Page 4 - Income Tax Returns

I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr

With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year

Nearly 80 mn tax returns filed till Dec 2: MoS Finance informs Parliament

As many as 7.76 crore tax returns for income earned in 2022-23 have been filed till December 2 and more are expected to be filed by this month end, Parliament was informed on Monday. In 2022-23 financial year, 10.09 crore PAN holders paid taxes for income earned in 2021-22. "For the corresponding period, 7.76 crore returns have been filed till December 2, 2023, and more returns are expected to be filed till the last date, i.e. December 31, 2023," Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. The last date for filing income tax returns (ITRs) for income earned in 2022-23 was July 31, 2023. Assessees who wish to file return after the due date can do so by December 31 upon payment of a penalty. The total net direct tax collection during 2022-23 is Rs 16.63 lakh crore out of which income tax collection is Rs 8.08 lakh crore.

89% individuals say income tax refund faster now, finds CII survey

As many as 89 per cent of individuals and 88 per cent of firms are of the view that there has been a greater reduction in waiting time to get an income tax refund in the last five years between 2018-2023, a CII survey has said. The CII Income Tax Refund Survey presented to Finance Minister Nirmala Sitharaman also found that 75.5 per cent of the individuals and 22.4 per cent of the firm-level respondents did not pay TDS over and above their estimated tax liability. The survey respondents (84 per cent of individuals and 77 per cent of firms) also felt the process of checking refund status was now smooth. "The extensive measures, which have been introduced by the government in the recent years to streamline, simplify and automate the taxation regime have borne rich dividends as is evident from the upbeat survey results on assessing speed and efficiency of income tax refunds conducted by CII," the industry body's President R Dinesh said. A staggering 87 per cent of the individuals and

Govt extends deadline for filing tax returns by companies, audit reports

The government on Monday extended the due date for filing income tax returns by companies by one month till November 30. Also, the due date for furnishing audit reports by companies who need to get their accounts audited has been extended by one month till October 31. "The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023, the finance ministry said in a statement.

Received intimation notice from I-T dept? Rectify or clarify discrepancies

If you agree with the notice, file updated return and pay tax dues; if you disagree, send explanation

Ashneer Grover calls out officials for asking for ITR of shareholders

Ashneer Grover asked the finance ministry to look into the Income Tax Department's practice of asking for details of the ITRs of shareholders

Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT

CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened

Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT

CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened

Tax filing will have to double every nine years to meet FY47 target

Growth rate to achieve target would be over 8% per annum

Correct errors and omissions in income-tax return with updated return

Remember that an updated ITR can't be used to declare lower income, claim losses, or request more refund

Missed July 31 deadline for filing ITR? File belated return by December 31

But you will have to pay a late fee, interest, and won't be able to carry forward business and capital losses

Doing a second job? You may be under I-T department's lens for moonlighting

In the first phase, I-T department has sent notices to people with an average undeclared payment between Rs 5 lakh and Rs 10 lakh

Number of ITRs filed between Apr-June 2023 nearly doubled to 13.6 million

The number of income tax returns filed between April-June 2023 nearly doubled to over 1.36 crore over the previous year, indicating early filing by taxpayers to avoid last-minute rush. The last date for filing tax returns for income earned in the previous fiscal by individuals and those who do not need to get their accounts audited is July 31. So for income earned in 2022-23 (April-March) fiscal, the deadline to file ITR for this category of taxpayers was July 31, 2023. In July, which is the last month of I-T return filing, over 5.41 crore returns were filed, taking the total number of filing to over 6.77 crore by the month-end. As per the comparative statistics of ITR filing available on the I-T e-filing portal, over 70.34 lakh tax returns were filed in April-June 2022-23. This number surged 93.76 per cent to over 1.36 crore in April-June 2023-24. The 1 crore ITR filing milestone was also reached 13 days ahead on June 26 in the current fiscal, compared to July 8 last financial ...

Income Tax Return (ITR) status: Steps to check IT Refund status online

There is no specific date for getting your Income tax refund. However, if the IT discovers any inconsistencies in your assessment, it may take longer than usual, anywhere from a week to 10 days

Revised return: File to rectify errors, omissions in original ITR

Multiple revisions, while legal, can attract scrutiny, especially if the final revised return deviates significantly from the original

Avoid these common errors in self-assessment tax calculation

Calculating self-assessment tax accurately is crucial when filing your Income Tax Return. Watch the video to know what common errors to avoid during the process.

Filing tax return at the last minute: What to do and what to avoid

Missing the deadline for the annual exercise can lead to penalties and more paper work

More than 5 cr income tax returns filed for 2022-23 fiscal so far

Over 5 crore tax returns have been filed for income earned in the 2022-23 fiscal, which ended March 31. Out of the 5.03 crore ITRs filed till 27th July 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88 per cent ITRs filed have been e-verified! the income tax department tweeted. Out of the e-verified ITRs, more than 2.69 crore ITRs have already been processed! The last date for filing ITRs by salaried employees and those who do not have to get their accounts audited for assessment year 2023-24 is July 31. To assist taxpayers with 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 and social media. We will continue to provide support till 31.07.2023, including on Saturday and Sunday, the department said, urging taxpayers who haven't filed ITR for AY 2023-24, to file at the earliest to avoid last minute rush.

How many Indians filed non-zero income tax returns in AY 2022-23?

Only nine states and union territories had more than a million non-zero returns

You can now pay your income tax via PhonePe too

The company has partnered with PayMate, a B2B payments and service provider to enable this feature.