Page 5 - Income Tax Returns

Over 30 mn income tax returns filed so far, 91% verified electronically

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed," the I-T department tweeted. The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year.

Income tax return: What is NIL ITR? Who is eligible, what are the benefits

A Nil ITR refers to an income tax return where there is no tax liability on the taxpayer.

Check Form 26AS, reconcile with Form 16 before you file your tax return

Claiming excess tax credit in your return could trigger a notice from the tax authorities

Seniors citizens must disclose all forms of income in ITR to avoid charge

Review forms 26AS and Annual Information Statement to see if you are eligible for refund of TDS

Report crypto income accurately to avoid mismatch during verification

New tax forms also require accurate reporting of income from intraday trading and retirement benefit accounts

Didn't get your Form 16? Worry not, you can still file your tax returns

It is the employer's responsibility to provide Form 16 to all employees. In the unlikely event that your employer fails to provide you with Form 16, you can still e-File your return yourself.

Foreign assets mean tax liabilities: Things to mind while filing returns

Penalties for non-disclosure or inaccurate disclosure of these details can be severe, say experts

When you have to mandatorily file returns even if income is not taxable

There are specific circumstances where filing an ITR becomes mandatory, even if there's no tax to be paid.

10 things taxpayers should keep in mind before filing income tax return

Form 16 contains all the salary details that need to be entered while filing income tax returns

Filing ITR without taxable income: Details on benefits, advantages

The Centre allows certain deductions and exemptions in order to reduce the burden on taxpayers

Craft convincing response to tax notice, backed by relevant documents

Non-appearance and failure to respond on time can have serious consequences

Income tax return: Common mistakes you should avoid while filing your ITR

It is important to note that one should complete their ITR filing process by taking some time to avoid mistakes

PAN-Aadhaar Link: A step by step guide to link two cards before deadline

PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000

Gift, loan, house rent: How your family can help in saving taxes

Provisions in the law allow your parents, spouse and siblings to maximise your tax returns

PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

Appointment delayed for lack of I-T returns, SC relief for ITAT members

The Supreme Court has allowed a member of the Income Tax Appellate Tribunal (ITAT) to continue in the post till the age of 62 years as per the provisions of the Income Tax Act, 1961

NRIs must be aware: Income generated in India is taxable here

Many deductions available to resident Indians are not available to NRIs

ITR forms notified for FY23, have schedule for virtual digital assets

Separate schedule for virtual digital assets requires details like date of acquisition, date of transfer head

The deadline to file updated income tax returns is March 31, 2023

It may entail a higher tax at this stage, however, the taxpayer avoids the risk of paying a penalty

Buoyant tax collections cushion govt on fiscal front; ITR reforms likely

Riding on the back of a 26 per cent surge in tax collections, the government is set to unveil the next set of reforms in tax administration by pruning the number of forms available for filing Income Tax Return (ITR) to improve taxpayers' experience and reduce the time taken to file returns. Both direct and indirect tax collections have been buoyant in 2022 in clear indication of revival of the economy after the pandemic and also as a result of government efforts to plug tax leakages. Going forward, as it seeks to tighten the noose around evaders, the government may also look at stricter tax deduction norms for e-commerce and online service providers, besides online gaming. Taxation of the digital economy, ensuring developing countries get their fair share of taxes and global coordination for taxation of cryptocurrencies would be one of the priority areas as India is all set to host the leaders of G-20 countries next year. Rationalisation of long-term capital gains tax structure is