Page 5 - Income Tax Filing

ITR-3 updated: What biz owners, professionals must know for FY25 tax filing

The Income Tax Department has made key changes to the form, aiming to simplify tax filing and reduce unnecessary disclosures-especially for middle-income taxpayers. Here's what you need to know if you

Old vs new tax regime: which one saves you more money in ITR filing

A breakdown of deductions, exemptions, savings under the old and new systems will help you manage your finances

I-T department's email on tax returns: How to open PDF, seek rectification

What to do if you find discrepancies in your assessment doesn't match with Income-Tax Department's claim

May 2025 tax filing & compliance deadlines: What's due, when, and by whom

From TDS/TCS filings to Form 61A/B submissions: know what's due, when, and who must act. Stay compliant to avoid penalties

Tax dept tightens claims scrutiny: Key rules for rent paid to parents

Have a rent agreement and keep pay receipts: Those are among steps you can take to avoid getting a notice

Mismatch in Form 16 and AIS? How to fix issue before filing tax return

Income tax department may send notice if the information mismatch is not resolved

Officers find 25K fake firms fraudulently passing ₹61,545 cr ITC in FY25

Central and state GST officers have detected 25,009 fake firms involved in fraudulently passing input tax credit (ITC) worth Rs 61,545 crore during 2024-25, officials said. During the 2024-25 fiscal ending March 2025, Central and state GST officers recovered Rs 1,924 crore by way of blocking ITC and arrested 168 persons. As per data on ITC frauds unearthed by Central and State GST officers, over the two years 2023-24 and 2024-25, 42,140 fake firms were detected, which were involved in fraudulently generating ITC of over Rs 1.01 lakh crore. Rs 3,107 crore was recovered by way of blocking of ITC, and 316 arrests have been made. "The Central and State Governments and GSTN have taken various steps to prevent fake ITC claims, including providing intelligence inputs, detecting fraudulent registration, and suspicious e-way bill activity," an official told PTI. Under the Goods and Services Tax (GST) regime, ITC refers to the taxes paid by businesses on purchases from suppliers. This tax ca

Tax refund delayed? IT dept may be adjusting past dues against refund

If you believe the outstanding tax demand is incorrect, you should furnish an appropriate response online through the e-filing ITR portal

Hurry! Grab your last chance today to invest in tax-saving instruments

If you have chosen the old tax regime, ensure that your tax-saving investments under Sections 80C, 80D, 80G, and others are made before March 31 to maximise tax benefits

I-T dept offices to stay open March 29-31 for year-end tax filings: CBDT

Income tax department offices across the country will remain open on March 29 to March 31 to facilitate taxpayers in completing pending tax-related business for the fiscal year. The ongoing financial year 2024-25 ends on March 31. The Income tax department offices across the country will remain open despite the weekend and Eid-al-Fitr which may fall on Monday. In an order, the Central Board of Direct Taxes (CBDT) said "to facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March, 2025." March 31, 2025, being the last day of the current financial year, all government payments and settlements pertaining to the fiscal have to be completed by that day. March 31, is also the last date for filing updated ITRs for AY 2023-24. A similar directive was issued by the Reserve Bank of India (RBI) for banks dealing with government business to remain open on March 31, for the convenience of taxpayers. In order

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