PENALTIES FOR LATE FILING
ITR filing deadline needs to be extended as portal glitch, Navratri, Dussehra festive season and new ICAI format for non-corporates, says RTCA
ITR filing due date: Tax consultants in Rajasthan are requesting an extension for the Income Tax Return filing deadline. They cite glitches on the e-filing portal as a major issue. The new format from ICAI for non-corporates is also causing delays. The festive season adds to the challenges. Associations want the deadline extended to November 15.
You have to file ITR if you carried out any of these eight transactions
Even with income below Rs 2.5 lakh (old regime) or Rs 3 lakh (new regime), filing ITR is mandatory if certain transactions occurred. These include spending over Rs 2 lakh on foreign travel, holding foreign assets, high TDS/TCS amounts, significant deposits in current or savings accounts, high business turnover or professional receipts, or substantial electricity bill payments.
If you don’t make these 8 disclosures, your ITR may be treated as defective
Filing income tax returns (ITR) requires careful attention to detail, as certain omissions can lead to a defective ITR. Key disclosures include foreign assets, income, crypto transactions, and unlisted equity shares. Failing to report these details, especially for residents with overseas holdings, can result in penalties and even imprisonment, though some relief exists for movable assets under Rs 20 lakh.
Trump says US would be on 'brink of economic catastrophe' unless justices rule his tariffs are legal
Donald Trump's administration urgently appealed to the Supreme Court to uphold his tariffs, claiming their removal would devastate the U.S. economy. Solicitor General D. John Sauer requested an expedited decision, emphasizing the tariffs' role in promoting peace and economic prosperity, and combating issues like fentanyl and the Russia-Ukraine conflict.
Trump administration asks Supreme Court to quickly take up tariffs case after appeals court loss
The Trump administration has approached the Supreme Court regarding tariff powers. They are seeking a quick ruling on the president's authority to impose trade penalties. This appeal follows a lower court ruling against the tariffs. Small businesses claim economic hardship due to these tariffs. The government warns that striking down tariffs could impact ongoing trade negotiations.
ITR filing deadline: How much penalty amount you need to pay if you miss September 15 due date?
The ITR filing deadline is September 15, 2025. This is for individuals not requiring audits. Missing it means late fees. Section 234F details penalties up to Rs 5,000. Lower income taxpayers may pay Rs 1,000. Penal interest also applies. Certain high-value transactions mandate ITR filing. Filing ITR is a duty. It validates creditworthiness for financial benefits.
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ITR filing after deadline: What is condonation of delay request? How it can save you from penalties
The Income Tax Department has enabled condonation of delay applications for Form 10A filings, offering relief to taxpayers who missed deadlines due to genuine reasons. If approved under section 119(2)(b), taxpayers can file their ITR without penalties, interest, or additional taxes.
ETSA 2025 jury meet; and other top tech and startup stories his week
Welcome to a new edition of ETtech Unwrapped — our weekend newsletter packed with the most important stories from this week. Let’s take a look at the recap.
Musk accuses SEC of overreach, seeks to end lawsuit over Twitter stake
The SEC sued the billionaire in January, saying his 11-day delay in revealing his initial 5% Twitter stake let him buy more than $500 million worth of shares at low prices, saving himself $150 million at unsuspecting investors' expense.
GSTR-3B deadline extended for Mumbai and these Maharashtra districts
Due to heavy rains and public disruptions, the CBIC has extended the GSTR-3B filing deadline for July 2025 to August 27, 2025. This extension applies to registered businesses in Mumbai City, Mumbai Suburban, Thane, Raigad, and Palghar districts of Maharashtra. Form GSTR-3B is a simplified summary return for declaring GST liabilities, required for all normal and casual taxpayers.
What really happens to your social security check after your spouse dies — here's the shocking truth
Social Security survivor benefits are one of the most misunderstood parts of retirement planning, yet they can decide how financially stable a spouse will be after loss. When a spouse dies, you don’t keep both checks — the survivor keeps the higher benefit, which can cut household income by 30–50% overnight.
Income Tax Bill, 2025 withdrawn: Why govt pulled back original proposal & what are Parl panel's suggestions
The Income-Tax Bill, 2025, intended to modernize India's tax system, has been withdrawn following recommendations from a Parliamentary Select Committee. A revised version, incorporating suggestions including changes to beneficial ownership, dividend deductions, and compliance ease for taxpayers, will be introduced soon. The aim is to present a consolidated draft addressing concerns and preventing confusion.
Planning to give ITR filing a miss? You must know the consequences
Consequences of not filing ITR: Income tax laws make ITR filing mandatory as specified under the Income Tax Act. However, not many taxpayers are aware of the consequences if the ITR is not filed for a particular financial year. ET Wealth online spoke to a tax expert about the problems that a taxpayer will face if the ITR is not filed.
Paying Rs 55,000 rent on time could not save salaried taxpayer from Rs 1 lakh penalty for missing TDS, know why
An individual faced a Rs 1 lakh penalty for not deducting TDS on monthly house rent of Rs 55,000. According to Section 194-IB, TDS at 2% must be deducted if monthly rent exceeds Rs 50,000. Tenants must file Form 26QC and provide Form 16C to the landlord. Penalties for non-deduction include interest and discretionary fines. Read below to know more.
Is filing ITR tougher this year? Experts decode new tax return forms, tax refund delays, and stricter scrutiny
ITR filing experience this year will be different from previous years due to several modifications introduced by the Income Tax Act of 1961 for FY 2024-25. T Wealth Online spoke to several tax experts to gain insights into the changes in this year's ITR filing process.
