I-T Return Filing

Section 80U of the Income Tax Act provides significant benefits to differently abled people

Over 6.85 crore income tax returns have been filed so far for fiscal 2021-22 and the number is expected to go up further by December 31, a senior official said. The last date for filing income tax returns (ITRs) for 2021-22 fiscal for individuals was July 31, while for corporates and others who need to get their accounts audited was November 7, 2022. If the deadline is missed, taxpayers can also file a belated return by paying penalty, the last date for which is December 31. "So far, 6.85 crore tax returns for Assessment Year 2022-23 have been filed and we are hopeful that the number will increase till December 31," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said. In the last fiscal (2021-22), which ended on March 31, 2022, 7.14 crore tax returns were filed. This was higher compared to 6.97 crore filed in 2020-21. So far this fiscal, refund worth around Rs 2 lakh crore has been disbursed. Till November 10, the government's gross direct tax kitty grew 31 per cen

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

Refunds get blocked, losses aren't carried forward, and you could face a penalty

Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility

An individual is required to file a tax return when his total income exceeds the basic exemption limit of Rs 2.5 lakh, say experts

The CBDT order also said the returns filed by taxpayers, post the earlier set deadline of November 30, will also be considered valid

Selection of incorrect return form and not disclosing income on which tax doesn't have to be paid are key mistakes

The high number, which might still go up, may help the government defend its decision to demonetise Rs 500 and Rs 1,000 in November 8, 2016

Only for salaried; Jaitley's earlier promise was for annual income up to Rs 5 lakh