business income, ITR-7 is a return with a purpose. It’s specially designed for charitable and religious trusts, political parties, research institutions, and educational/medical entities…

ITR Series: Day 13: ITR-6 – The Corporate Tax Return for Companies

TaxationJune 23, 202511Views 0Likes 0Comments

Table of Contents Overview Who Can File ITR-6? Who Cannot File ITR-6? Key Structure Important Considerations Why ITR-6 is highly complex? Did you know? Final Word When it comes to companies, whether private, public, or foreign, ITR-6 is the go-to income tax return. It's comprehensive, detailed, and mandatory for most corporate entities not claiming exemption under…

ITR Series: Day 12: ITR-5 – A Comprehensive Return for Firms, LLPs, and Associations

TaxationJune 22, 20257Views 0Likes 0Comments

Table of Contents Overview Who Can File ITR-5? Who Cannot File ITR-5? Key Structure Key Points Why ITR-5 is Considered Complex? Bonus: Know the Entities Behind ITR-5 Final Word If your income tax identity isn’t that of an individual or HUF—but rather a Firm, LLP, Association of Persons (AOP), Body of Individuals (BOI), or Artificial Juridical…

ITR Series: Day 11: ITR-4 (SUGAM) – The Simplified Return for Presumptive Income

TaxationJune 21, 202510Views 0Likes 0Comments

Table of Contents Overview Who Can File ITR-4? What’s New This Year? Who Cannot Use ITR-4? Key Structure of ITR-4 The Presumptive Taxation Advantage Important Considerations Why Choose ITR-4? Final Thoughts Not every taxpayer is running a corporate empire. Some are solopreneurs, shopkeepers, professionals, freelancers, or transporters — running small yet thriving businesses with humble turnovers…

ITR Series:Day 4: Know Your Deadlines – All About ITR Filing Due Dates.

TaxationJune 11, 20259Views 0Likes 0Comments

Table of Contents Overview ITR Filing Due Dates for FY 2024-25 (AY 2025-26) Who Needs to File By Which Date? Consequences of Late Filing Benefits of Timely Filing What You Should Do Now? Overview Filing your Income Tax Return (ITR) on time isn’t just about ticking a legal box — it’s a smart financial habit that…

ITR Series: Day 3: Types of ITR Forms- Which one is right for you?

TaxationJune 10, 202511Views 0Likes 0Comments

Table of Contents Overview What’s New for FY 2024-25? ITR Form Snapshot: Who should file what? Breakdown of each ITR FormITR-1 (Sahaj) – “Simple & Straightforward” ITR-2 – “For the Investor & Global Earner” ITR-3 – “The Business Mind” ITR-4 (Sugam)– “Presumptive & Proud” ITR-5 – “The Entity Return” ITR-6 – “Corporate Compliant” ITR-7 – “For…

ITR Series: Day 2: Do You Really Need to File ITR? Let’s Decode It.

TaxationJune 8, 202511Views 0Likes 0Comments

Table of Contents Overview Who must file an ITR in India? Who should file an ITR , even if its not mandatory? Quick Eligibility Checklist What is FY and AY ? Wrap Up …

Income Tax Portal Turmoil: Unraveling Glitches and Seeking Solutions

TaxationJanuary 11, 20249Views 0Likes 0Comments

Table of Contents Introduction Case 1: Limitations on Opting for New Scheme and Deductions in Belated Returns Case 2: Unintended Consequences of 10IE Defaults Call for Awareness and Solutions Conclusion Introduction The recent revamp of the income tax portal was anticipated to streamline processes and provide a more user-friendly experience for taxpayers. However, amidst the upgrades,…

Section 194P: Deduction of Tax in Case of Specified Senior Citizens

TaxationJanuary 4, 202415Views 0Likes 0Comments

Table of Contents Introduction Meaning of Certain TermsSpecified Senior Citizen Specified Bank Overview of section 194P of the Income Tax Act Benefits for senior citizens under section 194P Declaration in Form 12BBA. Summary FAQs Introduction Inserted by Finance Act,2021 in Income Tax Act, 1961, section 194P provisions w.e.f 1st April 2021 provide relaxations to specified…

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