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The Income Tax Section 143(1) makes many provisions, including the most recent amendments, clear to taxpayers, and this becomes especially important as the deadline for filing ITRs draws near.    The IT Department's preliminary review of a taxpayer's filed return is indicated by a notification sent to them U/S 143(1) of the Income Tax Act. Even though this seems ordinary, failure to pay attention to important details now can cause problems. In this instance, we draw attention to crucial safety measures that guarantee a comprehensive examination of these notifications, protecting taxpayers against possible mistakes or inconsistencies. Verification of Individual Details: Examining an intimation requires first carefully confirming personal details like name, Permanent Account Number (PAN) , and assessment year. Even small errors in these specifics could cause misunderstandings or cause delays in other processes. Survey of Wages: Make sure that all of the income sources you list...

Due to a major step taken by the IT Department, taxpayers in India can now take advantage of filing their Income Tax Returns (ITRs) for the AY 2024-25 early. ITRs 1, 2, 4, and 6 can now be accessed through the government e-filing portal starting on April 1, 2024.  With over 23,000 ITR forms completed thus far, the department's initiative has been well-received and suggests a proactive start to the tax filing season. Thanks to this extra development, taxpayers may now file their returns on time and avoid the last-minute rush that frequently results in mistakes and fines. Making the Process of Filing Taxes Simpler Allowing taxpayers to file their Income Tax Returns (ITRs) on the first day of the new assessment year is a commendable step done by the Income Tax Department to assist taxpayers. This innovative action is a major break from the department's conventional procedures and demonstrates its dedication to providing taxpayers with hassle-free services and making complianc...

The CBDT department has announced some impressive news for taxpayers as they kick off the new ITR forms for FY 2023-24 (AY 2024-25). The department has introduced a wide range of income tax filing utilities on the e-filing portal, including the ITR-1 (Sahaj), ITR-2, ITR-4 (Sugam), and ITR-6 for the Financial Year 2023-24. The taxpayers can file their ITR-1, ITR-2, and ITR-4 forms for the FY 2023-24 can be offline, online, or in Excel format, while ITR-6 is only available in offline mode. The taxpayers have the option to exclude themselves from the newly introduced tax system by completing Form 10-IEA, which complies with Section 115BAC and IT Rule 21AGA. Although the utility for filing Income Tax Returns is available, most taxpayers can't submit their ITR immediately for several reasons. SFT Not Yet Filed: Statement of Financial Transactions (SFT) for the AY 2024-25 must be filed by May 31, 2024, and the Annual Information Statement (AIS) will be updated only after the SFT filing...