Page 7 - Income-tax Returns

Games people play: Skill or chance? Tax rates will differ, say experts

Any income arising from a game of any sort, which does not involve any skill, is taxed at the rate of 30 per cent

Five key benefits of filing your income tax return by the due date

Filing ITR is mandatory in order to claim deductions under Chapter VI and exemptions on long-term capital gains; but there are other benefits you need to know about

Make the most of higher tax deductions to senior citizens, say experts

Those over 60 need not file ITR if any tax has been deducted under Section 194P

How to claim HRA while filing your ITR

Did you forget to submit the rent receipts to your employer and are you now worried whether the HRA in your Form 16 will be considered taxable? There's a way out for you.

Cross-check data in pre-filled forms while filing income-tax return

The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry

Have Form 16 from two employers? Be careful not to claim tax benefits twice

A mistake in calculating tax liability could lead to a notice from the tax department

Claim deduction either under Section 80 TTA or 80 TTB, but not both

Exemption under Section 10(15)(i) can be availed in conjunction with 80 TTA or 80 TTB

CBDT issues guidelines for new tax rule on gifts, benefits to influencers

Benefits like free medical samples received by doctors and gifts retained by social media influencers will attract TDS

Compare Form 16 with 26AS before filing income-tax return: Experts

Report any discrepancy between the two documents to the employer immediately and get it rectified

Income tax returns increased in FY22 over the previous fiscal: CBDT chief

Talking to PTI, Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth.

Use Section 89 (1) to reduce tax burden arising from arrears: Experts

To avail of this relief, you must file Form 10E before submitting income-tax return

CBDT lays out guidelines for manual scrutiny of income tax returns

Income-Tax department selects cases manually for comprehensive scrutiny

Govt notifies new form for filing updated ITRs for 2019-20 and 2020-21

Taxpayers filing ITR-U, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income

Seniors need to submit Forms 12BBA, 15G, 15H to save on TDS: Experts

As we enter FY23, remember April is a good time to look into your tax planning for the year ahead

Govt notifies FY22 income tax returns form for trusts, political parties

Further, in ITR-7 political parties will have to give details of voluntary contributions under different categories received by them during the fiscal

Not filed ITR yet? Face penalty or even jail term, say analysts

Breaching March 31 cut-off date will have assessee receive show-cause notice for undisclosed income

I-T refunds worth Rs 1.83 trn issued to 20.7 mn taxpayers so far in FY22

This includes personal income tax refunds of Rs 65,498 crore to over 2.04 crore assessees and corporate tax refunds of Rs 1.17 lakh crore to 2.30 lakh entities

Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT

More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued

61.7 mn ITRs, 1.9 mn audit reports filed on new I-T portal: CBDT

Of 61.7 million ITRs filed for the assessment year 2021-22, 48 per cent of these are ITR-1, nine per cent is ITR-2, 13 per cent is ITR-3, 27 per cent are ITR-4

Income Tax refunds of Rs 1.62 trillion issued so far this fiscal

The Central Board of Direct Taxes has issued Rs 1.62 lakh crore income tax refunds to over 1.79 crore taxpayers till January 24, 2022 of the current financial year, official data showed on Thursday.