Page 5 - Income Tax Returns

7.24 million income tax returns filed in one day, a record: CBDT

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)

58.3 mn income tax returns filed till July 31, record 7.24 mn on last day

Over the last two financial years, the govt had extended the deadline for filing ITRs to ease compliance for taxpayers battling pandemic. But this year the deadline was not extended by even by a day

Verification of ITR timeline reduced to 30 days from 120: I-T Dept order

The I-T department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.

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ITR Filing AY 2022-23: What if you missed the ITR?

Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?

Over 6.3 mn returns filed till 10 pm on last day: Income Tax department

Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for filing ITR for the 2021-22 fiscal by salaried individuals, the Income Tax department said.

FY22 ITR filing: Over 6.34 mn returns filed till 10 pm on last day

Nearly 34 lakh income tax returns were filed till 4 PM on the last day of filing ITR for 2021-22 fiscal by salaried individual, the I-T department said on Sunday. The deadline for filing I-T returns, by those taxpayers who do not have to get their accounts audited for the fiscal ended on March 31, 2022, is Sunday. Till July 30, more than 5.10 crore tax returns had been filed. Giving statistics of Income Tax Returns (ITR) filed on Sunday, the I-T department tweeted: "33,73,975 #ITRs have been filed up to 1600 hours today & 4,73,228 #ITRs filed in the last 1hr." Over the month, the I-T department has been nudging taxpayers to file their ITRs for 2021-22 fiscal to avoid levy of late fees. The I-T department also asked taxpayers to seek assistance regarding ITR filing by emailing to 'orm@cpc.incometax.gov.in' or calling help desk numbers 1800 103 0025 and 1800 419 0025. According to tax laws, a Rs 5,000 late fee would be payable by people having an annual income of over Rs 5 lakh, if

I-T department issues FAQs on Income Tax Return filing as last date today

Taxpayers with mobile numbers not linked to Aadhaar can reset password on income tax e-filing portal using a valid digital signature certificate or by logging into internet banking

ITR 2021-22: Chorus for deadline extension grows on social media

As the deadline for filing ITR approaches, the demand for extending it has also grown

Disclose your foreign assets and income in ITR or pay a hefty penalty

Clarity on relevant accounting period has been provided this year: it is January 1 to December 31, 2021

ITR filing: Know how to file income tax return as the deadline approaches

According to the revenue secretary Tarun Bajaj, over 2.3 crore income returns have been filed by July 20. However, the numbers are expected to pick up as the last date approaches

No plan to extend deadline for filing income tax returns: Revenue Secretary

The government is not considering extending the last date for filing income tax returns as it expects most returns to come in by the due date of July 31, a top official said

It's prudent to file nil ITR even if your income is below Rs 2.5 lakh

Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa

Games people play: Skill or chance? Tax rates will differ, say experts

Any income arising from a game of any sort, which does not involve any skill, is taxed at the rate of 30 per cent

Five key benefits of filing your income tax return by the due date

Filing ITR is mandatory in order to claim deductions under Chapter VI and exemptions on long-term capital gains; but there are other benefits you need to know about

Make the most of higher tax deductions to senior citizens, say experts

Those over 60 need not file ITR if any tax has been deducted under Section 194P

How to claim HRA while filing your ITR

Cross-check data in pre-filled forms while filing income-tax return

The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry

Have Form 16 from two employers? Be careful not to claim tax benefits twice

A mistake in calculating tax liability could lead to a notice from the tax department

Claim deduction either under Section 80 TTA or 80 TTB, but not both

Exemption under Section 10(15)(i) can be availed in conjunction with 80 TTA or 80 TTB