ITRs Filing

It is expected that the proposed ITR form will be applicable from FY 2022-23 onwards

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

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

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

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

Such transactions attract special attention from the income tax (I-T) department and are mandatory to be furnished. If not, they may lead to fines, penalties or even jail term

Failure in filing the ITR of a deceased person makes the heir liable to pay the penalty or fines. It may also lead to some penal consequences

Filing ITR is mandatory in order to claim deductions under Chapter VI and exemptions on long-term capital gains; but there are other benefits you need to know about

A mistake in calculating tax liability could lead to a notice from the tax department

'Check your Form 26AS, AIS and other relevant documents before submission. Be an early filer,' says I-T Dept

Report any discrepancy between the two documents to the employer immediately and get it rectified

Over 6.63 crore income tax returns (ITRs) have been filed for 2020-21 fiscal as of March 15, an increase of 16.7 lakh over the tax returns filed last year, the I-T department said on Wednesday. March 15 was the last date for filing ITRs for 2020-21 fiscal by corporates and other taxpayers who have to file audit reports. The last date for individuals was December 31, 2021. "More than 6.63 crore Income Tax Returns (ITRs) were filed for AY 2021-22 on the new e-filing portal of the Income Tax Department as on 15th March, 2022... This reflects an increase of over 16.7 lakh ITRs over total filing of ITRs for AY 2020-21 till March 15, 2021," the I-T department said in a statement. More than 5.43 lakh ITRs were filed on March 15, 2022, compared to 4.77 lakh last year on the due date, while over 13.84 lakh ITRs were filed in the last five days (compared to 11.87 lakh earlier). Out of the 6.63 crore ITRs filed for AY 2021-22, 46 per cent are ITR-1 (3.03 crore), 9 per cent are ITR-2 (57.6 lak

To correct any discrepancy or omissions, the Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes

Of 61.7 million ITRs filed for the assessment year 2021-22, 48 per cent of these are ITR-1, nine per cent is ITR-2, 13 per cent is ITR-3, 27 per cent are ITR-4

Over 4.86 crore Income Tax Returns for 2020-21 fiscal have been filed so far including over 18.89 lakh ITRs filed on December 28 alone, the I-T department said on Wednesday

To avoid any last-minute errors, one must remember to use the correct ITR form, collate all relevant income and expense documents for quick referral

The Income Tax Department on Sunday said it has issued refunds of over Rs 70,120 crore till September 6 this year. Of this personal income tax refunds of Rs 16,753 crore have been issued in over 24.70 lakh cases and corporate tax refund of Rs 53,367 crore have been issued in 1.38 lakh cases. "CBDT (Central Board of Direct Taxes) issues refunds of over Rs 70,120 crore to more than 26.09 lakh taxpayers between 1st April, 2021 to 6th September, 2021, the Income Tax Department tweeted.

Failure to do so might render the ITR (Income-Tax Returns) defective and invite an income tax notice and penalties