Page 2 - Itr

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

Five-fold jump in ITR filers with income above Rs 50 lakh in last 10 yrs

Tax burden on individuals earning less than Rs 20 lakh a year, broadly described as middle class, has come down during the 10 years of Prime Minister Narendra Modi-led government, while there has been a substantial increase in taxes paid by those having annual income above Rs 50 lakh, sources said on Wednesday. As per the income tax return (ITR) filing data, the number of individuals showing annual income of over Rs 50 lakh has gone up to over 9.39 lakh in 2023-24, a five-fold jump from 1.85 lakh in 2013-14. Also, the income tax liability of those earning above Rs 50 lakh has gone up 3.2 times, from Rs 2.52 lakh crore in 2014, to Rs 9.62 lakh crore in 2024. A source said that 76 per cent of income tax collected is from those earning above Rs 50 lakh a year. This has led to reduced tax burden on the middle class. Also, the increase in number of people filing ITRs with annual income above Rs 50 lakh is due to "strong anti tax evasion and black money laws implemented by the Modi ...

New portal for filing I-T returns aims to simplify work for taxpayers

Before launching the new portal, the Income Tax Department is seeking feedback from the public and stakeholders

Know how to claim a tax refund after revised ITR deadline is over

An income tax refund occurs when a taxpayer has paid more tax than their actual liability

Tax notices to employees are a 'discrepancy', ITRs to be reprocessed: TCS

"It's possible that the delay in TDS deposits could have been from TCS's side, but it seems more likely to be a technical error," said a senior partner at a major consultancy firm