Page 4 - Itr

Over 60 mn ITR filings processed for assessment year 2023-24: CBDT

As many as 6.98 crore tax returns have been filed for income earned in 2022-23 fiscal and out of them, more than 6 crore filings have been processed, the Central Board of Direct Taxes (CBDT) said on Tuesday. The CBDT -- the apex decision making body in matters of income and corporate taxes -- said the department is not able to process certain Income Tax Returns (ITRs) for want of certain information/action on the part of taxpayers. Of the total ITRs filed, about 14 lakh are yet to be verified by taxpayers while the department has sought further information from another 12 lakh taxpayers, for which requisite communication has been sent through their e-filing accounts. Besides, certain ITR filers are yet to validate their bank accounts. "As on September 5, 6.98 crore ITRs for Assessment Year 2023-24 have been filed, of which 6.84 crore have been verified. Of these, more than 6 crore ITRs, or 88 per cent of the total verified ITRs, have been processed," the CBDT said in a ...

Correct errors and omissions in income-tax return with updated return

Remember that an updated ITR can't be used to declare lower income, claim losses, or request more refund

Missed July 31 deadline for filing ITR? File belated return by December 31

But you will have to pay a late fee, interest, and won't be able to carry forward business and capital losses

ITR filing 2023: Here are some ways to file your income tax return

If an individual misses the deadline, he/she can still file a belated return until December 31

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.

How many Indians filed non-zero income tax returns in AY 2022-23?

Only nine states and union territories had more than a million non-zero returns

74 mn ITRs filed in FY'23, over 51.6 mn declared zero tax liability: FM

Number of entities, including individuals, who filed income tax returns increased by 6.18 per cent in 2022-23 to over 7.40 crore, of which about 5.16 crore declared zero tax liability, Finance Minister Nirmala Sitharaman said on Monday. "There has been a 6.18 per cent increase in the number of persons filing Income Tax Returns in F.Y. 2022-23 as compared to persons in F.Y. 2021-22," she said in the Lok Sabha. India's gross direct tax collection grew 20.33 per cent to over Rs 19.68 lakh crore in 2022-23 fiscal. As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase. Over 7.40 crore ITRs were filed in 2022-23, of which over 5.16 crore had zero tax liability. Similarly, for 2021-22 fiscal, over 6.94 crore ITRs were filed, of which over 5.05 crore had zero tax liability. Over 6.72 crore and 6.47 crore ITRs were filed in 2020-21 and 2019-20 fiscal years. Of this, over 4.84 crore and 2.90

Over 30 mn income tax returns filed so far, 91% verified electronically

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed," the I-T department tweeted. The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year.

Freelancer or Consultant? Here's how to file Income Tax Return in India

Are you a consultant or freelancer? If so, hope you're aware that your process of filing an income tax return is different from that of a salaried employee. >

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

Over 2 cr income tax returns filed so far for assessment year 2023-24

Over 2 crore income tax returns (ITRs) have been filed so far this year for the assessment year 2023-24. In a tweet Income Tax department said over 2 crore ITRs for AY 2023-24 have already been filed till July 11, this year, as compared to 2 crore ITRs filed till July 20, last year. "...taxpayers have helped us reach the 2 crore milestone 9 days early this year, compared to the corresponding period in the preceding year..." the I-T department tweeted. The tax department also urged those, who haven't filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush.

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

When and how can I claim a TCS refund on foreign remittance?

TCS credit is available to be adjusted against actual tax liability to be payable at the end of the year. In case of no such tax liability, one can claim a refund at the end of the year.

March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B

Linking PAN with Aadhaar, submission of Form 12B are other tasks that must be completed be before this date

PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

Capital gains tax should be rationalised; need simpler ITR form: Experts

The Budget should bring in a simpler income tax return form for assessees having only capital gains or dividend or interest income, along with simplification of the capital gains tax regime, experts said. Under the income tax law, gains arising on the transfer of capital assets -- both movable and immovable -- are charged to tax under the head 'Capital Gains'. The tax rate is different for different asset classes. Also, depending on the period of holding, the income is classified as short or long-term capital gains and taxed accordingly. With capital markets in India growing at an exponential pace and companies taking the IPO route to raise funds, there is widespread demand that the capital gains tax structure be streamlined. Deloitte India Partner Rohinton Sidhwa said the holding periods for different types of assets and the number of tax rates for different types of capital assets should be reduced to a maximum of 1-2 periods or rates (along with related surcharges). "Economic a

Wealthy Indians reporting lower income, paying less tax: DSE study

The study found that the average taxable income reported by the bottom 10 per cent of households was more than 170 per cent of family wealth

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

CBDT proposes common ITR with focus on crypto assets declaration

New return to also seeks details on foreign equity and debt held by resident Indians; much more exhaustive list for NRIs

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures