Income Tax Filing

Over 9 mn updated I-T returns filed, ₹9,118 cr additional taxes mobilised

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 .

I-T notices: High-value expenses must sync with bank withdrawals, e-txn

Tax experts say that when declared income is high but bank withdrawals are minimal, it raises concerns about unreported cash transactions

Do I file ITR if I earn less than Rs 12 lakh? Avoid these common mistakes

Filing an ITR is crucial not just for compliance, but also to take advantage of available tax rebates and avoid penalties.

I-T Bill 2025: Deduction of SSY, NPS, EPF & ELSS now fall under section 123

'The deduction limit remains clearly stated within the section, while the schedule provides an easy-to-understand breakdown of eligible deductions,' the Central Board of Direct Taxes said

I-T Bill: Have tax slabs changed in new & old tax regime in FY 2025-26?

Until March 31, 2025, zero tax is not applicable if the net taxable income exceeds Rs 7 lakh

FM presents new I-T Bill in LS, to be reviewed by a standing committee

The Income Tax Bill 2025 will undergo review by a standing committee before being sent back to the government for approval. Thus it will some time for it to be passed in the Parliament

Income Tax Slabs Explained: Simplifying Tax Calculations for You

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New tax regime has no deductions but works for some people: Analysts

New system's simplicity, reduced tax liability, increased disposable income potential 'make it a formidable alternative'

Transformative direct tax reforms in Budget 2025 for middle class empowerment

The reforms are part of the Government's broader strategy to stimulate consumption, enhance ease of doing business and boosting economic growth

Centre to simplify decades-old income tax filing rules in upcoming Budget

The changes involve simplifying the language and rationalizing information by using formulas and tables, and won't include any adjustments to tax rates and policy, the people said

Government extends deadline for belated and revised tax returns to Jan 15

July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations

Simplification of policies to be govt's focus for taxation in 2025

Simplification of direct and indirect tax policies will be the main focus area for the government in the New Year after beginning the review of the six-decade-old income tax law and rationalisation of the GST rate in 2024. With monthly gross GST collections stabilising at around Rs 1.8 lakh crore and gross direct tax collections steadily rising at 20 per cent rate, the effort to ease compliance burden for individuals as well as corporates will gain traction. On the GST front, individuals are awaiting a tax cut in life and health insurance premiums, which will bring down the cost of insurance, while businesses are awaiting the operationalisation of the GST Tribunal for faster dispute resolution. Also, the work on rationalising GST rates and slabs has been put in motion with a group of ministers (GoM) deliberating on the changes, but a final decision is expected only by the GST Council, comprising the Centre and state finance ministers. Currently, GST is a four-tier tax structure wit

Budget 2025: Govt may cut income tax rates to lift consumption, says report

The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals

Income Tax department recalls 'defective' notices sent to taxpayers

Taxpayers must ignore notices sent erroneously for returns, it says

Simplify ITR forms, get 'one rate one section' for TDS: Deloitte survey

A vast majority of income tax filers want simplified ITRs for individuals, easier way for computing incentives and deductions, and simplification of TDS framework for 'one rate one section', a Deloitte survey said on Wednesday. Deloitte's Income-Tax Policy Survey also suggested doing away with the requirement of issuing Form 16A as the TDS information is already reported and available in the Form 26AS and AIS of the recipient. The survey also suggested limiting the number of sections with regard to withholding tax, classifying payments into two-to-three distinct and non-overlapping categories, and ensuring that each section has only one rate, which will significantly reduce the burden of compliance without any major loss in tax collections from a tax administrative perspective. For example, 1 per cent TDS on tangible goods, 2 per cent on services, 0.1 per cent on e-commerce transactions, and 10 per cent on other transactions such as dividend and interest. The Income Tax Policy Surv

CBDT extends income tax return filing deadline for FY24 to Dec 15

Tax authorities have extended the income tax return filing deadline by another 15 days to December 15 for the financial year 2023-24. The due date for furnishing the return of income under section 139(1) of the Income-tax Act, 1961 in the case of an assessee who is required to furnish a report referred to in section 92E, is November 30. The Central Board of Direct Taxes has now extended the deadline to December 15, 2024 for the assessment year 2024-25, an official order said. The income tax return filing deadline has been extended for taxpayers who have international transactions and are required to furnish reports under Section 92E.

CBDT launches campaign to inform taxpayers on undeclared foreign assets

The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR). In a statement, CBDT said informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITRs for AY 2024-25. These messages are intended for individuals identified through information received under bilateral and multilateral agreements, suggesting that they may hold foreign accounts or assets, or have received income from foreign jurisdictions. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitte

ITR filing deadline for audit cases is Nov 15: file now to avoid penalties

If a taxpayer misses the deadline to file their income tax return by November 15, 2024, they still have the option to submit a belated return by December 31, 2024

Five-fold jump in ITR filers with income above Rs 50 lakh in last 10 yrs

Tax burden on individuals earning less than Rs 20 lakh a year, broadly described as middle class, has come down during the 10 years of Prime Minister Narendra Modi-led government, while there has been a substantial increase in taxes paid by those having annual income above Rs 50 lakh, sources said on Wednesday. As per the income tax return (ITR) filing data, the number of individuals showing annual income of over Rs 50 lakh has gone up to over 9.39 lakh in 2023-24, a five-fold jump from 1.85 lakh in 2013-14. Also, the income tax liability of those earning above Rs 50 lakh has gone up 3.2 times, from Rs 2.52 lakh crore in 2014, to Rs 9.62 lakh crore in 2024. A source said that 76 per cent of income tax collected is from those earning above Rs 50 lakh a year. This has led to reduced tax burden on the middle class. Also, the increase in number of people filing ITRs with annual income above Rs 50 lakh is due to "strong anti tax evasion and black money laws implemented by the Modi ...

Tax notices issued to wealthy Indians over undeclared Dubai properties

UAE authorities shared details of offshore properties of affluent Indians who spent less than 90 days in the country, thereby not protected by residency permits