Page 13 - Income Tax Returns

CBDT asks I-T dept to impose 'higher tax rate' on fraudulently revised ITRs

CBDT had earlier said that those "drastically" altering the forms to revise income will face scrutiny

Govt extends deadline for return filing of audit reports to November 7

CBDT has revised e-filing ITR preparation utilities for filing all types of ITR forms and tax audit report

Govt to widen tax base, asks I-T dept to add 12.5 mn filers in FY18

A new I-T return filer is defined as a person who has not filed return in the previous years but is liable to do so under the law

I-T wing identifies 30,000 ITR cases for scrutiny

Cash in hand reported is significantly higher than the income declared in the previous years

Dread filing tax returns? Forms you need to file to claim I-T refund

There are total 7 ITR forms available for e-filing

You have a few more days to file I-T returns; deadline extended to Aug 5

The site has been facing glitches since the last three days

File your ITR today as tax dept rules out any extension

The dept requests taxpayers to file their return in time, a top official said

No extension in July 31 deadline for filing I-T returns, clarifies tax dept

Earlier this month, FM Jaitley launched the taxpayers service module and mobile app 'Aaykar Setu'

Tipping Point: What is an e-filing vault?

Advantage of using e-filing vault option is that it provides two-factor authentication

More complications in filing income tax returns

New ITR form might be simpler but there are minor changes in regulations that might stump you

Made an error? File your revised tax returns within stipulated timeline

While tax authorities permit you to revise your tax return in case of an error

New 1-page ITR form notified, e-filing to start today

The government today notified a simpler, one-page form for filing income tax returns while making it mandatory to quote Aadhaar number and disclose bank deposits of more than Rs 2 lakh post demonetisation. The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed. Sahaj can be filed by an individual having income of up to Rs 50 lakh from salary, house property and interest. Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business. The government has done away with form ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and by those who do not hold foreign assets). Sahaj makes quoting of 12-digit biometric identifier Aadhaar number mandatory along with Permanent Account Number (PAN) and also seeks details of cash in excess of Rs 2 lakh that was deposited

Budget 2017: Aadhaar number to be a must for filing I-T returns

All bank accounts to be seeded with Aadhaar by Mar 31; Aadhaar to be made mandatory for PDS as well

Don't fudge numbers: CBDT warns of strict action for changing I-T return 'drastically'

The policy-making arm of I-T dept will also scrutinise previous cases with noticeable manipulations in income

7.8 mn new I-T assessees added in two years

Around 7.8 million new assessees started filing income tax returns between assessment years 2012-13 and 2014-15, pushing up the total number of filers to 39.13 million.According to the Income Tax Return Statistics released by the Central Board of Direct Taxes, 31.2 million assessees filed returns in the assessment year 2012-13, which rose to 36 million in 2013-14 and 39.13 million the following year.Most of these were individuals but there were also Hindu Undivided Family entities, firms, associations of persons, companies, limited liability partnerships, trusts, etc. There were 7.5 million more individual filers in 2014-15 than two years ago.As many as 28.9 million individuals filed I-T returns during AY 2012-13, which went up to 33.5 million in AY 2013-14 and further to 36.5 million in AY 2014-15. Of the 36.5 million individuals who filed returns in AY 2014-15, 19.5 million individuals have shown nil salary income. The remaining 17 million individuals showed cumulative salary income

I-T returns: Top 1% earned 18% of income

Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12

Why you shouldn't miss the July 31 income tax filing deadline

You stand to miss out on a few benefits if you don't file your income tax return on time

Time for NRIs to file returns

Individuals with taxable income in India above the basic exemption limit should file their returns by July 31

Opportunity to complete filing pending returns

You can electronically verify returns and regularise these by August 31

Rich will have to disclose acquisition cost of assets

The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns