Tax Filing

Budget 2023-24: Centre mulls increasing tax-free slab to Rs 5 lakh

Only 10-12% assessees opted for new regime introduced in 2020

US tax-filing websites sending users' financial data to FB: Report

Major tax-filing websites such as H&R Block, TaxAct and TaxSlayer in the US are reportedly sending sensitive financial information to Facebook.

Presumptive tax scheme can reduce compliance burden, return filing

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

Common ITR form will make tax-filing easier, reduce time taken, say experts

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

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

I-T dept relaxes time till Feb'2022 to complete verification of FY'20 ITRs

Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru. If the verification process, which is done through ITR-V form, is not complete, then it is considered that the return has not been filed. The Central Board of Direct Taxes (CBDT) in a circular dated December 28, said a large number of electronically filed ITRs for the Assessment Year 2020-21, still remain pending with the Income Tax department for want of receipt of a valid ITR-V Form at CPC,

Tax portal 2.0 to integrate with bourses to track trade transactions

Will take stock of discrepancies in assessee disclosures in ITR

Delhi Assembly passes GST Amendment Bill to smoothen tax filing process

The Delhi Assembly on Friday passed the 'Delhi Goods and Services Tax (Amendment) Bill, 2021' to smoothen the GST filing process and to prevent tax evasion, amid opposition from the BJP

File past year returns, avoid higher taxes as new tax provisions kick in

Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in

Rectifying mismatch between 26AS, Form 16 crucial before filing returns

Taking excess credit during ITR filing could lead to notice from tax dept

Income-tax portal 2.0 likely to allow payments by UPI, credit cards

More pvt lenders set to be given authorisation for providing services

Tax portal glitches: FinMin to hold a meeting with Infosys on June 22

After the much publicised e-filing portal went live on June 7, many IT filers faced technical hiccups

FM Nirmala Sitharaman told to extend ITRs, tax audit and AGM time frame

The Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman for extension of date of furnishing of tax audit report under section 44AB to February 28

Donald Trump paying $750 in income tax shows why he's a billionaire

His net worth is based chiefly on the value of his office and commercial property holdings, minus debts that were already known

CBDT amends rule for speedy resolution of tax disputes under treaties

Change in rule 44G of MAP calls for mutually resolution of tax disputes as agreement between India and the other nation, within 24 months

GST Council cuts rates on hotels, hikes on caffeinated beverages

Small taxpayer given relief from filing annual tax returns

Pay penalty of Rs 10,000 for late Income-Tax filing after December 31

Timely filing of return is strongly recommended as the tax authorities have the power to initiate prosecution proceedings

Govt's zero interface in tax scrutiny good, but may increase litigation

This new proposal is the extension of the existing e-proceeding which do not have the option of manual tax filing

Changing jobs? Here's how to file your income tax returns

It's better to inform new employer about income earned and deduction availed with the previous one