Page 9 - Income Tax Returns

Income tax portal: Finmin officials hold review meeting with Infosys chief

Revenue Secretary Tarun Bajaj along with senior finance ministry officials held a meeting with Infosys Managing Director Salil Parekh to review the performance of the new income tax portal.

Inadequate disclosures in income tax returns can have dire consequences

In the worst case, the taxpayer could end up paying a heavy penalty and even suffer a jail term

Over one million returns a day needed to meet December ITR deadline

This is at least 3.3x times the current pace of daily returns filed

Nearly 24 mn income tax returns filed for FY21 so far, says I-T dept

Over 2.38 crore income tax returns have been filed for 2020-21 fiscal so far, the I-T department said on Tuesday

Over 20 million I-T returns filed on new portal; many glitches rectified

Infosys has been asked to address issues linked to complex filings

Income tax refunds of Rs 80,086 cr issued during this fiscal: CBDT

This figure includes income tax refunds of Rs 19,699 crore in 47,53,254 cases and corporate tax refunds of Rs 60,387 crore in 1,63,021 cases

Taxpayers still need to pay interest despite extension of filing dates

Taxpayers may still be required to pay additional interest at the rate of 1 per cent per month despite filing the return in the extended period in case the balance tax payable exceeds Rs 1 lakh

Raise refund reissue claim if tax rebate is delayed, say experts

Do this only if there are no remarks or reasons given by I-T division for withholding it

ITR filing extension: No relief to taxpayers on interest liability

ITR filing has increased to 320,000 daily in September 2021

Income Tax refunds worth Rs 70,120 crore issued till September 6

The Income Tax Department on Sunday said it has issued refunds of over Rs 70,120 crore till September 6 this year. Of this personal income tax refunds of Rs 16,753 crore have been issued in over 24.70 lakh cases and corporate tax refund of Rs 53,367 crore have been issued in 1.38 lakh cases. "CBDT (Central Board of Direct Taxes) issues refunds of over Rs 70,120 crore to more than 26.09 lakh taxpayers between 1st April, 2021 to 6th September, 2021, the Income Tax Department tweeted.

ITR filing deadline for FY21 extended to December 31, 2021

The income tax return (ITR) filing deadline for FY 2020-21 for individuals has already been extended, from the normal deadline of July 31, 2021

Govt set to extend key ITR filing dates amid portal tech glitches

Over 8 mn returns for FY21 have been filed so far, 14% of returns filed for FY20

NRIs should apply to I-T dept for relief from double taxation: Experts

If they have lost non-resident status because of enforced stay in India, this can bring them some reprieve

Income below exemption limit? File tax return, nonetheless, say experts

Offsetting losses against future income or receiving tax refund is only possible when you do so

Top headlines: Restructuring of I-T dept, highest-ever monthly exports

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Income Tax refunds worth Rs 43,991 crore issued till July 26

The Income Tax Department on Friday said it has issued refunds worth over Rs 43,991 crore till July 26 in the current fiscal. It comprises personal income tax refunds of Rs 13,341 crore and corporate tax refunds of Rs 30,651 crore. "CBDT issues refunds of over Rs 43,991 crore to more than 21.03 lakh taxpayers between 1st April, 2021 to 26th July, 2021. Income tax refunds of Rs 13,341 crore have been issued in 19,89,912 cases & corporate tax refunds of Rs 30,651 crore have been issued in 1,12,567 cases," the I-T department tweeted.

Include cryptocurrency gains in income-tax returns, say analysts

Treat it as capital gain if you buy and hold; as business income if you trade frequently

Issues with new income tax portal to be resolved soon, says FM

Sitharaman said Infosys had done trial runs before the June 7 launch but users faced technical issues in accessing the portal.

Govt paid Rs 164.5 cr to Infosys for new I-T portal: Chaudhary

The government paid Rs 164.5 crore to Infosys to build the new income tax e-filing portal between January 2019 and June 2021, Parliament was informed on Monday. "The contract for Integrated e-filing & Centralized Processing Centre (CPC 2.0) Project was awarded through an open tender published on Central Public Procurement Portal (CPPP) to Infosys Ltd, the Managed Service Provider on the lowest cost basis. "Since January 2019 till June 2021, the total amount paid to Infosys is Rs 164.5 crore under this project," Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha. He said the Union Cabinet on January 16, 2019, gave its approval for this project at an outlay of Rs 4,241.97 crore for a period of 8.5 years, including payout to the Managed Service Provider (MSP), GST, rent, postage and project management cost. On June 7 this year, the government launched the new income tax e-filing portal as part of the Integrated e-filing and Centralized Processing .

Top headlines: FY21 ITR filing deadline extended; Havells Q4 net rises 71%

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