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ITR

ITR filing: Who is responsible for paying taxes on minor's earnings?

A minor can have a PAN card and his parents or guardian can apply for the same

ITR filing: Who is responsible for paying taxes on minor's earnings?
Updated On : 19 Jul 2024 | 6:41 PM IST

Filing income tax returns 2024 for the deceased: A step-by-step guide

ITR 2024: Even after someone passes away, their income tax return must be completed as if they were alive

Filing income tax returns 2024 for the deceased: A step-by-step guide
Updated On : 18 Jul 2024 | 2:41 PM IST

Home truth about submitting fake rent receipts to claim HRA deduction

Practice is illegal any may lead to heavy penalties, say tax experts

Home truth about submitting fake rent receipts to claim HRA deduction
Updated On : 17 Jul 2024 | 7:23 PM IST

ITR 2024: Taxpayers struggle with glitches on I-T portal as July 31 nears

ITR 2024: If you wait until the last minute to file your taxes, you might run into technical problems on the income tax e-filing portal

ITR 2024: Taxpayers struggle with glitches on I-T portal as July 31 nears
Updated On : 17 Jul 2024 | 12:38 PM IST

How to obtain Form 16A: Your guide to downloading TDS certificates

Form 16A is issued by an employer or deductor in a financial year

How to obtain Form 16A: Your guide to downloading TDS certificates
Updated On : 16 Jul 2024 | 1:54 PM IST

ITR return: How to report foreign income in tax return?

Individuals with foreign assets and income are required to use either ITR 2 or ITR 3 forms to file their tax returns

ITR return: How to report foreign income in tax return?
Updated On : 15 Jul 2024 | 3:39 PM IST

Filing ITR 2024 for pensioners: What you need to know before July 31

Under the Income Tax Act, pensions are classified as "Income from Salaries"

Filing ITR 2024 for pensioners: What you need to know before July 31
Updated On : 12 Jul 2024 | 6:19 PM IST

Aadhaar OTP, electronic verification: Ways to verify Income Tax return

If you fail to complete the process, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961

Aadhaar OTP, electronic verification: Ways to verify Income Tax return
Updated On : 11 Jul 2024 | 1:50 PM IST

ITR filing 2024: Forms, eligibility criteria, and what you need to know

In April 2024, the CBDT released seven different ITR forms for the financial year

ITR filing 2024: Forms, eligibility criteria, and what you need to know
Updated On : 04 Jul 2024 | 5:06 PM IST

10 key points first time taxpayers should know before filing IT returns

If you find the process complicated, don't hesitate to seek assistance from a qualified tax professional

10 key points first time taxpayers should know before filing IT returns
Updated On : 02 Jul 2024 | 5:59 PM IST

Credit score to avoiding penalty: Why you must file your ITR before July 31

Filing early allows you ample time to collect all required documents and information, ensuring your tax return is accurate

Credit score to avoiding penalty: Why you must file your ITR before July 31
Updated On : 18 Jun 2024 | 11:28 AM IST

Switched jobs? Align multiple Form 16s for accurate income tax filing

Also ensure that Form 16 and Form 26AS contain identical TDS details

Switched jobs? Align multiple Form 16s for accurate income tax filing
Updated On : 03 Jun 2024 | 10:35 PM IST

ITR filing 2024: Rent receipts and landlord's PAN mandatory for HRA claims

HRA is shown in your salary slip and also in the tax projection statement provided by your employer at the start of the financial year

ITR filing 2024: Rent receipts and landlord's PAN mandatory for HRA claims
Updated On : 24 May 2024 | 3:33 PM IST

Tax deadline: Who should file ITR early and not wait till May 31

Filing taxes closer to the deadline allows individuals to assess their financial situation more accurately

Tax deadline: Who should file ITR early and not wait till May 31
Updated On : 01 May 2024 | 12:06 PM IST

I-T dept asks taxpayers to file updated ITRs for AY 2021-22 by March 31

The income tax department on Monday asked taxpayers whose cases have been flagged under e-verification scheme to file updated income tax returns for 2021-22 assessment year by March 31. The Central Board of Direct Taxes (CBDT) said in some ITRs filed for A.Y. 2021-22 (F.Y. 2020-21), a 'mismatch' has been identified, between the information filed in the ITR vis--vis information of specified financial transactions, as available with the department. In cases where ITRs for A.Y. 2021-22 have not been filed and the department is in possession of information of specified high value financial transactions, the same also needs to be examined. Accordingly, as part of the e-Verification Scheme-2021, the department is in the process of sending communication(s) to the taxpayers for the mismatch in information pertaining to A.Y. 2021-22 (F.Y. 2020-21). This information is being communicated to the taxpayers through their e-mail accounts as registered with the Income Tax Department. The "Depart

I-T dept asks taxpayers to file updated ITRs for AY 2021-22 by March 31
Updated On : 04 Mar 2024 | 9:17 PM IST

CBDT identifies mismatches in ITRs, dividend income info from third party

The Income Tax department on Monday said it has identified mismatches in ITRs filed by some taxpayers and information on dividend and interest income received from third parties. In a statement, the Central Board of Direct Taxes (CBDT) said an on-screen functionality has been made available in the compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers to provide their response. The Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers. In many cases, taxpayers have not even filed their ITRs, it said. At present, the information mismatches relating to 2021-22 and 2022-23 have been displayed on the e-filing compliance portal. In order to rectify the mismatch, an on-screen functionality has been made available in the compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers to provid

CBDT identifies mismatches in ITRs, dividend income info from third party
Updated On : 26 Feb 2024 | 9:20 PM IST

Parents may use education loan, dollar assets to lessen TCS impact

Travellers may split forex purchases, use international cards on foreign sites, and book various elements of the trip separately

Parents may use education loan, dollar assets to lessen TCS impact
Updated On : 03 Oct 2023 | 10:27 PM IST

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

Ashneer Grover calls out officials for asking for ITR of shareholders
Updated On : 08 Sep 2023 | 6:59 PM IST

Over 60 mn ITR filings processed for assessment year 2023-24: CBDT

As many as 6.98 crore tax returns have been filed for income earned in 2022-23 fiscal and out of them, more than 6 crore filings have been processed, the Central Board of Direct Taxes (CBDT) said on Tuesday. The CBDT -- the apex decision making body in matters of income and corporate taxes -- said the department is not able to process certain Income Tax Returns (ITRs) for want of certain information/action on the part of taxpayers. Of the total ITRs filed, about 14 lakh are yet to be verified by taxpayers while the department has sought further information from another 12 lakh taxpayers, for which requisite communication has been sent through their e-filing accounts. Besides, certain ITR filers are yet to validate their bank accounts. "As on September 5, 6.98 crore ITRs for Assessment Year 2023-24 have been filed, of which 6.84 crore have been verified. Of these, more than 6 crore ITRs, or 88 per cent of the total verified ITRs, have been processed," the CBDT said in a ...

Over 60 mn ITR filings processed for assessment year 2023-24: CBDT
Updated On : 05 Sep 2023 | 7:03 PM IST

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

Correct errors and omissions in income-tax return with updated return
Updated On : 04 Sep 2023 | 10:03 PM IST