Tax Return

Budget 2026 has not changed income tax slabs for FY27. But that does not mean your tax bill stays the same. The choice between the old and new tax regimes still matters and for many, it can mean the d

With the September 15 deadline about a fortnight away, begin now to avoid the last-minute rush and heightened risk of errors

Over 90 lakh updated Income Tax Returns have been filed over the last four years which fetched Rs 9,118 crore to the exchequer, Parliament was informed on Monday. To encourage voluntary compliance, the government in 2022 had introduced the option for taxpayers to file updated I-T returns (ITR-U) up to 2 years from the relevant assessment year by paying additional income-tax. Through Finance Bill, 2025, the government has proposed to extend the time limit for filing updated returns to up to 4 years from the relevant assessment year. In the current assessment year (2024-25) till February 28, 4.64 lakh updated ITRs have been filed and taxes of Rs 431.20 crore paid, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. In AY 2023-24, over 29.79 lakh ITR-Us were filed and Rs 2,947 crore additional taxes paid. In AY 2022-23 and AY 2021-22, 40.07 lakh and 17.24 lakh updated ITRs were filed and additional Rs 3,940 crore and Rs 1,799.76 crore taxes were .

Easing of taxation crucial for financialisation of savings, says Amfi

Only taxpayers with single source of income or simple finances should file early

Calculating self-assessment tax accurately is crucial when filing your Income Tax Return. Watch the video to know what common errors to avoid during the process.

When the new tax regime under GST was introduced in 2017, several businesses could not file their tax claims due to a lack of clarity on the rules and technical glitches

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

There are some changes in the e-filing site, ITR Forms for AY 2021-22, as well as in the process of filing returns.

The deadline for filing GST annual return for 2019-20 fiscal has been extended by 2 months till February 28, 2021

Revision has to be done before deadline or completion of assessment, whichever is earlier

However, if the amount is substantial, the I-T department may seek more details