Who are Tamara Lich and Chris Barber, Freedom Convoy organizers, facing 7 and 8-year sentences for the 2022 Ottawa protest?
The Freedom Convoy organizers, Chris Barber and Tamara Lich, faced sentencing. Prosecutors wanted eight years for Barber and seven for Lich. They were convicted of mischief for the Ottawa protest. The defense argued the sentences were excessive. Conservative leader Pierre Poilievre criticized the Crown. The hearings continue with a ruling expected this summer. Lich thanked Poilievre for his support.
Bizarre I-T law to penalise taxpayer to change soon: Income Tax Bill 2025 may give relief to specified small taxpayers filing ITR only to claim tax refunds
The Income Tax Bill 2025 may soon offer relief to small taxpayers seeking refunds. A Lok Sabha select committee suggests removing penalties for late ITR filing when the sole purpose is claiming a refund, especially for those with income below the taxable threshold. This change aims to prevent unwarranted prosecution for minor tax matters.
Parliament watch: From debt to GST to NPA, govt shares key data as Monsoon Session kicks off
In FY24, the Centre forwent ₹99,000 crore in corporate tax revenue due to incentives. India's external debt reached $736.3 billion, remaining sustainable at 19.1% of GDP. The PM Internship scheme saw 22,500 offers accepted, while the government issued ₹72,275 crore in sovereign gold bonds. PLI schemes drove ₹1.76 lakh crore in investments, creating over 12 lakh jobs.
Your credit score may fail you, even if you’ve played by the rules
Credit scores in India, calculated by credit information bureaus, significantly impact access to loans, jobs, and even healthcare. However, inaccuracies, opaque processes, and difficulties in disputing errors plague the system. Despite RBI's efforts to improve data updates, the system remains flawed, relying heavily on lenders' data and lacking transparency, leading to arbitrary consequences for consumers.
ITR filing last date for FY 2024-25 is not same for all: Check due dates for salaried individuals, professionals, companies, proprietorship firms, other taxpayers
ITR filing last date for FY 2024-25 (AY 2025-26): The last date for ITR filing varies for different categories of taxpayers under the Income Tax Act, 1961. This year, the Income Tax Department extended the ITR filing deadline for specific categories of taxpayers. Know what the last date of filing the income tax return is in 2025, and check if the ITR filing last date for FY 2024-25 (AY 2025-26) has been extended for you.
Parliamentary panel suggestions on Income Tax Bill 2025 tabled in Lok Sabha
The Parliamentary Select Committee has proposed significant changes to the Income Tax Bill 2025, focusing on taxpayer protection and clarity. Key recommendations include redefining 'beneficial owner' for carry forward losses, reinstating inter-corporate dividend deductions, and providing standard deductions for municipal taxes.
Switching from UPI to cash won't help in avoiding tax notice if turnover crosses GST registration threshold; Here’s what Karnataka State GST department said
Karnataka tax department clarifies GST rules for vendors: The GST department is scrutinizing UPI transactions to identify unregistered traders exceeding the GST threshold, leading some to revert to cash payments. The department clarified that GST applies to all forms of payment, not just UPI, and warned of actions to collect applicable taxes. Traders receiving notices are advised to provide explanations and relevant documents for verification.
GST Amnesty Scheme update: Now you can file appeal against GST Amnesty Scheme order issued in SPL 07 form
The GSTN has enabled online filing of appeals against rejection orders (SPL-07) under the GST Amnesty Scheme u/s 128A, offering relief to taxpayers whose waiver applications were denied. Taxpayers can now appeal these rejections, seeking reconsideration of their applications for waiver of penalty and interest. This update provides a remedy for those who attempted the waiver route in good faith.
Income Tax Dept cracks down on bogus claims of tax deductions like 80GGC; What can taxpayers do?
The Income Tax Department is cracking down on fraudulent tax deduction claims, including those under sections like 80GGC, 80E, 80D, 80EE, 80EEB, etc. Taxpayers who have made incorrect claims can file updated returns (ITR-U) within the stipulated time to avoid penalties. For those whose ITR-U window has closed, experts advise to do this. Read more.
Cory Mills apartment scandal: Why is the Florida Congressman losing his swanky Washington home?
Florida Congressman Cory Mills is embroiled in an apartment scandal as he is facing a lawsuit seeking his eviction over alleged failure to pay thousands of dollars in rent at a property in Washington DC. In a complaint filed in D.C. Superior Court last week, Bozzuto Management Company said the congressman did not pay a total of $85,009 in rent between March and July.
Elon Musk-headed Tesla to face massive penalty in Texas? What is wrong with EV marker?
Tesla shares were up 2.5 per cent in midday trading. Investors have expressed concern that Elon Musk's political activities, including plans to form a third party, distract him from managing Tesla at a critical time for the company.
Penalty for missing ITR filing last date: Who has to pay and who doesn't
Penalty for late filing ITR: Under the Income-tax Act, 1961, a penalty or a late filing fee is levied when a taxpayer misses the last date to file income tax return. The late filing fee must be paid or else final submission of income tax return form cannot happen. However, not all taxpayers are required to pay penalty for filing belated ITR.
Federal tax-extension deadline today; Here’s what you need to do if you missed it
If you miss the deadline, you could face two IRS penalties.
What is the penalty for missing ITR filing deadline?
Till FY 2019-20 (AY 2020-21), an individual was allowed time till the end of the financial year, i.e., March 31 to file belated ITR by paying a maximum penalty of up to Rs 10,000. However, this changed from FY 2020-21 (AY 2020-21). Here's why the penalty of FY 2020-21 (AY 2021-22) is half that of FY 2019-20 (AY 2020-21) if the ITR is filed after the expiry of the current deadline.
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