E-filing Of Income Tax Returns

Over 7 crore income tax returns have been filed till 7 pm on Wednesday -- the last day for filing ITRs for income earned in 2023-24 fiscal. "More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!," the I-T department posted on X. July 31 is the last date for filing income tax returns for taxpayers who do not have to get their accounts audited. The total number of ITRs for AY 2023-24 (fiscal year 2022-23) filed till July 31, 2023 were more than 6.77 crore, with over 64.33 lakh ITRs being filed on 31st July, 2023. To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X, the I-T department said.

About 66 per cent of taxpayers out of the over 4 crore filers have opted for the new regime for income tax return (ITR) filing during the current season till now, CBDT Chairman Ravi Agrawal said Wednesday. He told PTI during a post-Budget interview that the focus of the government and the direct taxes administration is on "simplification" of the tax processes including filing of ITRs and conduct of other businesses with the Income Tax Department. "The philosophy (of the government) is that the more you simplify, the more it will make it easy for people to comply leading to increased compliance. "This is also reflected from the fact that, as on date, the number of returns (ITRs) that have been filed till yesterday is significantly more than the returns filed during the same time in the corresponding (last) year," Agrawal said. Last year, the figure of 4 crore ITR filings was crossed on July 25 but this time this number was crossed on the night of July 22, he said. He said there was

With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year

To ascertain whether a refund has been disbursed, halted, or declined, the 'Know Your Refund Status' tab on the e-filing portal's homepage serves as a valuable tool.

There is no specific date for getting your Income tax refund. However, if the IT discovers any inconsistencies in your assessment, it may take longer than usual, anywhere from a week to 10 days

If you miss the deadline to file your tax returns today, you still have the option to file a belated return until December 31 but you will have to pay a late filing fee.

A Nil ITR refers to an income tax return where there is no tax liability on the taxpayer.

It is the employer's responsibility to provide Form 16 to all employees. In the unlikely event that your employer fails to provide you with Form 16, you can still e-File your return yourself.

A new disclosure has been added for 'Income from retirement benefit accounts'. Disclosure is required to be made about the taxable income on which relief under section 89A was claimed earlier

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

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

Most of us must have filed the tax return for all our earnings. The last date for filing tax return was July 31. But what if you have missed it? Find out your options now

Over the last two financial years, the govt had extended the deadline for filing ITRs to ease compliance for taxpayers battling pandemic. But this year the deadline was not extended by even by a day

"More than 3 crore ITRs for AY (Assessment Year) 2022-23 have been filed on e-filing portal till 25th July, 2022. The due date to file ITR for AY 2022-23 is 31st July, 2022," the dept said in a tweet

With this, Kotak Mahindra Bank becomes one of the first private banks to be fully integrated with the new Income Tax department portal

However, you may have to pay a penalty and won't be able to carry forward most types of losses

Your tax return will become invalid unless it is verified within 120 days

Sitharaman encouraged continuous feedback and inputs from India Inc, and said discussions with industry had enabled the government to take a series of actions as the pandemic situation evolved

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

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