Income Tax Return

PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000

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

The Income Tax department on Wednesday said the ITR forms for 2022-23 will come into effect from April 1 and have been notified well in advance to enable the filing of returns from the beginning of the ensuing Assessment Year. 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, it added. The Central Board of Direct Taxes (CBDT) on February 10 notified income tax return forms 1-6 for individuals, professionals and businesses for income earned in 2022-23. Also, ITR-7 form for charitable trusts, scientific research institute, political parties and universities was notified on February 14. "These ITR forms will come into effect from April 1, 2023, and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year," the Centr

The finance ministry has allowed individuals against whom search and seizure operations were carried out by the I-T authorities to file revised income tax return in ITR-1 form for assessment year(AY) 2023-24. However, there are no substantial changes in the six income tax return forms catering to individuals, professionals and businesses, notified by the Central Board of Direct Taxes (CBDT) on February 10. This year, CBDT has notified ITR forms 1-6, as well ITR-V (verification form) and ITR acknowledgement form in advance, a move that will give taxpayers enough time to prepare for relevant disclosures. The I-T department earlier used to notify ITR forms for the relevant financial year either by March or April. Income tax return forms have been notified for Assessment Year 2023-24 (for income earned in 2022-23). As per the modified norms, individuals on whom search and seizure operations have been carried out by tax officials can now file revised return under section 153 C on the ba

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

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

Finance Minister Nirmala Sitharaman on Tuesday asked income tax officers to focus on quick processing of ITRs, speedy refund issuance and grievance redressal. Addressing tax officers, the minister said that collections from direct taxes exceed indirect tax and that has brought in equity in mop up. "That has brought in equity because taxation will have to be on those who can pay more and on the shoulders tax more and not on small items of daily use," Sitharaman said. With the faceless assessment coming in and technology usage, the fear of tax authorities has reduced, she said, adding taxpayers now feel taxes are being collected in a non-discretionary way without any subjectivity. She outlined three 'R's for the income tax department to follow -- quicker processing of return, speedier refund and redressal of grievance. "What is well within you and never going to change and never needs anything more are these three 'R's," she said, asking tax officers to quickly assess and process ..

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

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund

Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2, the income tax department said on Sunday. The income tax department had in May this year notified a form for filing updated income tax returns (ITRs). The taxpayer will have to pay an additional amount over and above the due tax while filing ITR-U. "Over 1.55 lakh Updated ITRs have been filed upto 2nd September, 2022," the I-T department tweeted. It said more than 20,000 taxpayers have filed Updated ITRs for both AYs 2020-21 and 2021-22 (2019-20 and 2020-21 fiscal years). Finance Act 2022 introduced a new provision for filing Updated Income Tax Returns under section 139 (8A) of the Income-tax Act, 1961. As per the provision, an additional 25 per cent on the due tax and interest would have to be paid, if the updated income tax return (ITR) is filed within 12 months, while the rate will go up to 50 per cent if it is filed after 12 months, but before 24 months from the end of relevant Assessment ...

The winners of online games will have to pay taxes at the rate of 30 per cent without any rebates or 25-30 per cent on taxes and the interest due

Use any one of six methods of verification available

If the income tax return (ITR 2021-22) is not verified before the last date, it is deemed invalid (not filed) by the Income Tax Department

On the last day, July 31, over 6.5 million ITR were filed by 11 PM, according to the Income Tax Department

The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on Sunday

More than 48.7 mn income tax returns have been filed till late evening, the department said on Saturday, a day before the ITR filing deadline for the financial year 2021-22 ends

ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this

Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and filing a belated ITR

If the income is above Rs 2.5 lakh per annum, not filing the income tax return (ITR) can even land a person in jail