Page 4 - Income Tax Return

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Mistakes you should avoid while filing your income-tax return this year

An incorrect form can render the return defective; under certain circumstances, you may have to file a return even if your income is below the exemption limit

I-T refunds of Rs 95,853 cr issued to 2.55 million taxpayers this fiscal

The Income Tax department on Wednesday said it has issued refunds worth Rs 95,853 crore to over 25.55 lakh taxpayers in the current fiscal. This include personal income tax refunds amounting to Rs 29,361 crore issued to 23.91 lakh taxpayers and corporate tax refunds amounting to Rs 66,493 crore to over 1.63 lakh taxpayers during this period. "CBDT issues refunds of over Rs 95,853 crore to more than 25.55 lakh taxpayers between 1st April, 2020 to 25th August, 2020. Income tax refunds of Rs 29,361 crore have been issued in 23,91,517 cases & corporate tax refunds of Rs 66,493 crore have been issued in 1,63,272 cases," the I-T department tweeted. The government has emphasised on providing tax-related services to taxpayers without any hassles during COVID-19 pandemic and to that end has been clearing up pending tax refunds.

Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens

In a list of proposed measures to widen the tax base, in a tweet, government said no taxpayer should be left behind in the drive to ensure better compliance and transparency

Here is how to file Income Tax Returns for AY 2020-21: Step by step guide

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

CBDT notifies income tax returns forms for 2019-20: Find all the details

The dept has revised the I-T return forms for the financial year 2019-20 to allow assessees to avail benefits of various timeline extension granted by the government following the Covid-19 outbreak

Pending tax refunds up to Rs 5 lakh to be issued immediately: I-T Dept

"It has also been decided to issue all pending GST and Customs refunds which would provide benefit to around 100,000 business entities, including MSMEs," the I-T department said

Why the new optional tax regime could adversely affect dwindling savings

Commenting on the proposal, eminent economist and former Union Minister Yoginder Alagh said, "it (proposal) will definitely reduce savings incentives".

Allcargo acquires nearly 13% stake in Gati in first of three-phased buyout

Several taxpayers complained of technical glitches on filing returns on social media

Book on recently-launched faceless I-T e-assessment scheme released

Titled Guide to e-Assessment with Real Time Case Studies & Suggestive e-Submissions, the book is a ready referencer to help and assist taxpayers and tax practitioners in e-assessment proceedings

Online platforms, CAs aren't responsible for wrong income-tax filing

Be ready for a long haul even if there are punching errors from these service providers

ITR 2019-20: A simple step-by-step guide to filing your income-tax return

Good news is that the income-tax department has extended the last date for filing ITR from July 31 to August 31, 2019

Govt extends due date for filing Income Tax returns for FY19 till Aug 31

There have been demands for an extension in filing ITR date since issuance of tax deducted at source (TDS) statement for 2018-19 fiscal was delayed

File ITR if you have high-budget foreign trips, steep electricity bills

Also, any person claiming the benefits of tax exemption from long term capital gains under various provisions under section 54 of the Income Tax Act will have to file a tax return

Filing out a tax return for the first time? Here are seven important tips

Individuals (residents and non-residents) need not pay taxes on income up to Rs 2.5 lakh. Beyond this limit, their income becomes taxable based on slab rates prescribed under the law

A step-by-step guide to filling salary details in your income tax return

ITR-1 can be used to report income from salary, one house property, income from other sources, and agricultural income of up to Rs.5,000.

Before you file your tax return, note the key changes in Form 16

Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.

All you need to know about tax benefits for senior, super senior citizens

Some significant benefits available to senior citizens and super senior citizens have been discussed in this article

What are factors that contributed to sharp rise in number of I-T returns?

The returns whose numbers have been disclosed recently belong to the fiscal year 2017-18

Want to revise your income tax return (ITR)? Here's a step-by-step guide

The revision has to be done before the end of the financial year for which return was filed, i.e., 31st March 2019 for AY2018-19