Business Standard

Income Tax Returns

Still waiting? These could be reasons for not receiving your ITR refund

Filing an incorrect or incomplete return can significantly delay refunds

Still waiting? These could be reasons for not receiving your ITR refund
Updated On : 11 Dec 2024 | 11:26 AM IST

Indian Overseas Bank share price jumps 5% on I-T refund of Rs 1,359 crore

The rise in the Indian Overseas Bank share price came after the company announced that it has received a tax refund from the Income Tax (I-T) Department of Rs 1359,29,17,840 (over Rs 1,359 crore)

Indian Overseas Bank share price jumps 5% on I-T refund of Rs 1,359 crore
Updated On : 11 Dec 2024 | 11:14 AM IST

I-T department processes nearly 4 Cr ITRs in 15 days : How to check return

Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024

I-T department processes nearly 4 Cr ITRs in 15 days : How to check return
Updated On : 22 Aug 2024 | 10:01 AM IST

File revised return with caution as repeated filings invite scrutiny

A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors

File revised return with caution as repeated filings invite scrutiny
Updated On : 05 Aug 2024 | 10:04 PM IST

Over 70 mn ITRs filed for FY24 till 7 pm on last day: I-T department

Over 7 crore income tax returns have been filed till 7 pm on Wednesday -- the last day for filing ITRs for income earned in 2023-24 fiscal. "More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!," the I-T department posted on X. July 31 is the last date for filing income tax returns for taxpayers who do not have to get their accounts audited. The total number of ITRs for AY 2023-24 (fiscal year 2022-23) filed till July 31, 2023 were more than 6.77 crore, with over 64.33 lakh ITRs being filed on 31st July, 2023. To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X, the I-T department said.

Over 70 mn ITRs filed for FY24 till 7 pm on last day: I-T department
Updated On : 31 Jul 2024 | 11:55 PM IST

About 60 mn ITRs filed for FY24, 70% under new tax regime: Revenue secy

About 6 crore income tax returns have been filed for income earned in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime. "About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden," Malhotra said. For the 2022-23 fiscal, 8.61 crore ITRs were filed. The idea behind comprehensive income tax review as announced in the Budget is to make the tax law simpler. "We will come up with a draft and then we will seek suggestions," Malhotra said. Currently, India has two personal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can

About 60 mn ITRs filed for FY24, 70% under new tax regime: Revenue secy
Updated On : 30 Jul 2024 | 11:40 PM IST

ITR filing deadline on July 31: Extension uncertain; all you need to know

ITR filing deadline: The income tax department, in a post on X, urged taxpayers to file ITR at the earliest to avoid last-minute rush

ITR filing deadline on July 31: Extension uncertain; all you need to know
Updated On : 30 Jul 2024 | 3:02 PM IST

Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept

The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds. The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed, as of July 26. In a recent public communication, the Income Tax Department asked taxpayers to file their returns correctly to get timely refunds. "Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said. It cautioned ITR filing taxpayers to not claim "incorrect" Tax Deducted at So

Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept
Updated On : 28 Jul 2024 | 11:10 PM IST

How to file 'belated' ITR: Benefits, limitations, and step-by-step guide

If tax dues are pending while filing a belated ITR, a penal interest of 1 per cent per month will be levied on the due amount

How to file 'belated' ITR: Benefits, limitations, and step-by-step guide
Updated On : 26 Jul 2024 | 1:28 PM IST

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

66% taxpayers opted for new ITR filing in current season: CBDT chairman
Updated On : 25 Jul 2024 | 12:37 AM IST

File ITR 2024 via WhatsApp before July 31: Here's a step-by-step guide

This year, a new facility has been introduced that allows you to file your ITR directly via WhatsApp

File ITR 2024 via WhatsApp before July 31: Here's a step-by-step guide
Updated On : 22 Jul 2024 | 10:43 AM IST

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

Report all sources of income, including dividend and interest earnings

Missed deadline, wrong information: Errors to avoid in filing tax returns
Updated On : 21 Jul 2024 | 10:20 PM IST

Income tax rate cut, sops for PSUs: Brokerage expectations from budget 2024

Expectations (as measured by pre-budget equity market performance), wrote analysts at Morgan Stanley in a note, are important in determining what the market does immediately after the budget

Income tax rate cut, sops for PSUs: Brokerage expectations from budget 2024
Updated On : 19 Jul 2024 | 1:49 PM IST

Error-free tax return, luxury concierge firms: Top personal finance stories

This week we report about common mistakes people make in their tax filing and how India's richest use personalised concierge services

Error-free tax return, luxury concierge firms: Top personal finance stories
Updated On : 19 Jul 2024 | 6:25 AM IST

ITR 2024: Taxpayers struggle with glitches on I-T portal as July 31 nears

ITR 2024: If you wait until the last minute to file your taxes, you might run into technical problems on the income tax e-filing portal

ITR 2024: Taxpayers struggle with glitches on I-T portal as July 31 nears
Updated On : 17 Jul 2024 | 12:38 PM IST

Deduction, rebates, liability: Which tax regime is suited for your salary

The old regime provides deductions and exemptions and the new one has lower tax rates but fewer deductions

Deduction, rebates, liability: Which tax regime is suited for your salary
Updated On : 16 Jul 2024 | 4:45 PM IST

Aadhaar OTP, electronic verification: Ways to verify Income Tax return

If you fail to complete the process, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961

Aadhaar OTP, electronic verification: Ways to verify Income Tax return
Updated On : 11 Jul 2024 | 1:50 PM IST

ITR filing 2024: Forms, eligibility criteria, and what you need to know

In April 2024, the CBDT released seven different ITR forms for the financial year

ITR filing 2024: Forms, eligibility criteria, and what you need to know
Updated On : 04 Jul 2024 | 5:06 PM IST

How to claim TDS refunds, know eligibility: A guide to the process

Such refund is issued by the Income Tax department when tax deducted or advance taxes paid exceed actual tax liability

How to claim TDS refunds, know eligibility: A guide to the process
Updated On : 20 Jun 2024 | 1:10 PM IST

Tax law requires you to report income, assets abroad: What you must do

Not reporting foreign assets and income may also result in penalty and even jail sentence

Tax law requires you to report income, assets abroad: What you must do
Updated On : 16 Jun 2024 | 9:42 PM IST