Page 3 - Income Tax Returns

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

ITR 2024: Taxpayers struggle with glitches on I-T portal as July 31 nears

ITR 2024: If you wait until the last minute to file your taxes, you might run into technical problems on the income tax e-filing portal

Deduction, rebates, liability: Which tax regime is suited for your salary

The old regime provides deductions and exemptions and the new one has lower tax rates but fewer deductions

Aadhaar OTP, electronic verification: Ways to verify Income Tax return

If you fail to complete the process, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961

ITR filing 2024: Forms, eligibility criteria, and what you need to know

In April 2024, the CBDT released seven different ITR forms for the financial year

How to claim TDS refunds, know eligibility: A guide to the process

Such refund is issued by the Income Tax department when tax deducted or advance taxes paid exceed actual tax liability

Tax law requires you to report income, assets abroad: What you must do

Not reporting foreign assets and income may also result in penalty and even jail sentence

Tax filing by senior citizens: Check Form 26AS, AIS, claim TDS refund

Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect

Tax money pays for free ration scheme but BJP taking credit: Mayawati

Bahujan Samaj Party (BSP) supremo Mayawati hit out at "BJP and company" on Thursday, saying they want to take credit for providing free rations to the country's poor. "Far from freeing the people of the country from rising inflation, poverty, unemployment and backwardness, people of BJP and company are bent on extracting electoral gains for giving the poor a little bit of ration. This is not right as this is not kindness," she wrote in Hindi on the social media platform 'X'. "The free ration to the poor is not a favour by the BJP or the government, it comes from the tax money paid by the people. Therefore, it is inappropriate to make fun of the poor by asking them for votes in return...," the former Uttar Pradesh chief minister added in another post. BJP leaders, including Prime Minister Narendra Modi, list the government's free ration scheme in every political rally. The party has even mentioned in its manifesto that it will continue the scheme till 2029 after coming to power. The

E-insurance, FASTag, ITR filing, medicine prices: What changes from April 1

As April 2024 begins, we enter a new financial year with significant updates impacting our finances and investments. Take a look at what changes from today

No change in income tax slabs from April 1, 2024: Finance Ministry

Misinformation on the new tax regime has been spreading on certain social media channels. To set the record straight, the ministry clarified several key points

Burden to call for curing of defects in tax return on assessing officer: SC

In appeals filed by the Revenue, the High Court reversed the finding of the Tribunal. Challenging the order of the High Court, the firm and its partners moved the Supreme Court

Form 12BB: Things to know about investment declaration tool for tax saving

Form 12BB, a key investment declaration document, can be used by the employees who fall under the taxable income bracket to claim deductions

Budget 2024: Rebate under new income tax regime may be hiked to Rs 7.5 lakh

Last week, the PFRDA chairman had said that the body has recommended employer contributions to the National Pension Scheme up to 12 per cent to be exempted from the income tax