Page 5 - Income Tax Return

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 ...

CBDT asks the winners of online games to pay taxes, file updated ITR

The winners of online games will have to pay taxes at the rate of 30 per cent without any rebates or 25-30 per cent on taxes and the interest due

Filing income-tax return after July 31? Verify within 30 days, say experts

Use any one of six methods of verification available

ITR 2021-22: How to e-verify income tax return to complete filing process

If the income tax return (ITR 2021-22) is not verified before the last date, it is deemed invalid (not filed) by the Income Tax Department

Income tax return: Missed ITR 2021-22 deadline? Here's what to do next

On the last day, July 31, over 6.5 million ITR were filed by 11 PM, according to the Income Tax Department

Taxpayers fear notices due to AIS discrepancies; CBDT says unfounded

The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on Sunday

Over 48.7 mn ITRs filed so far as deadline ends Sunday, says I-T dept

More than 48.7 mn income tax returns have been filed till late evening, the department said on Saturday, a day before the ITR filing deadline for the financial year 2021-22 ends

ITR 2021-22: Top 5 benefits of filing ITR before the July 31 deadline

ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this

ITR 2021-22: What do you lose if you file a belated income tax return?

Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and filing a belated ITR

ITR 2021-22: Key points to keep in mind as the last date approaches

If the income is above Rs 2.5 lakh per annum, not filing the income tax return (ITR) can even land a person in jail

Explained: Easy steps to file ITR

The last date to file your income tax return without a fine is 31st July. Watch this video to know how you can file your returns online.

ITR: What happens if you miss July 31 deadline for filing income tax return

For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties

ITR 2021-22: Everything you need to know about updated income tax return

In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year

ITR 2021-22: How does a belated income tax return differ from regular one?

Filing your income tax return on time is always the best option. We explain what happens when you file it late

Legal heir bound by law to file deceased's tax return for year of death

Failure to do so can result in penalties for the legal heir

ITR 2021-22: Using the Demat account to verify your income tax return

Once the ITR 2021-22 is filed, the taxpayer needs to verify their return within 120 days, or it is deemed invalid