Income Tax Returns

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

Provisions in the law allow your parents, spouse and siblings to maximise your tax returns

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 Supreme Court has allowed a member of the Income Tax Appellate Tribunal (ITAT) to continue in the post till the age of 62 years as per the provisions of the Income Tax Act, 1961

Many deductions available to resident Indians are not available to NRIs

Separate schedule for virtual digital assets requires details like date of acquisition, date of transfer head

It may entail a higher tax at this stage, however, the taxpayer avoids the risk of paying a penalty

Riding on the back of a 26 per cent surge in tax collections, the government is set to unveil the next set of reforms in tax administration by pruning the number of forms available for filing Income Tax Return (ITR) to improve taxpayers' experience and reduce the time taken to file returns. Both direct and indirect tax collections have been buoyant in 2022 in clear indication of revival of the economy after the pandemic and also as a result of government efforts to plug tax leakages. Going forward, as it seeks to tighten the noose around evaders, the government may also look at stricter tax deduction norms for e-commerce and online service providers, besides online gaming. Taxation of the digital economy, ensuring developing countries get their fair share of taxes and global coordination for taxation of cryptocurrencies would be one of the priority areas as India is all set to host the leaders of G-20 countries next year. Rationalisation of long-term capital gains tax structure is

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Move seen as part of department's revenue maximisation exercise

The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about Rs 400 crore additional tax coming in, a senior government official said on Thursday. 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. New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21). "So far about 5 lakh updated ITRs have been filed and about Rs 400 crore taxes have been paid," he said. The official said compliance has improved substantially and even corporates are filing updated income tax returns. "Data showed that one company has filed an updated return and the amount of tax paid is Rs 1 crore. This shows that there is volunta

Over 6.85 crore income tax returns have been filed so far for fiscal 2021-22 and the number is expected to go up further by December 31, a senior official said. 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. If the deadline is missed, taxpayers can also file a belated return by paying penalty, the last date for which is December 31. "So far, 6.85 crore tax returns for Assessment Year 2022-23 have been filed and we are hopeful that the number will increase till December 31," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said. In the last fiscal (2021-22), which ended on March 31, 2022, 7.14 crore tax returns were filed. This was higher compared to 6.97 crore filed in 2020-21. So far this fiscal, refund worth around Rs 2 lakh crore has been disbursed. Till November 10, the government's gross direct tax kitty grew 31 per cen

Its success, however, will hinge on the quality of online utilities launched along with it

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

The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges

The national parties have collected more than Rs 15,077.97 crore from unknown sources between 2004-05 and 2020-21, an analysis by the poll rights body -- Association for Democratic Reforms, showed. The total income of national and regional parties from unknown sources for 2020-21 stands at Rs 690.67 crore. ADR considered eight national parties and 27 regional parties for this analysis. The national parties comprised the Bharatiya Janata Party (BJP), Indian National Congress (INC), All India Trinamool Congress (AITC), Community Party of India (Marxist) (CPM), Nationalist Congress Party (NCP), Bahujan Samaj Party (BSP), Communist Party of India (CPI) and National People's Party (NPEP). The regional parties included AAP, AGP, AIADMK, AIFB, AIMIM, AIUDF, BJD, CPI(ML)(L), DMDK, DMK, GFP, JDS, JDU, JMM, KC-M, MNS, NDPP, NPF, PMK, RLD, SAD, SDF, Shivsena, SKM, TDP, TRS and YSR-Congress. The analysis conducted on the basis of the parties' Income Tax Returns (ITR) and donations statements

Use this facility cautiously, since once filed the updated return can't be modified.

For exemption on Covid-19 payments, file revised return for FY 2021-22, updated return for earlier years

However, you will have to pay a penalty and won't be able to carry forward losses under certain heads

There is a decline despite the last-minute filing frenzy