Income Tax E-filing

Simplify ITR forms, get 'one rate one section' for TDS: Deloitte survey

A vast majority of income tax filers want simplified ITRs for individuals, easier way for computing incentives and deductions, and simplification of TDS framework for 'one rate one section', a Deloitte survey said on Wednesday. Deloitte's Income-Tax Policy Survey also suggested doing away with the requirement of issuing Form 16A as the TDS information is already reported and available in the Form 26AS and AIS of the recipient. The survey also suggested limiting the number of sections with regard to withholding tax, classifying payments into two-to-three distinct and non-overlapping categories, and ensuring that each section has only one rate, which will significantly reduce the burden of compliance without any major loss in tax collections from a tax administrative perspective. For example, 1 per cent TDS on tangible goods, 2 per cent on services, 0.1 per cent on e-commerce transactions, and 10 per cent on other transactions such as dividend and interest. The Income Tax Policy Surv

Income Tax audit deadline extended to Nov 10: Know who benefits from step

The extension is due to cases where trusts, institutions, and funds failed to file the audit report in the correct form, according CBDT

More than 50 mn ITRs filed so far, 8% increase over last year: I-T dept

The income tax department on Saturday said more than 5 crore I-T returns have been filed on the e-filing portal, an 8 per cent increase over last year. It further said that Infosys has been instructed to ensure uninterrupted services and the company has assured uninterrupted services during the e-filing peak period. "More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department till 26th of July 2024. This is 8 per cent more than the ITRs filed in the preceding year," the Department posted on X. Over 28 lakh ITRs were filed on July 26 itself. It said Infosys is the technology partner of ITD for operating the e-filing portal. In 2023-24 fiscal, over 8.61 crore ITRs were filed.

Credit score to avoiding penalty: Why you must file your ITR before July 31

Filing early allows you ample time to collect all required documents and information, ensuring your tax return is accurate

June brings new finance related rules: Key changes you should know

As June begins, several finance related changes are set to take place from tomorrow. Check latest updates on major changes and key deadlines on policies that may impact your finance journey

CBDT enables ITR e-filing portal for FY24; 23,000 returns filed in 4 days

The Income Tax department on Thursday said ITRs 1, 2, 4 and 6 have been made available on e-filing portal from April 1, 2024, and about 23,000 returns have already been filed for the 2023-24 fiscal year. This is for the first time in recent years that the Income Tax department has enabled taxpayers to file their I-T Returns on the first day of the new financial year and, is a step towards ease of compliance and seamless taxpayer services. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property). In a statement, the Central Board of Direct Taxes (CBDT) said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the 2024-25 Assessment Year (relevant to Financial Year 2023-24) from April 1, 2024. "The ITRs -- i.e. ITR-1, ITR-2 and ITR-4 -- commonly used by taxpayers are available on the e-filing portal from April 1, 2024 onwards for taxpaye

5.6 mn updated ITRs filed, Rs 4,600 cr taxes mopped up in 2 yrs: CBDT

The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that," Gupta said. The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. Gupta said the move would ..

I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr

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

Explained: You can discard tax returns if your ITR status is 'unverified'

The discard option is only available for taxpayers with unverified returns from the assessment year (AY) 2023-2024 onwards

More than 3 million audit report filed for assessment year 2023-24

Deadline for e-filing of income tax for companies was extended to November 30, while the deadline to file of audit reports by companies was extended to October 30

Decoding ITRs: Average middle-class income can rise to Rs 50 lakh by 2047

25 percent of the ITR filers are expected to leave the lowest income strata (annual income of up to Rs 5 lakh) by FY47

Income Tax dept operationalises e-advance ruling in Delhi, Mumbai

The Income Tax department on Saturday said the boards for advance rulings have been operationalised in Delhi and Mumbai, which will function through email-based procedures and conduct hearings through video conference. The Central Board of Direct Taxes (CBDT) had constituted three boards for advance rulings in September, 2021. Further, the scheme of e-advance ruling was introduced with an objective to make the entire process of advance rulings with a minimal interface and impart greater efficiency, transparency and accountability. "Subsequently, the Boards for Advance Rulings have been operationalised in Delhi and Mumbai. These Boards started functioning through e-mail-based procedures and conducting hearing through video conferencing," the CBDT said in a statement. A non-resident investor can obtain certainty on liability towards income tax even before undertaking the investment in India. Further, even a resident entity can obtain a ruling on the taxability of a transaction and avo

ITR Deadline Missed? Know late fees, rules, and penalty for late filing

The last date to file the income tax return for the FY 2022-23 has lapsed. Individuals can still file an ITR even after the ITR deadline, which is known as a belated ITR

ITR filing last date today: Step-by-step guide to filing your returns here

Today is the last day to file your ITR for FY23 or AY24. Check how to file it here and what happens if you fail to meet the deadline

ITR filing 2023: What happens if you miss the July 31 deadline to file ITR?

The last date to file ITR for FY 2022-23 is 31st July, 2023. Taxpayers must pay their taxes before the due date to avoid penalties or late fees. The government reportedly will not extend the due date

Filing ITR? Don't forget to declare your income from other sources

Income from other sources includes earnings from freelance work, investments, rental properties, or any additional ventures.

What is form 26AS and AIS? Which is more important in filing tax returns?

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

Explained: How consultants and freelancers can file their ITR

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

Filing ITR for crypto gains: Here's your guide on taxation for VDAs

All cryptocurrency purchases, sales, and transactions are subject to a 30% capital gains tax on profits, with no provisions for reduced rates or deductions under Section 115BBH.

Filing your returns? Know key changes in ITR for assessment year 2023-24

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