Wed, Aug 21, 2024
Finance and Corporate Affairs Minister Nirmala Sitharaman is scheduled to preside over Income Tax Day celebrations at 4 pm in the Plenary Hall at New Delhi's Vigyan Bhawan on August 21, according to the Ministry of Finance. The day marks the 165th Income Tax Day, marking a significant milestone in the country's fiscal history.
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Fri, Aug 02, 2024
Income Tax Season: The Income Tax Department has released some interesting data on the 2024 income tax season, with record 69.9 lakh ITRs filed on July 31 - the last date to file the income tax return for AY25 without penalty.
Sat, Jul 27, 2024
Income Tax Return Last Date: July 31 is crucial as it is the last day to file your income tax return (ITR) for the financial year 2023-24, which ended on March 31. Failing to do so within the stipulated time not only results in non-compliance with tax laws but also attracts penalties.
Thu, Jul 18, 2024
ITR Filing FY 2023-24: The deadline to file the income tax return for financial year 2023-24 is around the corner and it is therefore crucial for taxpayers to know the income tax slabs for both the new and old income tax regime.
Tue, Apr 09, 2024
Income Tax Department informed that there is no special drive to re-open cases of mismatch, and media reports alleging that large-scale re-opening is being undertaken by the CBDT are completely misplaced. Apprehensions are about retrospective taxation in this matter and re-opening of cases on issues pertaining to HRA claims is completely baseless
Mon, Mar 11, 2024
A Delhi Court recently convicted and sentenced a woman to six months in jail for not filing a return on income of Rs two crores.
Tue, Dec 26, 2023
ITR Filing Last Date 2023: This amount is reduced to Rs 1,000 for those taxpayers whose total income does not exceed Rs 5 lakhs.
Tue, Sep 19, 2023
Filing ITR-7 is important for individuals and organisations or Trusts which receive income from properties used for religious or charitable purposes. The date for filing ITR-7 for AY 2023-24 has been extended till November 30, 2023.
Sat, Sep 02, 2023
The Income Tax Department has issued Form 71 to help taxpayers rectify incorrect TDS deductions. Individuals can submit requests from October 1.
Wed, Aug 30, 2023
August 30 is the last date to verify ITR. Verification of ITR is a crucial step in the filing process and failure to complete it can lead to levy of a penalty and a notice from the tax authorities.
Mon, Aug 28, 2023
The Income Tax Department has also started notifying taxpayers, reminding them to verify their tax returns before the due date.
Wed, Aug 23, 2023
Individuals may receive a notice from the Income Tax Department if they have concealed their income, claimed incorrect deductions or have any other discrepancies in their ITR.
Fri, Aug 18, 2023
After the Income Tax Filing deadline ends, the I-T department scrutinizes the I-T returns to ensure compliance with tax laws and to track mistakes or instances of tax evasion in the ITRs. In case of any discrepancy, the tax department sends notices to taxpayers who then have to respond promptly to avoid penalty or legal action. In this video we discuss the meaning of common Income Tax notices and how taxpayers should respond to them.
Wed, Aug 16, 2023
The Income Tax Department has been warning taxpayers asking them to remain aware of fake links on ITR refunds and to refrain from disclosing any personal information based on such messages. The Income Tax Department has clarified that it does not send any messages with URLs to confirm or offer ITR refunds.
Wed, Aug 09, 2023
Income tax notices can be sent if your return has been selected for scrutiny or if there is a need for additional information against the ITR you have filed. Even if you have filed your ITR on time, you may receive a notice from the Income Tax Department due to any discrepancies in return.
Nearly 10 per cent of taxpayers took no advantage of the Section 80C deductions. Only 55 per cent of taxpayers fully utilised the Rs 1.5 lakh deduction limit, with another 10 per cent claiming the deductions between Rs 1 to Rs 1.5 lakh.
Tue, Aug 08, 2023
Responding promptly and accurately to these communications ensures a seamless interaction with the income tax system.
Thu, Aug 03, 2023
Section 80C of the Income Tax Act, 1961, is one of the most commonly used sections for claiming tax deductions. Under Section 80C individuals can claim deductions for certain investments and expenses. These included investments in pension schemes, PPF and life insurance, among others.
Mon, Jul 31, 2023
There are no plans to extend the last date for filing returns by the government as of now.
Sun, Jul 30, 2023
Giving statistics of the tax return filing, the department said more than 46 lakh successful logins on the e-filing portal were seen till 1 pm today.
Fri, Jul 28, 2023
The income tax deadline for 2022-23 is just around the corner, and missing it can lead to trouble! Find out what happens if you don't file your returns on time, including late fees, interest on tax dues, loss of interest on refunds, and more.
Mon, Jul 24, 2023
The time has come to fill Income Tax Return, in this case you should know the complete ABCD of tax return. Every small and big thing related to income tax return filing. Actually, many times people deliberately give wrong information in order to save tax. Income is understated in ITR. But such people are criminals in the eyes of the law. Then, the Income Tax Department takes action against such people as per the law. Know what is ITR and who has to file it.
In 1924, a statutory body, the Central Board of Revenue was established to monitor the functions and responsibilities of the department.
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