Page 7 - Income Tax Filing

Income tax audit report deadline extended to Oct 7: What you need to know

This extension provides taxpayers, including individuals and companies, additional time to meet their compliance obligations

Lesser settlement amounts for those who file tax declaration by Dec 31

The Income Tax Department on Saturday said it has notified dispute resolution scheme Vivad Se Vishwas scheme 2.0 that provides for lesser settlement amounts for taxpayers who file declaration on or before December 31, 2024, in comparison to those who file thereafter. Finance Minister Nirmala Sitharaman in her budget speech, announced the Direct Tax Vivad Se Vishwas Scheme 2024 to resolve pending appeals in the case of income tax disputes. The scheme shall come into force with effect from October 1, 2024. Further, the Rules and Forms for enabling the Scheme have also been notified. The Scheme provides for lesser settlement amounts for a 'new appellant' in comparison to an 'old appellant'. The Scheme also provides for lesser settlement amounts for taxpayers who file declaration on or before 31.12.2024 in comparison to those who file thereafter, the Central Board of Direct Taxes (CBDT) said in a statement. Four separate Forms have been notified - Form-1: Form for filing declaration and

Explained: Are details of income-tax return filings confidential?

Experts cited that disclosing an individual's income tax returns constitutes a violation of their fundamental right to privacy as recognized by the Indian Constitution

I-T department processes nearly 4 Cr ITRs in 15 days : How to check return

Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024

Missed tax return deadline? There is a belated way to make up for lost time

Submitting a late return helps you stay compliant with tax regulations and avoid legal issues

Record 72.8 million ITRs filed till Jul 31 deadline, says I-T department

About 5.9 million were first-time filers, reflecting widening of the tax base

Filing belated ITR, balancing investment risk: Top personal finance stories

This week we write about how you can file tax returns after deadline and why investors must temper their market expectations

60 million file ITR for 2024 under new tax regime: What you need to know

India currently offers two personal income tax regimes: the old and the new. The old regime has higher tax rates but allows for numerous exemptions and deductions

ITR filing deadline on July 31: Extension uncertain; all you need to know

ITR filing deadline: The income tax department, in a post on X, urged taxpayers to file ITR at the earliest to avoid last-minute rush

Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept

The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds. The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed, as of July 26. In a recent public communication, the Income Tax Department asked taxpayers to file their returns correctly to get timely refunds. "Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said. It cautioned ITR filing taxpayers to not claim "incorrect" Tax Deducted at So

More than 50 mn ITRs filed so far, 8% increase over last year: I-T dept

The income tax department on Saturday said more than 5 crore I-T returns have been filed on the e-filing portal, an 8 per cent increase over last year. It further said that Infosys has been instructed to ensure uninterrupted services and the company has assured uninterrupted services during the e-filing peak period. "More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department till 26th of July 2024. This is 8 per cent more than the ITRs filed in the preceding year," the Department posted on X. Over 28 lakh ITRs were filed on July 26 itself. It said Infosys is the technology partner of ITD for operating the e-filing portal. In 2023-24 fiscal, over 8.61 crore ITRs were filed.

Open and shut case: New income-tax rules offer one-step resolution

Flat 60% tax on undisclosed income to reduce litigation, says CBDT chief

I-T Act review attempt to make it simpler for taxpayers: CBDT chairman

The budget announcement about a comprehensive review of the Income Tax Act, 1961, is an attempt to make the "bulky" law "simpler" to understand and comfortable to use for taxpayers along with aligning new technology processes with it, CBDT Chairman Ravi Agrawal has said. The Act that started its journey in 1922 contains 298 sections, 23 chapters and other provisions in its current form of 1961. Speaking to PTI during a post-budget interview on Wednesday, Agrawal said the Act has seen "redundancies" over a period of time making it "thick and bulky." "The taxpayers also feel that the Act is not so simple, as it ought to be...it is cumbersome...so the attempt is if we can make this Act simpler, simpler to comprehend, simpler in terms of language, simpler in terms of presentation, then that hitch of the taxpayer to actually not see the Act and take the help of a tax practitioner or someone (maybe eased)..." "We are working towards how can we make it (Income Tax Act) simple so that the

66% taxpayers opted for new ITR filing in current season: CBDT chairman

About 66 per cent of taxpayers out of the over 4 crore filers have opted for the new regime for income tax return (ITR) filing during the current season till now, CBDT Chairman Ravi Agrawal said Wednesday. He told PTI during a post-Budget interview that the focus of the government and the direct taxes administration is on "simplification" of the tax processes including filing of ITRs and conduct of other businesses with the Income Tax Department. "The philosophy (of the government) is that the more you simplify, the more it will make it easy for people to comply leading to increased compliance. "This is also reflected from the fact that, as on date, the number of returns (ITRs) that have been filed till yesterday is significantly more than the returns filed during the same time in the corresponding (last) year," Agrawal said. Last year, the figure of 4 crore ITR filings was crossed on July 25 but this time this number was crossed on the night of July 22, he said. He said there was

Missed deadline, wrong information: Errors to avoid in filing tax returns

Report all sources of income, including dividend and interest earnings

ITR filing: Who is responsible for paying taxes on minor's earnings?

A minor can have a PAN card and his parents or guardian can apply for the same

CBDT extends tax relief for SWFs, pension funds to March 31, 2025

With the changes, the funds can now enjoy exemption from tax on dividend income, interest income, or long-term capital gains tax arising from investments made in India

In tax records, the marked rise of companies reporting zero income

Fewer than 1,000 firms have reported income of more than Rs 500 crore

Filing income tax returns 2024 for the deceased: A step-by-step guide

ITR 2024: Even after someone passes away, their income tax return must be completed as if they were alive

Income Tax return filing: Is dividend from shares or mutual fund taxed?

A resident individual receiving dividends whose estimated annual income is below the exemption limit can submit Form 15G paying dividend