Page 11 - Income Tax Returns

Around 43.7 million income tax returns for FY'20 filed till December 28

Around 43.7 million income tax returns for fiscal 2019-20 (Assessment Year 2020-21) have been filed till December 28, the I-T department said on Tuesday

Over 42.3 million ITRs for fiscal 2019-20 filed till December 27

Over 4.23 crore taxpayers have filed their Income Tax Returns for Assessment Year 2020-21 (fiscal year 2019-20) till December 27, the Income Tax department said on Monday. "More than 4.23 crore Income Tax Returns for AY 2020-21 have already been filed till 27th of December, 2020. Have you filed yours? If not filed as yet, don't wait. File your #ITR for AY 2020-21 TODAY!," the Income Tax department tweeted. This includes over 2.38 crore taxpayers filing ITR-1, over 92.26 lakh filing ITR-4, over 51.05 lakh ITR-3 and over 31.09 lakh filing ITR-2. The deadline to file Income Tax Returns (ITRs) by individual taxpayers for 2019-20 fiscal (Assessment Year 2020-21) ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021. The due date was extended from July 31and October 31, 2020, respectively in view of the COVID-19 pandemic. At the close of the deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year

Over 41.5 million ITRs for fiscal 2019-20 filed till December 26

As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to avoid last minute rush

FM Nirmala Sitharaman told to extend ITRs, tax audit and AGM time frame

The Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman for extension of date of furnishing of tax audit report under section 44AB to February 28

Last-minute filers can expedite tax return processing with Jhatpat scheme

Check if you are eligible: Only those filing via ITR 1 and 4 can opt for it

I-T refunds worth Rs 1.40 tn issued to about 6 mn taxpayers in 8 months

The Income Tax Department has issued refunds worth over Rs 1.40 lakh crore to more than 59.68 lakh taxpayers this fiscal till December 1. This include personal income tax (PIT) refunds amounting to Rs 38,105 crore and corporate tax refunds of over Rs 1.02 lakh crore during this period. "CBDT issues refunds of over Rs 1,40,210 crore to more than 59.68 lakh taxpayers between 1st April,2020 to 01st December,2020. Income tax refunds of Rs 38,105 crore have been issued in 57,68,926 cases & corporate tax refunds of Rs 1,02,105 crore have been issued in 1,99,165 cases," the I-T Department tweeted.

I-T refunds worth Rs 1.36 lakh cr issued to 4.1 mn taxpayers till Nov 24

The Income Tax Department has issued refunds worth over Rs 1.36 lakh crore to over 41 lakh taxpayers so far this fiscal. This includes personal income tax (PIT) refunds amounting to Rs 36,028 crore and corporate tax refunds of over Rs 1 lakh crore during this period. CBDT issues refunds of over Rs 1,36,962 crore to more than 41.25 lakh taxpayers between 1st April, 2020 to 24th November,2020. Income tax refunds of Rs 36,028 crore have been issued in 39,28,067 cases & corporate tax refunds of Rs 1,00,934 crore have been issued in 1,96,880 cases, the I-T Department tweeted.

No relief in interest levied: Don't wait until last minute to file ITR

Interest charged under Section 234A will increase if you delay

Clamour grows for extended deadline for tax audit, income-tax returns

The deadlines for tax audit and income tax return filing stand at October 31 and November 30, respectively

Not verifying your income tax returns might have serious consequences

Refunds get blocked, losses aren't carried forward, and you could face a penalty

Due date for 'filing belated, revised' ITRs for AY20 extended to Nov 30

The date is being extended for the 'genuine difficulties' taxpayers face in the Covid-19 pandemic.

Investors must prepare tax-filing checklist early to avoid hiccups

With the task turning more complex, procrastinating will compound your problems

Taxes taking a bite out of your salary? Use Section 197 to manage cash flow

Only payments made after submission of this certificate are eligible for lower or nil tax rate

Taxpayers don't need to mention high-value transactions in ITR form: Report

Government is not considering any modification in the ITR form

PM Modi to launch 'transparent' scheme tomorrow to honour honest taxpayers

In the Budget, Finance Minister Nirmala Sitharaman had announced that CBDT will adopt a "taxpayer charter" which will ensure trust between a taxpayer and the administration

You may have to file ITR even though your income might not be taxable

Even if your income is below the exemption limit, you will still have to furnish ITR

Income tax scrutiny down in AY18; Delhi faced the highest, Bihar the least

Gujarat the most tax-compliant state in terms of proportion of return filers to PAN holders

Govt extends deadline for filing income tax returns for FY19 till Sept 30

This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 financial year

CBDT to share depreciation, turnover info of small firms with MSME ministry

The Central Board of Direct Taxes has signed a memorandum of understanding in this regard with the Ministry of Micro, Small and Medium Enterprises

I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs

The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020