Page 2 - Income Tax Returns

New ITR-3 Form: Relief for professionals as asset limit raised to ₹1 crore

CBDT doubles asset reporting limit to ₹1 crore under revised ITR-3 for AY 2025-26 and introduces structured capital gains rules, buyback taxation, and dropdown menus

Over 9 mn updated I-T returns filed, ₹9,118 cr additional taxes mobilised

Over 90 lakh updated Income Tax Returns have been filed over the last four years which fetched Rs 9,118 crore to the exchequer, Parliament was informed on Monday. To encourage voluntary compliance, the government in 2022 had introduced the option for taxpayers to file updated I-T returns (ITR-U) up to 2 years from the relevant assessment year by paying additional income-tax. Through Finance Bill, 2025, the government has proposed to extend the time limit for filing updated returns to up to 4 years from the relevant assessment year. In the current assessment year (2024-25) till February 28, 4.64 lakh updated ITRs have been filed and taxes of Rs 431.20 crore paid, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. In AY 2023-24, over 29.79 lakh ITR-Us were filed and Rs 2,947 crore additional taxes paid. In AY 2022-23 and AY 2021-22, 40.07 lakh and 17.24 lakh updated ITRs were filed and additional Rs 3,940 crore and Rs 1,799.76 crore taxes were .

Over 9 mn updated I-T returns filed, ₹9,118 cr additional taxes mobilised

Over 90 lakh updated Income Tax Returns have been filed over the last four years which fetched Rs 9,118 crore to the exchequer, Parliament was informed on Monday. To encourage voluntary compliance, the government in 2022 had introduced the option for taxpayers to file updated I-T returns (ITR-U) up to 2 years from the relevant assessment year by paying additional income-tax. Through Finance Bill, 2025, the government has proposed to extend the time limit for filing updated returns to up to 4 years from the relevant assessment year. In the current assessment year (2024-25) till February 28, 4.64 lakh updated ITRs have been filed and taxes of Rs 431.20 crore paid, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. In AY 2023-24, over 29.79 lakh ITR-Us were filed and Rs 2,947 crore additional taxes paid. In AY 2022-23 and AY 2021-22, 40.07 lakh and 17.24 lakh updated ITRs were filed and additional Rs 3,940 crore and Rs 1,799.76 crore taxes were .

Tax bonanza: What Budget 2025 means for India's beleaguered middle-class

No tax on income up to ₹12 lakh, revised tax slabs, senior citizen benefits, and homeowner relief announced by FM Nirmala Sitharaman to ease the financial burden on the middle-class

Key financial changes coming into force from Jan 1 that taxpayers must know

Several key financial deadlines have changed, including filing belated income tax returns (ITR) by the due date and availing of Vivad Se Vishwas scheme

Government extends deadline for belated and revised tax returns to Jan 15

July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations

Still waiting? These could be reasons for not receiving your ITR refund

Filing an incorrect or incomplete return can significantly delay refunds

Indian Overseas Bank share price jumps 5% on I-T refund of Rs 1,359 crore

The rise in the Indian Overseas Bank share price came after the company announced that it has received a tax refund from the Income Tax (I-T) Department of Rs 1359,29,17,840 (over Rs 1,359 crore)

I-T department processes nearly 4 Cr ITRs in 15 days : How to check return

Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024

File revised return with caution as repeated filings invite scrutiny

A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors

Over 70 mn ITRs filed for FY24 till 7 pm on last day: I-T department

Over 7 crore income tax returns have been filed till 7 pm on Wednesday -- the last day for filing ITRs for income earned in 2023-24 fiscal. "More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!," the I-T department posted on X. July 31 is the last date for filing income tax returns for taxpayers who do not have to get their accounts audited. The total number of ITRs for AY 2023-24 (fiscal year 2022-23) filed till July 31, 2023 were more than 6.77 crore, with over 64.33 lakh ITRs being filed on 31st July, 2023. To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X, the I-T department said.

About 60 mn ITRs filed for FY24, 70% under new tax regime: Revenue secy

About 6 crore income tax returns have been filed for income earned in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime. "About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden," Malhotra said. For the 2022-23 fiscal, 8.61 crore ITRs were filed. The idea behind comprehensive income tax review as announced in the Budget is to make the tax law simpler. "We will come up with a draft and then we will seek suggestions," Malhotra said. Currently, India has two personal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can

ITR filing deadline on July 31: Extension uncertain; all you need to know

ITR filing deadline: The income tax department, in a post on X, urged taxpayers to file ITR at the earliest to avoid last-minute rush

Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept

The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds. The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed, as of July 26. In a recent public communication, the Income Tax Department asked taxpayers to file their returns correctly to get timely refunds. "Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said. It cautioned ITR filing taxpayers to not claim "incorrect" Tax Deducted at So

How to file 'belated' ITR: Benefits, limitations, and step-by-step guide

If tax dues are pending while filing a belated ITR, a penal interest of 1 per cent per month will be levied on the due amount

66% taxpayers opted for new ITR filing in current season: CBDT chairman

About 66 per cent of taxpayers out of the over 4 crore filers have opted for the new regime for income tax return (ITR) filing during the current season till now, CBDT Chairman Ravi Agrawal said Wednesday. He told PTI during a post-Budget interview that the focus of the government and the direct taxes administration is on "simplification" of the tax processes including filing of ITRs and conduct of other businesses with the Income Tax Department. "The philosophy (of the government) is that the more you simplify, the more it will make it easy for people to comply leading to increased compliance. "This is also reflected from the fact that, as on date, the number of returns (ITRs) that have been filed till yesterday is significantly more than the returns filed during the same time in the corresponding (last) year," Agrawal said. Last year, the figure of 4 crore ITR filings was crossed on July 25 but this time this number was crossed on the night of July 22, he said. He said there was

File ITR 2024 via WhatsApp before July 31: Here's a step-by-step guide

This year, a new facility has been introduced that allows you to file your ITR directly via WhatsApp

Missed deadline, wrong information: Errors to avoid in filing tax returns

Report all sources of income, including dividend and interest earnings

Income tax rate cut, sops for PSUs: Brokerage expectations from budget 2024

Expectations (as measured by pre-budget equity market performance), wrote analysts at Morgan Stanley in a note, are important in determining what the market does immediately after the budget

Error-free tax return, luxury concierge firms: Top personal finance stories

This week we report about common mistakes people make in their tax filing and how India's richest use personalised concierge services