Page 4 - Income Tax Returns

Gift, loan, house rent: How your family can help in saving taxes

Provisions in the law allow your parents, spouse and siblings to maximise your tax returns

PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

Appointment delayed for lack of I-T returns, SC relief for ITAT members

The Supreme Court has allowed a member of the Income Tax Appellate Tribunal (ITAT) to continue in the post till the age of 62 years as per the provisions of the Income Tax Act, 1961

NRIs must be aware: Income generated in India is taxable here

Many deductions available to resident Indians are not available to NRIs

ITR forms notified for FY23, have schedule for virtual digital assets

Separate schedule for virtual digital assets requires details like date of acquisition, date of transfer head

The deadline to file updated income tax returns is March 31, 2023

It may entail a higher tax at this stage, however, the taxpayer avoids the risk of paying a penalty

Buoyant tax collections cushion govt on fiscal front; ITR reforms likely

Riding on the back of a 26 per cent surge in tax collections, the government is set to unveil the next set of reforms in tax administration by pruning the number of forms available for filing Income Tax Return (ITR) to improve taxpayers' experience and reduce the time taken to file returns. Both direct and indirect tax collections have been buoyant in 2022 in clear indication of revival of the economy after the pandemic and also as a result of government efforts to plug tax leakages. Going forward, as it seeks to tighten the noose around evaders, the government may also look at stricter tax deduction norms for e-commerce and online service providers, besides online gaming. Taxation of the digital economy, ensuring developing countries get their fair share of taxes and global coordination for taxation of cryptocurrencies would be one of the priority areas as India is all set to host the leaders of G-20 countries next year. Rationalisation of long-term capital gains tax structure is

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

About Rs 400 cr tax deposited by filing 500,000 updated ITRs so far

The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about Rs 400 crore additional tax coming in, a senior government official said on Thursday. The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes. New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21). "So far about 5 lakh updated ITRs have been filed and about Rs 400 crore taxes have been paid," he said. The official said compliance has improved substantially and even corporates are filing updated income tax returns. "Data showed that one company has filed an updated return and the amount of tax paid is Rs 1 crore. This shows that there is volunta

Over 68.5 mn I-T returns filed for FY22 so far, count expected to rise

Over 6.85 crore income tax returns have been filed so far for fiscal 2021-22 and the number is expected to go up further by December 31, a senior official said. The last date for filing income tax returns (ITRs) for 2021-22 fiscal for individuals was July 31, while for corporates and others who need to get their accounts audited was November 7, 2022. If the deadline is missed, taxpayers can also file a belated return by paying penalty, the last date for which is December 31. "So far, 6.85 crore tax returns for Assessment Year 2022-23 have been filed and we are hopeful that the number will increase till December 31," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said. In the last fiscal (2021-22), which ended on March 31, 2022, 7.14 crore tax returns were filed. This was higher compared to 6.97 crore filed in 2020-21. So far this fiscal, refund worth around Rs 2 lakh crore has been disbursed. Till November 10, the government's gross direct tax kitty grew 31 per cen

Common ITR form will make tax-filing easier, reduce time taken, say experts

Its success, however, will hinge on the quality of online utilities launched along with it

Address cause of tax refund failure, then request reissuance: Experts

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund

Experts raise several red flags around section 194R of the Income Tax Act

The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges

Unknown sources contributed Rs 15,077 cr to parties from 2005-21: ADR

The national parties have collected more than Rs 15,077.97 crore from unknown sources between 2004-05 and 2020-21, an analysis by the poll rights body -- Association for Democratic Reforms, showed. The total income of national and regional parties from unknown sources for 2020-21 stands at Rs 690.67 crore. ADR considered eight national parties and 27 regional parties for this analysis. The national parties comprised the Bharatiya Janata Party (BJP), Indian National Congress (INC), All India Trinamool Congress (AITC), Community Party of India (Marxist) (CPM), Nationalist Congress Party (NCP), Bahujan Samaj Party (BSP), Communist Party of India (CPI) and National People's Party (NPEP). The regional parties included AAP, AGP, AIADMK, AIFB, AIMIM, AIUDF, BJD, CPI(ML)(L), DMDK, DMK, GFP, JDS, JDU, JMM, KC-M, MNS, NDPP, NPF, PMK, RLD, SAD, SDF, Shivsena, SKM, TDP, TRS and YSR-Congress. The analysis conducted on the basis of the parties' Income Tax Returns (ITR) and donations statements

Omitted certain income in ITR? File updated return but caution is needed

Use this facility cautiously, since once filed the updated return can't be modified.

Tax benefit available only if death certificate mentions Covid, say experts

For exemption on Covid-19 payments, file revised return for FY 2021-22, updated return for earlier years

If you've missed July 31 deadline, file a belated ITR: What you should know

However, you will have to pay a penalty and won't be able to carry forward losses under certain heads

ITRs filed in AY23 even fewer than in Covid pandemic years, shows data

There is a decline despite the last-minute filing frenzy

India's tally of crorepatis at 131,000 as 6,000 new ones added in FY22

There was also a significant rise in number of people who declared their income between Rs 10 lakh and Rs 1 crore, data from the Finance Ministry showed