I-T Returns

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

Taxpayers filing ITR-U, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income

This is at least 3.3x times the current pace of daily returns filed

Over 2.38 crore income tax returns have been filed for 2020-21 fiscal so far, the I-T department said on Tuesday

Do so once the glitches on the new tax portal have been ironed out

Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in

The deadline for submission of the representations is June 18

Be doubly cautious if filing via a mobile app

The Income Tax Department on Saturday said it will launch on June 7 its new portal e-filing 2.0, which will be mobile friendly, have pre-filled ITR form and simplified utility

Taxpayers now need to provide quarterly break-up of dividend income earned

In case of an error, file a revised TDS return under Section 154(1)

In view of the pandemic, the government had extended the deadline for filing returns multiple times in the past

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Refunds get blocked, losses aren't carried forward, and you could face a penalty

In an I-T survey, tax officers visit business premises of the taxpayer to gather information by way of examination of books of accounts, data stored electronically and also access email communication

Among large states, the lowest rate of filing was seen in Bihar at 5 per cent, followed by UP at 8.11 per cent - much below the national average of 12 per cent

The time limit to file GSTR-4 annual returns for the FY 2019-20 by the composition dealers had been extended till July 15, 2020 on April 3, 2020

Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility

This brings its tax treatment on a par with the Prime Minister National Relief Fund.

If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019