I didn't file my ITR for AY 22-23 although my gross income was above basic exemption limit bit net tax liability was nil. Now I've received sms and email from CBDT to file ITR-U for AY 22-23. My question is what consequences I might face if I don't file ITR by 31/03/25 ?
Thanks

I gave some lacs of rupees to my son through bank transfer for purchase of a residential flat some years ago with the condition that he will return money in instalments without interest. He is not returning money but now ready to transfer that flat to me as a gift deed. Whether this transfer of flat as gift from son to father will be taxable under income tax act in the hands of father.

Hi, My transaction is of double seller and double buyer. I am making the last installment of payment and have deposited tds of previous installment and during last installment I am getting following error.

Total of ‘Total amount paid/ credited in previous installments, if any (A)’ + ‘Amount paid/credited currently (B)’ cannot be greater than value present under field ‘Total Value of Consideration’

Pls help to resolve and understand. Thanks

How much limit of cash transactions to SUNDRY CREDITORS & Debtors ? under IT.

A taxpayer has paid 100% of his assessed tax as advance tax on 15th march. But he has not paid any advance tax in QTR-1, QTR-2 & QTR-3.
Is he liable to pay interest u/s 234C for QTR-1, QTR-2 & QTR-3 in this case scenario?

Refer to the below article on clubbing of spouse's income

https://economictimes.indiatimes.com/wealth/tax/income-from-asset-transferred-to-even-your-daughter-in-law-will-be-clubbed-to-your-income-and-will-be-taxable-in-your-hand-in-this-case-says-income-tax-dept/articleshow/118685554.cms

Can colleagues help explain that if gift to spouse (monetary or otherwise) is not taxable, then how can return from such gift in the form of income be clubbed with the giver's income.

Whether penalty under section 139(8)A can be adjusted under Rebates of Section 87A

If total assessed income 10 lakh includes addition of Rs.7 lakh u/s 69 of the act. How we calculate penalty u/s 271AAC(1) of the Income tax act? Plz reply.

How we file updated ITR without penalty of Rs.1,000/- when assessee already submitted ITR but now submitting increased income with increased tax but below income of Rs. 5 Lakht

Hi,
I am seeking clarification regarding the computation of Section 89(1) relief for an individual who has received salary arrears amounting to ₹12,00,000 in FY 2024-25. The arrears pertain to the financial years 2019-20, 2020-21, and 2021-22, during which the individual did not file income tax returns. Salary received in the respective PY's are as follows 2019-20: ₹163,000 , 2020-21 - nil and 2021-22: ₹450000. Also he was having ₹1,50,000 deductions for all those years for which proofs are readily available.
1. Will it be wrong to consider those unclaimed deductions including standard deductions while arriving his tax on total income including arrears in the course of relief calculation?
2. He was having income less than taxable limits for the first 2 years ie. 19-20 and 20-21. But for year 21-22 his income exceeds 2,50,000. Whether non-filing of return attracts rejection of his relief claim?
3. Also in 10E filing , the form demands to fill the total income, should we show net income after deductions there?
4. Should i file belated return for Fy 21-22. Since ITR-U does not permit deductions and moreover, I have come across interpretations suggesting that deductions not claimed in an ITR may not be considered for relief computation , would it be advisable to avoid filing ITR-U for FY 2021-22 and directly proceed with Form 10E for relief under Section 89(1)?
Can someone help me out? Thanks in advance