Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa
Those over 60 need not file ITR if any tax has been deducted under Section 194P
The last date for filing income tax of AY 2022 is drawing close. We explain a few things which you should keep in mind before filing the tax return.
Keep rent receipts that serve as proof handy should taxmen come calling
Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23
Income-Tax department selects cases manually for comprehensive scrutiny
'The faceless assessment scheme in India draws upon the best practices of the UK HRMC and Australian ATO'
However, you may have to pay a penalty and won't be able to carry forward most types of losses
Assessment Year 2021-22 is for income earned in the financial year 2020-21
Over 4.67 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as of December 27, 2021
The government had extended the date of filing income tax returns for AY22 to December 31, 2021, from July 31, 2021
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Of the e-verified ITRs, more than 23.8 million ITRs have been processed and over 909.5 million refunds for AY 2021-22 have been issued
Infosys has been asked to address issues linked to complex filings
The income tax department said more than two crore ITRs for the financial year 2020-21 have been filed so far and the performance of the new I-T portal has 'substantially stabilised'
ITR filing has increased to 320,000 daily in September 2021
Ensure you file your returns ahead of time, in case you need to make changes
Instead, they will just have to make a declaration in Form 12BBA to their bank, which will deduct TDS
Will take stock of discrepancies in assessee disclosures in ITR
This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1