Page 9 - Income Tax Returns

No ITR for those of 75 years and above if pension, FD interest in same bank

Senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank would not be required to file income tax returns for the financial year beginning April 1

Taxes, housing, and income: How does the Budget work for your money

FM offers a slew on incentives for senior citizens and affordable house buyers, apart from easing tax compliance

Late income-tax returns surge slows direct tax mop-up contraction

Net collection stands at Rs 6.57 trn, compared with Rs 7.24 trn a year ago

Gujarat HC rejects plea to extend deadline for filing tax returns

The Gujarat High Court has rejected a plea seeking extension of deadline for filing of returns but observed that the CBDT may take a lenient view on penalty for late filing of tax audit reports. The Income Tax Department had on Monday rejected demand for further extension of the deadline for filing returns where audit is required beyond February 15. According to an oral order on January 13, 2021, the court said it has reached the conclusion that it should not interfere in the matter after hearing all the parties. "In the result, both the writ applications fail and are hereby rejected. At this stage, we may only observe that the CBDT may consider issuing an appropriate circular taking a lenient view as regards the consequences of late filing of the Tax Audit Reports as provided under Section 271B of the Act. We leave it to the better discretion of the CBDT in this regard," it said. As per Section 271B of the Income Tax Act, if any assessee fails to get his accounts audited in respec

Income tax returns cross 58 million hours before deadline, shows data

In view of the pandemic, the government had extended the deadline for filing returns multiple times in the past

Over 47.3 million ITRs filed till December 30 for fiscal 2019-20

The government has extended the deadline for filing ITR till January 10 for individuals

Deadline for filing income tax returns by individuals extended to Jan 10

'Continued challenges' faced by people in the coronavirus pandemic prompts tax department to extend deadlines.

Around 43.7 million income tax returns for FY'20 filed till December 28

Around 43.7 million income tax returns for fiscal 2019-20 (Assessment Year 2020-21) have been filed till December 28, the I-T department said on Tuesday

Over 42.3 million ITRs for fiscal 2019-20 filed till December 27

Over 4.23 crore taxpayers have filed their Income Tax Returns for Assessment Year 2020-21 (fiscal year 2019-20) till December 27, the Income Tax department said on Monday. "More than 4.23 crore Income Tax Returns for AY 2020-21 have already been filed till 27th of December, 2020. Have you filed yours? If not filed as yet, don't wait. File your #ITR for AY 2020-21 TODAY!," the Income Tax department tweeted. This includes over 2.38 crore taxpayers filing ITR-1, over 92.26 lakh filing ITR-4, over 51.05 lakh ITR-3 and over 31.09 lakh filing ITR-2. The deadline to file Income Tax Returns (ITRs) by individual taxpayers for 2019-20 fiscal (Assessment Year 2020-21) ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021. The due date was extended from July 31and October 31, 2020, respectively in view of the COVID-19 pandemic. At the close of the deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year

Over 41.5 million ITRs for fiscal 2019-20 filed till December 26

As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to avoid last minute rush

FM Nirmala Sitharaman told to extend ITRs, tax audit and AGM time frame

The Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman for extension of date of furnishing of tax audit report under section 44AB to February 28

Last-minute filers can expedite tax return processing with Jhatpat scheme

Check if you are eligible: Only those filing via ITR 1 and 4 can opt for it

I-T refunds worth Rs 1.40 tn issued to about 6 mn taxpayers in 8 months

The Income Tax Department has issued refunds worth over Rs 1.40 lakh crore to more than 59.68 lakh taxpayers this fiscal till December 1. This include personal income tax (PIT) refunds amounting to Rs 38,105 crore and corporate tax refunds of over Rs 1.02 lakh crore during this period. "CBDT issues refunds of over Rs 1,40,210 crore to more than 59.68 lakh taxpayers between 1st April,2020 to 01st December,2020. Income tax refunds of Rs 38,105 crore have been issued in 57,68,926 cases & corporate tax refunds of Rs 1,02,105 crore have been issued in 1,99,165 cases," the I-T Department tweeted.

I-T refunds worth Rs 1.36 lakh cr issued to 4.1 mn taxpayers till Nov 24

The Income Tax Department has issued refunds worth over Rs 1.36 lakh crore to over 41 lakh taxpayers so far this fiscal. This includes personal income tax (PIT) refunds amounting to Rs 36,028 crore and corporate tax refunds of over Rs 1 lakh crore during this period. CBDT issues refunds of over Rs 1,36,962 crore to more than 41.25 lakh taxpayers between 1st April, 2020 to 24th November,2020. Income tax refunds of Rs 36,028 crore have been issued in 39,28,067 cases & corporate tax refunds of Rs 1,00,934 crore have been issued in 1,96,880 cases, the I-T Department tweeted.

No relief in interest levied: Don't wait until last minute to file ITR

Interest charged under Section 234A will increase if you delay

Clamour grows for extended deadline for tax audit, income-tax returns

The deadlines for tax audit and income tax return filing stand at October 31 and November 30, respectively

Not verifying your income tax returns might have serious consequences

Refunds get blocked, losses aren't carried forward, and you could face a penalty

Due date for 'filing belated, revised' ITRs for AY20 extended to Nov 30

The date is being extended for the 'genuine difficulties' taxpayers face in the Covid-19 pandemic.

Investors must prepare tax-filing checklist early to avoid hiccups

With the task turning more complex, procrastinating will compound your problems

Taxes taking a bite out of your salary? Use Section 197 to manage cash flow

Only payments made after submission of this certificate are eligible for lower or nil tax rate