ITR Form

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

Failure to do so can result in penalties for the legal heir

Individual taxpayers not having business or professional income can use this form

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

Take into account the amount and nature of your income, and residency status when choosing form

ITR filing has increased to 320,000 daily in September 2021

Ensure you file your returns ahead of time, in case you need to make changes

The department has released the ITR-1 utility (e-form) on its e-filing website available in Excel and Java formats

Other ITRs will be available shortly, the department said in an advisory today.

Require taxpayers to report granular details of each transaction

If you receive such a notice, do not panic or ignore it

You can legally reduce your taxable income with these common tax-saving deductions