ITR Forms

Singhal informs that the tax rates are lower up to a certain income limit under the new tax regime

The Income Tax department has made filing your ITR-3 easier than ever by offering three ways to do it! This gives you the flexibility to choose the method that best suits your needs.

Remember that an updated ITR can't be used to declare lower income, claim losses, or request more refund

If an individual misses the deadline, he/she can still file a belated return until December 31

Floods and related power outages in July in 7-8 states across the country cited as top reason for being unable to file by the July 31st date

While they serve different purposes, understanding their differences and significance is crucial for accurate tax compliance.

There are less than two weeks for filing your income tax returns. If somebody is working as a consultant or a freelancer, then the process of ITR applied is different

When filing your income tax returns, make sure you fill up and submit the correct form, such as ITR-1, ITR-2A, and ITR-2. This is based on what kind of income, exemptions from income, etc.

In order to seek tax refund, the assessee has to file ITR in the prescribed form for the relevant assessment year and refund (if any) will be automatically calculated.

Review forms 26AS and Annual Information Statement to see if you are eligible for refund of TDS

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.

Collect essential documents like Form-16 / 16A bank statements, investment proofs, and receipts for deductions

You would need Form 16, house rent receipt (if applicable), investment payment premium receipts (if applicable). However, ITRs are annexure-less forms, so you are not required to attach any document

It is important to note that one should complete their ITR filing process by taking some time to avoid mistakes

The offline Excel utility unlike the online version needs the taxpayer to download the form, complete it, and then upload it to the website for electronic filing

June 15 has been set as the due date by the I-T department for employers to share Form 16

The Income Tax department on Wednesday said the ITR forms for 2022-23 will come into effect from April 1 and have been notified well in advance to enable the filing of returns from the beginning of the ensuing Assessment Year. To facilitate taxpayers and to improve the ease of filing, no significant changes have been made to the ITR forms in comparison to the last year's ITR Forms. Only bare minimum changes necessitated due to amendments in the Income-Tax Act, 1961, have been made, it added. The Central Board of Direct Taxes (CBDT) on February 10 notified income tax return forms 1-6 for individuals, professionals and businesses for income earned in 2022-23. Also, ITR-7 form for charitable trusts, scientific research institute, political parties and universities was notified on February 14. "These ITR forms will come into effect from April 1, 2023, and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year," the Centr

Separate schedule for virtual digital assets requires details like date of acquisition, date of transfer head

The Income-Tax Department has notified forms for filing I-T returns by individuals as well as businesses for 2022-23 fiscal year. The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form. AMRG & Associates Senior Partner Rajat Mohan said CBDT has notified the income tax return forms for Assessment Year 2023-24 (for income earned in 2022-23) quite early, which would help taxpayers prepare their income returns early this year. Last year, such forms were notified in the first week of April. "Early notification of ITR forms would give ample time to all the stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals. This year, software vendors can use this extra time for an early implementation of excel utility and third-party software for filing ITRs," Mohan added. ITR-1 and ITR-4 are simpler forms that cater to a large number

Any refund you are eligible for won't be processed unless you correct the mistakes in your return