ITR Filing

Linking PAN with Aadhaar, submission of Form 12B are other tasks that must be completed be before this date

The Income-Tax Department has notified forms for filing I-T returns by individuals as well as businesses for 2022-23 fiscal year. The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form. AMRG & Associates Senior Partner Rajat Mohan said CBDT has notified the income tax return forms for Assessment Year 2023-24 (for income earned in 2022-23) quite early, which would help taxpayers prepare their income returns early this year. Last year, such forms were notified in the first week of April. "Early notification of ITR forms would give ample time to all the stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals. This year, software vendors can use this extra time for an early implementation of excel utility and third-party software for filing ITRs," Mohan added. ITR-1 and ITR-4 are simpler forms that cater to a large number

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

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

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

Business Standard brings you the top headlines this hour

The Finance Ministry on Wednesday extended the deadline for filing income tax returns for the assessment year 2022-23 by businesses till November 7. The last date for filing ITR by companies who are required to get their accounts audited was October 31. The Central Board of Direct Taxes (CBDT), the apex decision-making body in matters of income and corporate tax, in a notification said since it had last month extended the deadline for filing audit reports, hence the ITR filing due date too is extended. "CBDT... extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is October 31, 2022... to November 7, 2022," the CBDT notification said. Domestic companies are required to file their income tax returns by October 31, 2022, for the Financial Year 2021-2022. The due date to file ITR will be November 30, 2022, for companies which are subject to transfer pricing norms. AMRG & Associates Director ...

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

Ministry of Corporate Affairs sent a letter to Byju's parent company asking them to explain the seventeen-month delay in filing audited accounts

TMS Ep233: Akasa Air strategy, Delhi's excise policy, markets, belated ITR

Will Akasa's launch help bring down airfares? What went wrong with Delhi's new excise policy? Is it time to add Paytm, Nykaa, Zomato to your portfolio? What is belated ITR filing? All answers here

What is belated ITR filing?

Most of us must have filed the tax return for all our earnings. The last date for filing tax return was July 31. But what if you have missed it? Find out your options now

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)

The I-T department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.

Latest News LIVE updates: From ED's probe against Shiv Sena MP Sanjay Raut to monkeypox and covid developments, catch all the latest updates here

Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?

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

As the deadline for filing ITR approaches, the demand for extending it has also grown

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

For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties