Itr Form

About 60 mn ITRs filed for FY24, 70% under new tax regime: Revenue secy

About 6 crore income tax returns have been filed for income earned in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime. "About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden," Malhotra said. For the 2022-23 fiscal, 8.61 crore ITRs were filed. The idea behind comprehensive income tax review as announced in the Budget is to make the tax law simpler. "We will come up with a draft and then we will seek suggestions," Malhotra said. Currently, India has two personal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can

Factor in income, deductions, investments when deciding tax regime

If you have significant deductible investments, the old regime could save you more money, but crunch the numbers

CBDT notifies income tax return forms for assessment year 2024-25

The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively

ITR filing by individuals grows 90% in 8 years to 63.7 mn in AY 2021-22

The income tax department on Thursday said I-T returns filed by individual taxpayers have risen 90 per cent in 8 years to 6.37 crore in AY 2021-22, indicating a widening of the taxpayer base. The returns filed by individual taxpayers have increased from 3.36 crore in Assessment Year (AY) 2013-14 to 6.37 crore in AY 2021-22, registering an overall increase of 90 per cent. During the current fiscal too, 7.41 crore returns have been filed for AY 2023-24 till date, including 53 lakh first-time filers, the Central Board of Direct Taxes (CBDT) said in a statement. Giving a breakup of the returns filed by individual taxpayers across various ranges of gross total income, the CBDT said the ITRs filed by individual taxpayers earning between Rs 5 lakh and Rs 10 lakh have increased 295 per cent during the period from AY 2013-14 to AY 2021-22. There has been a 291 per cent increase in ITRs filed by individuals with gross total income between Rs 10 lakh and Rs 25 lakh. "This indicates that ...

Didn't get your Form 16? Worry not, you can still file your tax returns

It is the employer's responsibility to provide Form 16 to all employees. In the unlikely event that your employer fails to provide you with Form 16, you can still e-File your return yourself.

ITR to higher pension: Important financial and tax deadlines in July 2023

The income tax return (ITR) filing deadline is approaching, which means taxpayers need to ensure timely submission

ITR 2022-23: Three key changes to keep in mind while filing your return

Those filing ITR themselves this year need to keep in mind a few key things

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

Legal heir bound by law to file deceased's tax return for year of death

Failure to do so can result in penalties for the legal heir

How to file ITR-2 online with salary income, capital gains for FY22

Individual taxpayers not having business or professional income can use this form

Govt notifies new form for filing updated ITRs for 2019-20 and 2020-21

Taxpayers filing ITR-U, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income

Choice of wrong ITR form can lead to a notice from Income Tax Dept

Take into account the amount and nature of your income, and residency status when choosing form

ITR filing extension: No relief to taxpayers on interest liability

ITR filing has increased to 320,000 daily in September 2021

Things to keep in mind while filing your income tax return this year

Ensure you file your returns ahead of time, in case you need to make changes

Here is how to file Income Tax Returns for AY 2020-21: Step by step guide

The department has released the ITR-1 utility (e-form) on its e-filing website available in Excel and Java formats

Income Tax Dept launches ITR-2, third income return form for FY 2018-19

Other ITRs will be available shortly, the department said in an advisory today.

New ITR form seeks salary break-up, more disclosures from taxpayers

Require taxpayers to report granular details of each transaction

Got an I-T notice on cash deposits? Don't panic and follow this guide

If you receive such a notice, do not panic or ignore it

Want to save on tax? Here are deductions you can use while filing ITR

You can legally reduce your taxable income with these common tax-saving deductions