Page 6 - Income Tax Return

As deadline approaches, here's how to file I-T return of a deceased person

Failure in filing the ITR of a deceased person makes the heir liable to pay the penalty or fines. It may also lead to some penal consequences

ITR: 5 common mistakes you should avoid while filing your income tax return

The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen

Five key benefits of filing your income tax return by the due date

Filing ITR is mandatory in order to claim deductions under Chapter VI and exemptions on long-term capital gains; but there are other benefits you need to know about

Explained: What is Form 26AS and why is it important for filing ITR

A Form 26AS contains all tax-related information of a taxpayer such as TDS, TCS, advance tax paid by the assessee, self-assessment tax payments, details about income tax refunds, and other details

Cross-check data in pre-filled forms while filing income-tax return

The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry

Missed declaring rental to employer? Claim HRA exemption while filing ITR

Keep rent receipts that serve as proof handy should taxmen come calling

ITR 2022-23: How to fill your income tax return for this assessment year?

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

ITR filing for AY 2022-23 now available on e-filing portal, says I-T Dept

'Check your Form 26AS, AIS and other relevant documents before submission. Be an early filer,' says I-T Dept

Compare Form 16 with 26AS before filing income-tax return: Experts

Report any discrepancy between the two documents to the employer immediately and get it rectified

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

How to respond to a notice for reassessment of income u/s 148A of I-T Act

Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings

Over 66.3 million income tax returns for FY'21 filed till March 15

Over 6.63 crore income tax returns (ITRs) have been filed for 2020-21 fiscal as of March 15, an increase of 16.7 lakh over the tax returns filed last year, the I-T department said on Wednesday. March 15 was the last date for filing ITRs for 2020-21 fiscal by corporates and other taxpayers who have to file audit reports. The last date for individuals was December 31, 2021. "More than 6.63 crore Income Tax Returns (ITRs) were filed for AY 2021-22 on the new e-filing portal of the Income Tax Department as on 15th March, 2022... This reflects an increase of over 16.7 lakh ITRs over total filing of ITRs for AY 2020-21 till March 15, 2021," the I-T department said in a statement. More than 5.43 lakh ITRs were filed on March 15, 2022, compared to 4.77 lakh last year on the due date, while over 13.84 lakh ITRs were filed in the last five days (compared to 11.87 lakh earlier). Out of the 6.63 crore ITRs filed for AY 2021-22, 46 per cent are ITR-1 (3.03 crore), 9 per cent are ITR-2 (57.6 lak

I-T Dept issues over Rs 1.67-trn refunds to 18.7 mn taxpayers till Feb 7

The Income Tax Department has issued refunds of more than Rs 1.67 lakh crore to 1.87 crore taxpayers so far this fiscal

File a rectification request in case you have received a low refund

While recalculating your tax liability, ensure you include income from all sources

'Allowing ITR updation for 2 yrs by paying extra tax not an amnesty scheme'

The two-year window provided to taxpayers to disclose omitted income and correct mistakes made in income tax returns, is not an amnesty scheme, Revenue Secretary Tarun Bajaj said on Wednesday

Most people feel I-T exemption limit could be raised from Rs 2.5 lakh: KPMG

As many as 64% of the respondents said they expect the basic I-T exemption limit to be raised from Rs 2.5 lakh a year, according to a pre-budget survey by KPMG in India

Over Rs 1.54 trillion income tax refunds issued this fiscal so far

The income tax department on Thursday said it has issued refunds of over Rs 1.54 lakh crore to more than 1.59 crore taxpayers so far this fiscal.

CBDT extends FY21 ITR filing deadline for corporates till March 15

The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till February 15

Form 26AS tweaks make paying taxes easier and evasion harder. Here's how

From now on, more information about your income and transactions will be uploaded in Form 26AS by the income-tax department. So, what does that mean for you and your wallet? Let's understand

New Annual Information Statement allows you to get mistakes rectified

Make sure the information in your income-tax return and in this statement match, or you could get a tax notice