End of the FY Year and Time for Filing Tax!


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I was going through this, of ET Wealth, I wanted to know what they were doing before that they are comparing now with previous years. :sweat_smile:

Time to file taxes, aur kitna lega govt :smiling_face_with_tear: :worried:

@Quicko can you share something some links which shall help in filing Taxes.

From the article quoted above,
Apparently the IT-Dept. were previously performing the “historical consistency checks”
NOT at the time of processing the Income-Tax Return (ITR), but at a later date.
This led to sending out of income tax notices out of the blue throughout the year.

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Henceforth. these historical consistency checks, now being performed during processing of the ITR itself, enables folks to address any inconsistencies in their ITR with less hassle,
i.e. in response to a query/request for clarification upon one’s ITR
raised sooner than before by the IT-Dept., when one’s ITR is being processed.

The time to file tax returns for this financial year is still quite a few months away.

However, there are a couple of days left in the financial year to wrap-up one’s finances though
i.e. until the end of this financial year, 31-03-2025.
(eg. book any income/loss in this financial year,
perform any actions to take advantage of applicable tax-deductions, …)

Until then,
to avoid having to pay interest/penalty later, at the time of filing one’s tax returns (ITR) for the financial year.
please ensure that you have been paying any Advance tax within the deadlines each quarter.
( if applicable to you as per the IT-act )

…and collect/organise all your various income and expense proofs to simplify filing the ITR.

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@cvs Thanks this was quite informative.

Yeah ideally still days left, can still do some tax planning :wink:

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