Page 5 - Itr Filing

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

Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year

To encourage taxpayers to file their ITRs and forms early, over 1.03 billion outreaches were made through targeted e-mail, SMS and other creative campaigns

Nine-year shift: Taxpayers' income distribution less tilted to super-rich

ITR filing surges 90% during AY13-14 and AY2021-22

ITR filing by individuals grows 90% in 8 years to 63.7 mn in AY 2021-22

The income tax department on Thursday said I-T returns filed by individual taxpayers have risen 90 per cent in 8 years to 6.37 crore in AY 2021-22, indicating a widening of the taxpayer base. The returns filed by individual taxpayers have increased from 3.36 crore in Assessment Year (AY) 2013-14 to 6.37 crore in AY 2021-22, registering an overall increase of 90 per cent. During the current fiscal too, 7.41 crore returns have been filed for AY 2023-24 till date, including 53 lakh first-time filers, the Central Board of Direct Taxes (CBDT) said in a statement. Giving a breakup of the returns filed by individual taxpayers across various ranges of gross total income, the CBDT said the ITRs filed by individual taxpayers earning between Rs 5 lakh and Rs 10 lakh have increased 295 per cent during the period from AY 2013-14 to AY 2021-22. There has been a 291 per cent increase in ITRs filed by individuals with gross total income between Rs 10 lakh and Rs 25 lakh. "This indicates that ...

I-T dept extends ITR filing deadline for charitable trusts till Nov 30

The Income Tax Department has extended the income tax return filing deadline for charitable trusts, religious institutions and professional bodies by one month till November 30. Also, the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended by a month till October 31, 2023. "The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023," the department said in a statement. ITR-7 is filed by institutions involved in charitable and religious activities; research; and professional bodies, besides political parties and electoral trust.

Revised return: File to rectify errors, omissions in original ITR

Multiple revisions, while legal, can attract scrutiny, especially if the final revised return deviates significantly from the original

Record 67.7 million ITRs for AY 2023-24 filed till July 31: I-T department

July 31 was the last date for filing income tax returns by salaried taxpayers

Record 65 mn ITRs for 2022-23 filed, filing to go on till midnight

Over 6.13 crore tax returns for income earned in 2022-23 has been filed so far, as the last date for ITR filing by salaried persons and entities which are not required to get their accounts audited ends Monday midnight. "6.13 crore #ITRs have been filed till yesterday (30th July). 11.03 lakh ITRs have been filed upto 12 noon today (31st July)," the Income Tax department tweeted. Last year, about 5.83 crore income tax returns were filed till July 31. The I-T department asked filers to connect on orm@cpc.incometax.gov.in if they need any assistance.

ITR filing last date today: Step-by-step guide to filing your returns here

Today is the last day to file your ITR for FY23 or AY24. Check how to file it here and what happens if you fail to meet the deadline

Last day to file returns: What happens if you miss your ITR deadline today

If you miss the deadline to file your tax returns today, you still have the option to file a belated return until December 31 but you will have to pay a late filing fee.

More than 5 cr income tax returns filed for 2022-23 fiscal so far

Over 5 crore tax returns have been filed for income earned in the 2022-23 fiscal, which ended March 31. Out of the 5.03 crore ITRs filed till 27th July 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88 per cent ITRs filed have been e-verified! the income tax department tweeted. Out of the e-verified ITRs, more than 2.69 crore ITRs have already been processed! The last date for filing ITRs by salaried employees and those who do not have to get their accounts audited for assessment year 2023-24 is July 31. To assist taxpayers with 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 and social media. We will continue to provide support till 31.07.2023, including on Saturday and Sunday, the department said, urging taxpayers who haven't filed ITR for AY 2023-24, to file at the earliest to avoid last minute rush.

ITR filing 2023: What happens if you miss the July 31 deadline to file ITR?

The last date to file ITR for FY 2022-23 is 31st July, 2023. Taxpayers must pay their taxes before the due date to avoid penalties or late fees. The government reportedly will not extend the due date

ITR FAQs answered: How many times can you revise your income tax return?

A return can be revised at any time 3 months before the end of the Assessment Year or before the completion of the assessment; whichever is earlier.

Consequence of failure to file deceased's ITR: Penalties, interest, jail

However, a legal heir's liability is capped at the value of the inherited estate

What is form 26AS and AIS? Which is more important in filing tax returns?

While they serve different purposes, understanding their differences and significance is crucial for accurate tax compliance.

Explained: How consultants and freelancers can file their ITR

There are less than two weeks for filing your income tax returns. If somebody is working as a consultant or a freelancer, then the process of ITR applied is different

File ITR soon as govt not contemplating deadline extension: Revenue secy

Revenue Secretary Sanjay Malhotra has asked income tax payers to file their return at the earliest as the finance ministry is not contemplating extension of the July 31 deadline. "We expect that the filing would be higher than the last year...we are hopeful that it should be more than the last year," he said in an interview to PTI. About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23. "We would like to thank income tax return filers as ITR filing has been at a much faster pace than last year and we would advise them not to wait to the last moment and also not to hope for any extensions. "So, I would advise them to file their tax return at the earliest because the deadline of July 31 is approaching fast," he said. With regard to the tax mobilisation target, Malhotra said, it is more or less in line with the target growth rate, which is 10.5 per cent. The growth rate as far as Goods and Services Tax (GST

Income tax return: What is NIL ITR? Who is eligible, what are the benefits

A Nil ITR refers to an income tax return where there is no tax liability on the taxpayer.

Income tax filing: What is the difference between ITR 1 and ITR 2?

When filing your income tax returns, make sure you fill up and submit the correct form, such as ITR-1, ITR-2A, and ITR-2. This is based on what kind of income, exemptions from income, etc.

Income tax return: Cleartax introduces platform for auto filing of ITR-2

The ITR-2 is required for individuals and Hindu undivided families (HUFs) not earning through their business or profession but from capital gains, foreign income or agriculture