Tax Returns

Filing updated tax returns extended from 2 to 4 years: Points to remember

Introduced in 2022, the updated return facility allows taxpayers to voluntarily correct any mistakes or omissions in their original or belated returns

Tax filers earning over Rs 1 cr surge 5X in 10 years; returns double

Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department

Income tax tribunal dismisses Congress appeal against Rs 210 cr penalty

The Income Tax Appellate Tribunal on Friday dismissed the Congress party's appeal against imposition of penalty for discrepancies in tax returns for previous years and said it was exploring all legal options and will move the high court against it very soon. Sources said the tribunal had dismissed the appeal of the Congress for imposition of penalties of Rs 210 crore by the Income Tax department here on Friday. Congress treasurer Ajay Maken said the party is exploring all legal options and would move the high court "very soon". "The BJP government has deliberately chosen the timing of this to coincide with national elections," Maken told PTI. He said the I-T tribunal order freezing Congress's funds is "an attack on democracy" as it has come just ahead of national elections. "How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts," he asked. Confirming

Decadal perspective: Filing of tax returns made easier under Modi govt

Most taxpayers are concentrated in a few states. The top seven account for over 60 per cent of the non-zero returns

Burden to call for curing of defects in tax return on assessing officer: SC

In appeals filed by the Revenue, the High Court reversed the finding of the Tribunal. Challenging the order of the High Court, the firm and its partners moved the Supreme Court

Want guaranteed long-term returns? Consider non-par insurance plans

Get an expert to calculate internal rate of return; ensure premium doesn't exceed Rs 5 lakh annually for tax-free return

Revised return: File to rectify errors, omissions in original ITR

Multiple revisions, while legal, can attract scrutiny, especially if the final revised return deviates significantly from the original

GST Council meet: Ways to deal with tax credit mismatch on agenda

Cases to be scrutinised if difference is more than 20%, or over Rs 25 lakh

CBIC extends April GST return filing deadline for Manipur biz till May 31

The CBIC has extended the deadline till May 31 for Manipur-based businesses to file monthly GST returns, as the north eastern state continues to witness violence due to ethnic clashes. The Central Board of Indirect Taxes and Customs (CBIC) has issued three Central Tax notifications which said that the due date for filing returns GSTR-1, GSTR-3B and GSTR-7 for the month of April by registered persons whose principal place of business is in Manipur has been extended till May 31. Manipur-registered businesses were to file GSTR-1, which is the statement of outward supplies, for April by May 11. April GSTR-3B, which is the monthly tax payment form, was to be filed by May 20. GSTR-7, which was to be filed by businesses who deduct tax at source, for April was filed by May 10. Clashes broke out in Manipur after a 'Tribal Solidarity March' was organised in the hill districts on May 3 to protest against the Meitei community's demand for Scheduled Tribe (ST) status. The violence in Manipur w

Deposits, pension scheme: Investments you should make before March 31

Non-linked policies must be availed of by that deadline to earn tax-free return without cap

Old vs new: Soon, I-T portal may show which tax regime's best for you

The system will also compare the two schemes in an easy-to-understand format, said another source

Trustees will be liable in case of non-payment of exit tax: CBDT chief

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

IRS didn't audit Trump for two years in office, reveals Jan 6 committee

Paid $1.1 million in tax during his presidency, but $0 in 2020

US House congressional panel to discuss release of Trump's tax returns

The Democratic-controlled House Ways and Means Committee is expected to vote Tuesday on whether to publicly release years of Donald Trump's tax returns, which the former president has long tried to shield. Committee Chairman Richard Neal, D-Mass., has kept a close hold on the panel's actions, including whether the panel will meet in a public or private session. And if lawmakers move forward with plans to release the returns, it's unclear how quickly that would happen. But after a yearslong battle that ultimately resulted in the Supreme Court clearing the way last month for the Treasury Department to send the returns to Congress, Democrats are under pressure to act aggressively. The committee received six years of tax returns for Trump and some of his businesses. And with just two weeks left until Republicans formally take control of the House, Tuesday's meeting could be the last opportunity for Democrats to disclose whatever information they have gleaned. Trump has long had a ...

Over 60% of returns filed for amount less than Rs 5 lakh, shows data

Higher tax exemption slabs may exclude significant numbers from existing pool

Presumptive tax scheme can reduce compliance burden, return filing

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

Clear brings solutions to pre-validate data before tax returns are filed

Clear TDS, a SaaS platform, can generate three million FVU files in 30 minutes, and has automated bulk PAN and aadhaar linking verification, challan verifications among other features

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

Govt leans heavily on nominal revenue growth to beat fiscal blues

If the burden does hit Rs 2.5 trillion, that would mean extra spending of around Rs 35,000 crore