Itr

ITR forms, rules under new Income Tax Act to be notified by Jan: CBDT chief

The I-T department will by January notify the ITR forms and rules under the simplified Income Tax Act, 2025, which will come into effect from next fiscal beginning April 1, Central Board of Direct Taxes (CBDT) chief Ravi Agrawal said on Monday. The intent of the department is to keep the I-T Return forms simple to ease compliance under the new law, which replaces the six-decade old Income Tax Act, 1961, he said. "We are in the process of designing forms and rules. We are working towards putting this in place by January so that taxpayers have sufficient time to adapt their processes within their system," Agrawal told reporters after launching the Taxpayers' Lounge at the India International Trade Fair (IITF). The intent is to keep the income tax return (ITR) forms simple for taxpayers to ease compliance, he added. The Income Tax Act, 2025 was passed by Parliament on August 12. All the different forms applicable under the Income Tax Act, like TDS quarterly return form and ITR forms,

India’s direct tax collections rise 6%; what’s driving the surge? | Income Tax | ITR | Finance

India’s net direct tax collections have risen over 6% this year, powered largely by higher inflows from individuals and non-corporate taxpayers.

No income tax refund yet? Why is your refund delayed, and what can you do? | ITR 2025

Taxpayers across India are facing long delays in income tax return (ITR) processing and refunds. Experts attribute a mix of compliance mismatches and technical slowdowns as the primary causes.

Zepto ties up with ClearTax to help delivery executives file ITRs

Quick commerce firm Zepto on Tuesday said it has partnered with ClearTax to offer income tax return filing services for its delivery workforce, enabling refunds worth over Rs 1.5 crore to date. As many as 49 per cent of Zepto's delivery partners opted to file ITRs via ClearTax this year, with a significant share comprising first-time filers using a WhatsApp-based, multilingual interface available round the clock, a company statement said. The initiative helps workers to file returns through a chat-led process on WhatsApp in over seven Indian languages with an AI-powered system pre-filling data, computing taxes, and guiding users through deductions and exemptions before electronic filing and instant confirmation, it added. The programme combines digital and on-ground support, including helpdesks at Zepto dark stores, webinars, and telephonic support by ClearTax experts. "Thousands of gig workers across India are missing out on tax refunds due to limited financial literacy. ClearTax'

A step-by-step guide to filing timely and accurate income tax return

With the September 15 deadline about a fortnight away, begin now to avoid the last-minute rush and heightened risk of errors

Where’s my refund? A quick guide to tracking your ITR status

Filed your ITR but haven’t received your refund yet? From checking your refund status to understanding why it might be delayed, this step-by-step guide has you covered.

Filing ITR without a CA? Don’t make these 5 common mistakes | ITR for AY 2025-26 | Personal Finance

Filing your Income Tax Return (ITR) for AY 2025–26 without a Chartered Accountant? It’s now easier than ever, thanks to digital tools, but a few common mistakes can still land you in trouble.

CBDT acts against non-filers with foreign income, assets worth ₹29,000 cr

Finance Ministry on Friday said CBDT is taking action against people having foreign income and as many as 5,483 taxpayers have filed belated returns reporting foreign assets worth Rs 29,208 crore and additional income of Rs 1,089.88 crore. Suitable action under the extant provision of law is under consideration for non-responsive taxpayers, the finance ministry said in a statement. The finance ministry's statement comes amid reports that money deposited in bank accounts of Indian entities in Switzerland has increased in 2024. Indian money parked in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs (nearly Rs 37,600 crore) on the back of a huge jump in funds held through local branches and other financial institutions, annual data released by Switzerland's central bank showed on Thursday. The ministry statement said that a total of 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed their belated return for the assessment year (AY) 2024-25, reporting forei

CBDT extends ITR filing deadline to September 15 amid major changes

CBDT extends ITR filing deadline to 15 September for AY 2025-26 citing major changes in forms, late TDS credits and system readiness, offering relief to taxpayers

Do NRIs have to file tax returns in India: What's the rule and process

NRIs must pick the right form to give information about their earnings and fill it up carefully, according to experts

Individual taxpayers with LTCG up to ₹1.25 lakh can use simplified ITR-1

Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2

Old and new tax regimes: How to choose the best option for saving money

Each regime has its own tax slabs, deductions, and exemptions

Govt likely to bring back single tax return system for search cases

Single return may cover six years plus part-year when investigation is done

ITR to UPI: Money changes in March that will impact you financially

If you have chosen the old tax regime, ensure that your tax-saving investments under Sections 80C, 80D, 80G, and others are made before March 31, 2025, to maximise tax benefits

1.2 million ITR filers for FY 2023-24 have not got refund: How to fix issue

According to an expert, if all details are correct and no notices are pending, but the refund is still not received, contact the Centralised Processing Center (CPC) of the Income Tax Department

Updated income-tax return: Ensure accuracy as revisions are not permitted

Only those with additional tax to pay can file an updated return

Budget 25: Will changes occur in 80C, 80D, or other tax-saving provisions?

Amid rising healthcare costs, there is growing demand to raise the tax deduction limits under Section 80D for health insurance premiums

Only 1% of tax returns are selected for scrutiny, 99% accepted on trust

India's tax administration adopts a trust-based model, accepting over 99% of returns without scrutiny, while flagged cases undergo transparent, objective assessments

Vivad Se Vishwas Scheme 2024: Income Tax department releases new FAQs

The scheme allows taxpayers to settle disputes with the government; check out who can avail of it

Still waiting? These could be reasons for not receiving your ITR refund

Filing an incorrect or incomplete return can significantly delay refunds