Page 2 - Income Tax Filing

I-T Act review attempt to make it simpler for taxpayers: CBDT chairman

The budget announcement about a comprehensive review of the Income Tax Act, 1961, is an attempt to make the "bulky" law "simpler" to understand and comfortable to use for taxpayers along with aligning new technology processes with it, CBDT Chairman Ravi Agrawal has said. The Act that started its journey in 1922 contains 298 sections, 23 chapters and other provisions in its current form of 1961. Speaking to PTI during a post-budget interview on Wednesday, Agrawal said the Act has seen "redundancies" over a period of time making it "thick and bulky." "The taxpayers also feel that the Act is not so simple, as it ought to be...it is cumbersome...so the attempt is if we can make this Act simpler, simpler to comprehend, simpler in terms of language, simpler in terms of presentation, then that hitch of the taxpayer to actually not see the Act and take the help of a tax practitioner or someone (maybe eased)..." "We are working towards how can we make it (Income Tax Act) simple so that the

66% taxpayers opted for new ITR filing in current season: CBDT chairman

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

Missed deadline, wrong information: Errors to avoid in filing tax returns

Report all sources of income, including dividend and interest earnings

ITR filing: Who is responsible for paying taxes on minor's earnings?

A minor can have a PAN card and his parents or guardian can apply for the same

CBDT extends tax relief for SWFs, pension funds to March 31, 2025

With the changes, the funds can now enjoy exemption from tax on dividend income, interest income, or long-term capital gains tax arising from investments made in India

In tax records, the marked rise of companies reporting zero income

Fewer than 1,000 firms have reported income of more than Rs 500 crore

Filing income tax returns 2024 for the deceased: A step-by-step guide

ITR 2024: Even after someone passes away, their income tax return must be completed as if they were alive

Income Tax return filing: Is dividend from shares or mutual fund taxed?

A resident individual receiving dividends whose estimated annual income is below the exemption limit can submit Form 15G paying dividend

Altered financial situation? Switch between new and old tax regime

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

Check out steps to fix errors in Annual Information Statement to file ITR

If there is a discrepancy between information in the AIS and Income Tax return you had submitted, tax officials may ask you to clarify

Savings to expenses: What to do in your mid-year financial review

Time to reassess your budget and adjust it to reflect your current financial reality

Wish to carry forward losses, get TDS refund? File nil Income-Tax Return

According to the Income-Tax (I-T) Act, it is not mandatory for individuals earning less than the basic exemption limit to file an ITR.

74% Indians support taxing super-rich to address global inequality: Survey

As G20 finance ministers prepare to consider a wealth tax on the super-rich next month, a survey has revealed that 68 per cent of people in these countries, including 74 per cent in India, support the idea to address global hunger, inequality and climate crisis. The survey by the Earth4All initiative and Global Commons Alliance covered 22,000 citizens in the world's largest economies. The proposal for a levy on the super-rich has been under discussion since at least 2013 with international support on the issue growing over the years. Brazil, the current president of the G20, aims to build consensus on the taxation of wealth and is likely to push for a joint declaration at a meeting of G20 finance ministers in July. Gabriel Zucman, a French economist and a key influencer behind Brazil's G20 proposal for progressive international taxation to promote tax justice, will release a report on Tuesday, outlining how "a global minimum tax on the ultra-rich" could work and how much it could .

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

Tax law on assets abroad; heat shield at home: Top personal finance stories

This week we write about how to file tax returns for investments or income in foreign countries

Income tax department imposes penalty of over Rs 4.68 crore on L&T

The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro Ltd, according to a regulatory filing. The department levied a penalty of Rs 4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary, which was merged with the company on April 1, 2021, L&T said in the filing on Saturday. "Pursuant to the income tax assessment of the company and consequent adjustment in the returned income for the Assessment Year 2020-21, a penalty is levied on such adjustment to the returned income," it said. However, the conglomerate said it will file an appeal against this order as it "does not agree with this levy" and expects a favourable outcome at the higher forum. L&T is a USD 27 billion Indian multinational enterprise engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services, operating across multiple geographies.

Fix mismatches between Form 26AS and 16 before income tax filing

Form 26AS is a consolidated tax statement showing taxes deducted, tax credits, income sources, and tax deducted at source (TDS) and tax collected at source (TCS)

Zero electricity bill, tax tweaks: Govt's 100-day agenda, budget wish list

From a long-term perspective, however, the focus, Mirae Asset said, would be on infrastructure development, farm laws, skill development, and creating employment

ITR-3 2024: New online, offline & Excel utilities! Step-by-step guide

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.

Don't fall for fake notices! How to verify your income tax communication

Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.