Page 6 - Income Tax Returns

Experts raise several red flags around section 194R of the Income Tax Act

The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges

Unknown sources contributed Rs 15,077 cr to parties from 2005-21: ADR

The national parties have collected more than Rs 15,077.97 crore from unknown sources between 2004-05 and 2020-21, an analysis by the poll rights body -- Association for Democratic Reforms, showed. The total income of national and regional parties from unknown sources for 2020-21 stands at Rs 690.67 crore. ADR considered eight national parties and 27 regional parties for this analysis. The national parties comprised the Bharatiya Janata Party (BJP), Indian National Congress (INC), All India Trinamool Congress (AITC), Community Party of India (Marxist) (CPM), Nationalist Congress Party (NCP), Bahujan Samaj Party (BSP), Communist Party of India (CPI) and National People's Party (NPEP). The regional parties included AAP, AGP, AIADMK, AIFB, AIMIM, AIUDF, BJD, CPI(ML)(L), DMDK, DMK, GFP, JDS, JDU, JMM, KC-M, MNS, NDPP, NPF, PMK, RLD, SAD, SDF, Shivsena, SKM, TDP, TRS and YSR-Congress. The analysis conducted on the basis of the parties' Income Tax Returns (ITR) and donations statements

Omitted certain income in ITR? File updated return but caution is needed

Use this facility cautiously, since once filed the updated return can't be modified.

Tax benefit available only if death certificate mentions Covid, say experts

For exemption on Covid-19 payments, file revised return for FY 2021-22, updated return for earlier years

If you've missed July 31 deadline, file a belated ITR: What you should know

However, you will have to pay a penalty and won't be able to carry forward losses under certain heads

ITRs filed in AY23 even fewer than in Covid pandemic years, shows data

There is a decline despite the last-minute filing frenzy

India's tally of crorepatis at 131,000 as 6,000 new ones added in FY22

There was also a significant rise in number of people who declared their income between Rs 10 lakh and Rs 1 crore, data from the Finance Ministry showed

7.24 million income tax returns filed in one day, a record: CBDT

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)

58.3 mn income tax returns filed till July 31, record 7.24 mn on last day

Over the last two financial years, the govt had extended the deadline for filing ITRs to ease compliance for taxpayers battling pandemic. But this year the deadline was not extended by even by a day

Verification of ITR timeline reduced to 30 days from 120: I-T Dept order

The I-T department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.

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ITR Filing AY 2022-23: What if you missed the ITR?

Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?

Over 6.3 mn returns filed till 10 pm on last day: Income Tax department

Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for filing ITR for the 2021-22 fiscal by salaried individuals, the Income Tax department said.

FY22 ITR filing: Over 6.34 mn returns filed till 10 pm on last day

Nearly 34 lakh income tax returns were filed till 4 PM on the last day of filing ITR for 2021-22 fiscal by salaried individual, the I-T department said on Sunday. The deadline for filing I-T returns, by those taxpayers who do not have to get their accounts audited for the fiscal ended on March 31, 2022, is Sunday. Till July 30, more than 5.10 crore tax returns had been filed. Giving statistics of Income Tax Returns (ITR) filed on Sunday, the I-T department tweeted: "33,73,975 #ITRs have been filed up to 1600 hours today & 4,73,228 #ITRs filed in the last 1hr." Over the month, the I-T department has been nudging taxpayers to file their ITRs for 2021-22 fiscal to avoid levy of late fees. The I-T department also asked taxpayers to seek assistance regarding ITR filing by emailing to 'orm@cpc.incometax.gov.in' or calling help desk numbers 1800 103 0025 and 1800 419 0025. According to tax laws, a Rs 5,000 late fee would be payable by people having an annual income of over Rs 5 lakh, if

I-T department issues FAQs on Income Tax Return filing as last date today

Taxpayers with mobile numbers not linked to Aadhaar can reset password on income tax e-filing portal using a valid digital signature certificate or by logging into internet banking

ITR 2021-22: Chorus for deadline extension grows on social media

As the deadline for filing ITR approaches, the demand for extending it has also grown

Disclose your foreign assets and income in ITR or pay a hefty penalty

Clarity on relevant accounting period has been provided this year: it is January 1 to December 31, 2021

ITR filing: Know how to file income tax return as the deadline approaches

According to the revenue secretary Tarun Bajaj, over 2.3 crore income returns have been filed by July 20. However, the numbers are expected to pick up as the last date approaches

No plan to extend deadline for filing income tax returns: Revenue Secretary

The government is not considering extending the last date for filing income tax returns as it expects most returns to come in by the due date of July 31, a top official said

It's prudent to file nil ITR even if your income is below Rs 2.5 lakh

Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa