Page 4 - Income Tax Return

Checklist of the most important documents required to file your ITR

The last date to file ITR for individuals is 31st July unless extended by the government. For salaried employees, it is necessary to prepare and gather various documents such as salary/income detail

Verify data in pre-filled forms carefully before filing your tax return

Keep all relevant documents handy to to cross-check the data and weed out inaccuracies

How to maximise your income tax refund while filing your Income Tax Return?

Taxpayers must submit ITR to the government to disclose their earnings, deductions, and tax liabilities. If the tax paid exceeds the taxable income, the taxpayer is eligible for a refund

Everything you need to know about ITR refunds for AY 2022-2023

In order to seek tax refund, the assessee has to file ITR in the prescribed form for the relevant assessment year and refund (if any) will be automatically calculated.

Income tax return: Cleartax introduces platform for auto filing of ITR-2

The ITR-2 is required for individuals and Hindu undivided families (HUFs) not earning through their business or profession but from capital gains, foreign income or agriculture

ITR 2022-23: Three key changes to keep in mind while filing your return

Those filing ITR themselves this year need to keep in mind a few key things

Tax returns explained: Documents needed for ITR 1, eligibility, changes

You would need Form 16, house rent receipt (if applicable), investment payment premium receipts (if applicable). However, ITRs are annexure-less forms, so you are not required to attach any document

Average time taken for issuing I-T refunds reduced to 16 days in FY23: CBDT

Average time taken for issuing refunds by the income tax department has been brought down "significantly" and 80 per cent of refunds were issued in the first 30 days of filing of returns during the 2022-23 fiscal, CBDT Chairman Nitin Gupta has said. The chief of the Central Board of Direct Taxes (CBDT) said the work of processing Income Tax Returns (ITRs) has been "expedited" as the tax department is leveraging technology in a big way and was working to ensure 'ease of doing business' for the taxpayers by promoting voluntary compliance. "We have expedited the processing of returns and quicker issue of refunds. The average time taken for processing of returns has been reduced to only 16 days in the financial year 2022-23 as against 26 days in the previous 2021-22 fiscal," Gupta said. "We have seen a hundred per cent increase in the total percentage of ITRs processed within one day of their filing. This percentage has increased from 21 per cent for assessment year (AY) 2021-22 to 42 p

Explained: What are the tax implications of depositing Rs 2,000 notes?

Are you depositing Rs 2,000 notes in the bank? Will your deposits be monitored? Will you need to pay any tax on it? How can you avoid a tax notice on these deposits? Read to find the answer

I-T dept releases offline forms for ITR 1, 4 for fiscal year 2022-2023

June 15 has been set as the due date by the I-T department for employers to share Form 16

PAN-Aadhaar Link: A step by step guide to link two cards before deadline

PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000

PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

Early availability of ITR forms to enable return filing from April 1: CBDT

The Income Tax department on Wednesday said the ITR forms for 2022-23 will come into effect from April 1 and have been notified well in advance to enable the filing of returns from the beginning of the ensuing Assessment Year. To facilitate taxpayers and to improve the ease of filing, no significant changes have been made to the ITR forms in comparison to the last year's ITR Forms. Only bare minimum changes necessitated due to amendments in the Income-Tax Act, 1961, have been made, it added. The Central Board of Direct Taxes (CBDT) on February 10 notified income tax return forms 1-6 for individuals, professionals and businesses for income earned in 2022-23. Also, ITR-7 form for charitable trusts, scientific research institute, political parties and universities was notified on February 14. "These ITR forms will come into effect from April 1, 2023, and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year," the Centr

Government notifies ITR forms for AY 2023-24, makes no substantial changes

The finance ministry has allowed individuals against whom search and seizure operations were carried out by the I-T authorities to file revised income tax return in ITR-1 form for assessment year(AY) 2023-24. However, there are no substantial changes in the six income tax return forms catering to individuals, professionals and businesses, notified by the Central Board of Direct Taxes (CBDT) on February 10. This year, CBDT has notified ITR forms 1-6, as well ITR-V (verification form) and ITR acknowledgement form in advance, a move that will give taxpayers enough time to prepare for relevant disclosures. The I-T department earlier used to notify ITR forms for the relevant financial year either by March or April. Income tax return forms have been notified for Assessment Year 2023-24 (for income earned in 2022-23). As per the modified norms, individuals on whom search and seizure operations have been carried out by tax officials can now file revised return under section 153 C on the ba

Presumptive tax scheme can reduce compliance burden, return filing

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

CBDT proposes common ITR with focus on crypto assets declaration

New return to also seeks details on foreign equity and debt held by resident Indians; much more exhaustive list for NRIs

FM asks taxmen to focus on faster processing of ITRs, grievance redressal

Finance Minister Nirmala Sitharaman on Tuesday asked income tax officers to focus on quick processing of ITRs, speedy refund issuance and grievance redressal. Addressing tax officers, the minister said that collections from direct taxes exceed indirect tax and that has brought in equity in mop up. "That has brought in equity because taxation will have to be on those who can pay more and on the shoulders tax more and not on small items of daily use," Sitharaman said. With the faceless assessment coming in and technology usage, the fear of tax authorities has reduced, she said, adding taxpayers now feel taxes are being collected in a non-discretionary way without any subjectivity. She outlined three 'R's for the income tax department to follow -- quicker processing of return, speedier refund and redressal of grievance. "What is well within you and never going to change and never needs anything more are these three 'R's," she said, asking tax officers to quickly assess and process ..

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures

Address cause of tax refund failure, then request reissuance: Experts

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund

Over 155,000 updated income tax returns filed in May-Sept: I-T Dept

Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2, the income tax department said on Sunday. The income tax department had in May this year notified a form for filing updated income tax returns (ITRs). The taxpayer will have to pay an additional amount over and above the due tax while filing ITR-U. "Over 1.55 lakh Updated ITRs have been filed upto 2nd September, 2022," the I-T department tweeted. It said more than 20,000 taxpayers have filed Updated ITRs for both AYs 2020-21 and 2021-22 (2019-20 and 2020-21 fiscal years). Finance Act 2022 introduced a new provision for filing Updated Income Tax Returns under section 139 (8A) of the Income-tax Act, 1961. As per the provision, an additional 25 per cent on the due tax and interest would have to be paid, if the updated income tax return (ITR) is filed within 12 months, while the rate will go up to 50 per cent if it is filed after 12 months, but before 24 months from the end of relevant Assessment ...