Tue, Dec 17, 2024
Minister of State for Finance Pankaj Chaudhary said there is an increase in filing ITR with over 8.09 crore income tax returns were filed in fiscal 2023-24, up from over 7.40 crore in 2022-23. In FY22, the number of ITRs filed was over 6.96 crore, up from over 6.72 crore in FY21 and over 6.48 crore in FY20.
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Wed, Nov 13, 2024
There has been a significant increase in income tax compliance in the country with more than five-fold growth in the Rs 50 lakh-plus income category, according to sources.
Sat, Oct 26, 2024
ITR Filing Deadline Extend: The income tax department has announced a 15-day extension for corporates to file their income tax returns, moving the deadline to November 15 for the assessment year 2024-25.
Tue, Jul 18, 2023
Filing ITR has become quite hassle-free with the online process. It’s advisable to keep all your documents ready before filing ITR which will help you to save your time and avoid errors. The ITR filing can be done through the e-filing portal of the Income Tax Department before the July 31 deadline.
Sun, Jul 16, 2023
Finance Ministry sources have indicated that taxpayers should file their returns as soon as possible as unlike last year, there is no likelihood of the July 31 deadline getting extended.
Sat, Jul 15, 2023
The taxpayers who are eligible to claim exemptions and other deductions under Income Tax Act, 1961, will get a refund for the tax deducted at source (TDS) after filing the ITR. Once your ITR is filed, you can conveniently track the status of your refund through the Income Tax Department's e-filing portal. The deadline for filing ITR is July 31.
Thu, Jul 13, 2023
Income tax return: Many times people make mistakes even in choosing the right ITR form. It is necessary to choose the right ITR form first. There are many advantages of filing ITR as well. It is the month to file Income Tax Return (ITR filling). Obviously you are trying to file it on time with all your preparation. But before filing ITR do you cross check whether you have made any mistake? After all, what are the things a taxpayer should consider before filing ITR? Also know what are its benefits.
Sat, Jul 01, 2023
Clubbing of income happens when a person's income is included in the taxable income of another individual. Sections 60 to 64 of the Income Tax Act include provisions related to clubbing of income.
Sat, Jun 24, 2023
Cryptocurrency income is considered taxable in India, and it is important to understand the tax implications and reporting requirements. Under the new rules, cryptocurrency income needs to be reported under the ‘Schedule VDA’ in ITR Form 2.
Sun, Jun 18, 2023
The Income Tax Act has provisions of incentives for resident senior citizens and super senior citizens. Their tax liabilities also differ as they see added exemptions and lower tax slabs. Apart from this, some senior citizens are also exempt from filing their annual income tax returns. We discuss this and the income tax slabs for senior and super senior citizens and much more in this video.
Sat, Jun 10, 2023
The annual window to file income tax return (ITR) is now open. As the process of filing ITR accurately and within the stipulated deadline can be intimidating, especially for first-time filers, we have summarised the A-B-Cs of filing income tax return and tips you must follow to avoid hefty fines and notices.
Thu, Jun 08, 2023
Explore these lesser-known tax exemptions that can help maximize your savings while filing your income tax return.
Tue, May 23, 2023
The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal.
Tue, Apr 18, 2023
Income Tax Return Scam: Scammers are sending text messages to bank account holders that appear to be from popular Indian banks, with the aim of tricking users into giving away their personal information.
Tue, Mar 28, 2023
ITR filing Last Date AY 2023-24: As the ITR filing season is about to start, there are certain things that taxpayers should know, from when to file ITR to how to file an ITR. Here are all the details for the same
Tue, Mar 21, 2023
Income Tax Return:Taxpayers can check their Income Tax Return status by visiting the official website of the Income Tax Department of India.
Mon, Mar 06, 2023
Nil ITR Filing, Income Tax Return: Filing a nil ITR is similar to filing a usual ITR and does not require a special procedure. A nil ITR is filed with the Income Tax Department to show that your yearly income is below Rs 2.50 lakh. It is a legal document or an authentic proof of income.
Tue, Feb 21, 2023
Income Tax Calculator New Regime, Income Tax Calculator AY 2023-24: The Income Tax Department has released a 'tax calculator' to help taxpayers calculate and compare how much tax they will have to pay in the new tax regime and the old tax regime.
Wed, Feb 15, 2023
To facilitate taxpayers and to improve the ease of filing, no significant changes have been made to the ITR forms in comparison to the last year's ITR Forms. Only bare minimum changes necessitated due to amendments in the Income-Tax Act, 1961, have been made, the Income Tax department said.
Thu, Nov 24, 2022
The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes.
Thu, Nov 17, 2022
Filing Income Tax Return is going to be easier very soon. According to the new update, very soon all types of taxpayers can file their ITR through a single common form. Which means there will be only one form for all. With this, people will get rid of the hassle of choosing the right income tax form for themselves. Comments have also been sought on this new form from all the stakeholders till 15th December. What can be special in this new form and what facilities people are going to get? Know from tax experts Sunil Garg and Mukesh Gupta on Money Guru.
Wed, Nov 16, 2022
The last date for filing income tax returns (ITRs) for 2021-22 fiscal for individuals was July 31, while for corporates and others who need to get their accounts audited was November 7, 2022.
Tue, Aug 16, 2022
E-verification is necessary after filing the return. If ITR is not verified, then the agreement will be invalid. The government has tightened the rules of e-verification (ITR e-verification). After August 1, there will be a penalty for filing the return. 30 days will be given to e-verify the return. Late fee up to Rs 5000 may have to be paid if the return is not filed. Report the mismatch in Form 16 and AIS to your office. Fill the ITR as per the salary slip. Ask your office to provide correct income in AIS: Sunil Garg, Tax Expert and Kapil Mittal.
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