Page 2 - Income Tax Return

ITR: What happens if you miss July 31 deadline for filing income tax return

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

ITR 2021-22: Everything you need to know about updated income tax return

In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year

ITR 2021-22: How does a belated income tax return differ from regular one?

Filing your income tax return on time is always the best option. We explain what happens when you file it late

Legal heir bound by law to file deceased's tax return for year of death

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

ITR 2021-22: Using the Demat account to verify your income tax return

Once the ITR 2021-22 is filed, the taxpayer needs to verify their return within 120 days, or it is deemed invalid

ITR 2021-22: Important documents required while filing income tax return

The income tax department (I-T department) has fixed the deadline as July 31, 2022. If the ITR is not filed before the due date, the taxpayer may be subjected to monetary or criminal punishment

ITR 2021-22: Penalties you may have to pay if you miss July 31 deadline

If the income is above Rs 2.5 lakh per annum, you are required to file the ITR to avoid penalties. There are several penalties that are applicable if one fails to file the ITR before the last date

ITR 2021-22: List of transactions needed to furnish your tax return

There are several transactions that one needs to mention mandatorily in the ITR 2021-22 (AY 2022-23). It is necessary to avoid a notice from the I-T department

ITR 2021-22: These high-value transactions must be declared in your return

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

It's prudent to file nil ITR even if your income is below Rs 2.5 lakh

Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa

As deadline approaches, here's how to file I-T return of a deceased person

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

ITR: 5 common mistakes you should avoid while filing your income tax return

The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen

Five key benefits of filing your income tax return by the due date

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

Explained: What is Form 26AS and why is it important for filing ITR

A Form 26AS contains all tax-related information of a taxpayer such as TDS, TCS, advance tax paid by the assessee, self-assessment tax payments, details about income tax refunds, and other details

Cross-check data in pre-filled forms while filing income-tax return

The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry

Missed declaring rental to employer? Claim HRA exemption while filing ITR

Keep rent receipts that serve as proof handy should taxmen come calling

ITR 2022-23: How to fill your income tax return for this assessment year?

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

ITR filing for AY 2022-23 now available on e-filing portal, says I-T Dept

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

Compare Form 16 with 26AS before filing income-tax return: Experts

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

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns