Page 4 - Itr Filing

How to check income tax refund status online using PAN card?

Income Tax Department issues refunds to individuals who have paid more tax than their liability through various means like Tax Deducted at Source, advance tax, and Tax Collected at Source

Over 70 mn ITRs filed for FY24 till 7 pm on last day: I-T department

Over 7 crore income tax returns have been filed till 7 pm on Wednesday -- the last day for filing ITRs for income earned in 2023-24 fiscal. "More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!," the I-T department posted on X. July 31 is the last date for filing income tax returns for taxpayers who do not have to get their accounts audited. The total number of ITRs for AY 2023-24 (fiscal year 2022-23) filed till July 31, 2023 were more than 6.77 crore, with over 64.33 lakh ITRs being filed on 31st July, 2023. To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X, the I-T department said.

About 60 mn ITRs filed for FY24, 70% under new tax regime: Revenue secy

About 6 crore income tax returns have been filed for income earned in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime. "About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden," Malhotra said. For the 2022-23 fiscal, 8.61 crore ITRs were filed. The idea behind comprehensive income tax review as announced in the Budget is to make the tax law simpler. "We will come up with a draft and then we will seek suggestions," Malhotra said. Currently, India has two personal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can

ITR filing deadline on July 31: Extension uncertain; all you need to know

ITR filing deadline: The income tax department, in a post on X, urged taxpayers to file ITR at the earliest to avoid last-minute rush

Essential guide for traders on F&O trading tax reporting

If you have both F&O gains and losses in a financial year, declaring the losses allows you to offset them against the gains, reducing the overall tax liability on F&O transactions

Maximise tax savings with home loan deductions: Check details to know more

Home loan borrowers should be aware of all the income tax breaks available on home loans, as this can substantially reduce their tax liabilities

How donations to crowdfunding campaigns can help reduce your tax burden

If you make any donation to qualified organisations, you become eligible for claiming the same as a deduction from taxable income

How to file 'belated' ITR: Benefits, limitations, and step-by-step guide

If tax dues are pending while filing a belated ITR, a penal interest of 1 per cent per month will be levied on the due amount

ITR filing: How to correct errors in your ITR using discard ITR feature

The Discard ITR option acts as a delete option for income tax returns that have been filed but are waiting for verification

Paying Income Tax with credit card: Benefits, disadvantages and process

The method allows the tax department to process your payment promptly, potentially updating your tax records faster

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

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

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

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

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

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

ITR filing: Miss it & you will be automatically moved to new tax regime

Choosing between new and old tax regimes depends on your individual financial situation, income sources, and investment habits

How to claim TDS refunds, know eligibility: A guide to the process

Such refund is issued by the Income Tax department when tax deducted or advance taxes paid exceed actual tax liability

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

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

CBDT enables ITR e-filing portal for FY24; 23,000 returns filed in 4 days

The Income Tax department on Thursday said ITRs 1, 2, 4 and 6 have been made available on e-filing portal from April 1, 2024, and about 23,000 returns have already been filed for the 2023-24 fiscal year. This is for the first time in recent years that the Income Tax department has enabled taxpayers to file their I-T Returns on the first day of the new financial year and, is a step towards ease of compliance and seamless taxpayer services. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property). In a statement, the Central Board of Direct Taxes (CBDT) said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the 2024-25 Assessment Year (relevant to Financial Year 2023-24) from April 1, 2024. "The ITRs -- i.e. ITR-1, ITR-2 and ITR-4 -- commonly used by taxpayers are available on the e-filing portal from April 1, 2024 onwards for taxpaye