Tax Return

Over 9 mn updated I-T returns filed, ₹9,118 cr additional taxes mobilised

Over 90 lakh updated Income Tax Returns have been filed over the last four years which fetched Rs 9,118 crore to the exchequer, Parliament was informed on Monday. To encourage voluntary compliance, the government in 2022 had introduced the option for taxpayers to file updated I-T returns (ITR-U) up to 2 years from the relevant assessment year by paying additional income-tax. Through Finance Bill, 2025, the government has proposed to extend the time limit for filing updated returns to up to 4 years from the relevant assessment year. In the current assessment year (2024-25) till February 28, 4.64 lakh updated ITRs have been filed and taxes of Rs 431.20 crore paid, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. In AY 2023-24, over 29.79 lakh ITR-Us were filed and Rs 2,947 crore additional taxes paid. In AY 2022-23 and AY 2021-22, 40.07 lakh and 17.24 lakh updated ITRs were filed and additional Rs 3,940 crore and Rs 1,799.76 crore taxes were .

Budget wishlist: Mutual fund industry seeks tax relief on debt schemes

Easing of taxation crucial for financialisation of savings, says Amfi

File tax return in mid-June, once all necessary information is available

Only taxpayers with single source of income or simple finances should file early

Avoid these common errors in self-assessment tax calculation

Businesses will be able to claim pre-GST tax credits from October 1: Report

When the new tax regime under GST was introduced in 2017, several businesses could not file their tax claims due to a lack of clarity on the rules and technical glitches

ITR 2022-23: How to fill your income tax return for this assessment year?

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

Changes in Income Tax return filing that you must know before setting out

There are some changes in the e-filing site, ITR Forms for AY 2021-22, as well as in the process of filing returns.

Covid-19 impact: Govt extends 2019-20 ITR filing deadline till January 10

The deadline for filing GST annual return for 2019-20 fiscal has been extended by 2 months till February 28, 2021

Filing a revised tax return is quite easy

Revision has to be done before deadline or completion of assessment, whichever is earlier

Filing I-T return? Do remember to claim benefits on your reimbursements

However, if the amount is substantial, the I-T department may seek more details