Page 3 - Income Tax Return

How to respond to a notice for reassessment of income u/s 148A of I-T Act

Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings

Over 66.3 million income tax returns for FY'21 filed till March 15

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

I-T Dept issues over Rs 1.67-trn refunds to 18.7 mn taxpayers till Feb 7

The Income Tax Department has issued refunds of more than Rs 1.67 lakh crore to 1.87 crore taxpayers so far this fiscal

File a rectification request in case you have received a low refund

While recalculating your tax liability, ensure you include income from all sources

'Allowing ITR updation for 2 yrs by paying extra tax not an amnesty scheme'

The two-year window provided to taxpayers to disclose omitted income and correct mistakes made in income tax returns, is not an amnesty scheme, Revenue Secretary Tarun Bajaj said on Wednesday

Most people feel I-T exemption limit could be raised from Rs 2.5 lakh: KPMG

As many as 64% of the respondents said they expect the basic I-T exemption limit to be raised from Rs 2.5 lakh a year, according to a pre-budget survey by KPMG in India

Over Rs 1.54 trillion income tax refunds issued this fiscal so far

The income tax department on Thursday said it has issued refunds of over Rs 1.54 lakh crore to more than 1.59 crore taxpayers so far this fiscal.

CBDT extends FY21 ITR filing deadline for corporates till March 15

The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till February 15

Form 26AS tweaks make paying taxes easier and evasion harder. Here's how

From now on, more information about your income and transactions will be uploaded in Form 26AS by the income-tax department. So, what does that mean for you and your wallet? Let's understand

New Annual Information Statement allows you to get mistakes rectified

Make sure the information in your income-tax return and in this statement match, or you could get a tax notice

What is Form 16? | Everything about Form-16: Decoded

Here's all that you know, and you don't know, about Form 16, TDS certificate, Form 16 part A, Form 16 part B, Form 26AS, Income Tax portal, and things to remember as a taxpayer

Things to keep in mind while filing your income tax return this year

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

FinMin regularly tracking resolution of tax portal bugs with Infosys: CBDT

Board rolls out statistics to prove the problems on the portal are being addressed

Senior citizens above 75 years can avoid filing ITR from next year

Instead, they will just have to make a declaration in Form 12BBA to their bank, which will deduct TDS

Don't forget mandatory disclosures while filing your income-tax returns

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

CBDT notifies Income Tax Return forms for 2020-21

In view of ongoing Covid crisis, no significant change have been made to the ITR Forms in comparison to last year, says CBDT

A quick and simple guide on tax compliance ahead of the March 31 deadline

Apart from tax planning, you need to make sure you've paid your advance tax correctly and linked your Aadhaar to your PAN

Pay your family's insurance premiums and PPF contributions to save tax

While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws don't apply

Decoding 15th FC's estimate of mismatch in two sets of salary income data

The Commission asserts salary incomes shown by taxpayers are understated by 50%, finds scope to extract more direct tax by chasing evasion without changing tax rates; experts aren't convinced

Covid-19 impact: Govt extends 2019-20 ITR filing deadline till January 10

The deadline for filing GST annual return for 2019-20 fiscal has been extended by 2 months till February 28, 2021