Page 4 - Income Tax Filing

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

TDS on fixed deposit interest: A guide on how to avail exemption

As per the Income Tax Act, the exemption limit for TDS deduction on FD is Rs 40,000 for individuals (excluding senior citizens) and Rs. 50,000 for senior citizens

Income Tax Calendar 2023: Important dates for taxpayers in November

There are some important dates for all the income taxpayers who need to remember these dates to avoid the potential consequences

Record number of over 7.85 cr I-T returns filed till Oct 31: CBDT data

The Income Tax Department appreciated taxpayers and tax professionals for on-time compliance, resulting in a record number of filing of Income Tax Returns (ITRs) till October 31

Nine-year shift: Taxpayers' income distribution less tilted to super-rich

ITR filing surges 90% during AY13-14 and AY2021-22

Charitable trusts having a tough time under new regulations, seek more time

The government has asked trusts to share the identities of relatives of trustees, settlors, and substantial contributors, along with information about electronic and other modes of payments

ITR filings increased threefold in each tax bracket: FM Sitharaman

Taxable workforce will be 85.3% by 2047 against 22.5% now

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

Missed July 31 deadline for filing ITR? File belated return by December 31

But you will have to pay a late fee, interest, and won't be able to carry forward business and capital losses

BCCI paid Rs 1,159 cr income tax in 2021-22, 37% higher than last year

During FY20-21, the Board of Control for Cricket in India (BCCI) paid Rs 844.92 crore in income tax, lower than Rs 882.29 crore paid in 2019-20

85% taxpayers opt for old regime, 55% fully utilise 80C benefit: survey

Among the available tax deductions, 50% of users claimed 80D for tax deductions on medical insurance, while 20% utilised 80CCD(1B) for tax deductions on NPS self-contributions.

Beware! An income tax refund scam is doing the rounds: How not to fall prey

A viral message claims that that the recipient has been approved for an income tax refund of Rs 15,490.

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

Tax filing for AY24 touches all-time high, surpasses 67.7 million

On 31 July, the final day for filing, the number of ITRs peaked with over 6.433 million ITRs submitted in a single day, the I-T department reported

Don't agree with a tax notice? You should respond through I-T portal

Act promptly or else the tax department could confirm the tax due and impose an additional penalty

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

Last day to file returns: What happens if you miss your ITR deadline today

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.

Filing tax return at the last minute: What to do and what to avoid

Missing the deadline for the annual exercise can lead to penalties and more paper work

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.