Page 3 - Itr

Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept

The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds. The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed, as of July 26. In a recent public communication, the Income Tax Department asked taxpayers to file their returns correctly to get timely refunds. "Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said. It cautioned ITR filing taxpayers to not claim "incorrect" Tax Deducted at So

ITR filing: How to download acknowledgement number from tax dept website

The acknowledgment acts as an official receipt from the tax department, assuring taxpayers that their return has been successfully received

File ITR 2024 via WhatsApp before July 31: Here's a step-by-step guide

This year, a new facility has been introduced that allows you to file your ITR directly via WhatsApp

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

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

Home truth about submitting fake rent receipts to claim HRA deduction

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

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

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

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

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

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"

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

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

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

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

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

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

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

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

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