Its success, however, will hinge on the quality of online utilities launched along with it
Respond on time, with expert help if required, to prevent further punitive measures
ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this
Individual taxpayers not having business or professional income can use this form
Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa
The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen
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
A mistake in calculating tax liability could lead to a notice from the tax department
Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23
Report any discrepancy between the two documents to the employer immediately and get it rectified
The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) forms cater to small and medium taxpayers.
The government had extended the date of filing income tax returns for AY22 to December 31, 2021, from July 31, 2021
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
Instead, they will just have to make a declaration in Form 12BBA to their bank, which will deduct TDS
Treat it as capital gain if you buy and hold; as business income if you trade frequently
Individual must now file return by January 10, 2021; due date for ITR filing for companies extended by 15 days to February 15, 2021
An incorrect form can render the return defective; under certain circumstances, you may have to file a return even if your income is below the exemption limit
Government is not considering any modification in the ITR form