Page 15 - Income Tax Returns

Don't fudge numbers: CBDT warns of strict action for changing I-T return 'drastically'

The policy-making arm of I-T dept will also scrutinise previous cases with noticeable manipulations in income

7.8 mn new I-T assessees added in two years

Around 7.8 million new assessees started filing income tax returns between assessment years 2012-13 and 2014-15, pushing up the total number of filers to 39.13 million.According to the Income Tax Return Statistics released by the Central Board of Direct Taxes, 31.2 million assessees filed returns in the assessment year 2012-13, which rose to 36 million in 2013-14 and 39.13 million the following year.Most of these were individuals but there were also Hindu Undivided Family entities, firms, associations of persons, companies, limited liability partnerships, trusts, etc. There were 7.5 million more individual filers in 2014-15 than two years ago.As many as 28.9 million individuals filed I-T returns during AY 2012-13, which went up to 33.5 million in AY 2013-14 and further to 36.5 million in AY 2014-15. Of the 36.5 million individuals who filed returns in AY 2014-15, 19.5 million individuals have shown nil salary income. The remaining 17 million individuals showed cumulative salary income

I-T returns: Top 1% earned 18% of income

Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12

Why you shouldn't miss the July 31 income tax filing deadline

You stand to miss out on a few benefits if you don't file your income tax return on time

Time for NRIs to file returns

Individuals with taxable income in India above the basic exemption limit should file their returns by July 31

Opportunity to complete filing pending returns

You can electronically verify returns and regularise these by August 31

Rich will have to disclose acquisition cost of assets

The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns

Professionals should start preparing for tax filing

Documents like TDS certificate from clients and maintenance of books of accounts are necessary

Filing income-tax returns gets more complicated

Those with annual income of more than Rs 50 lakh will have to furnish a lot of additional details