Income Tax Return

Income Tax Return News

CBDT extends Income Tax Filing deadline for AY 2021-22 to 15 March; check details here
Business

CBDT extends Income Tax Filing deadline for AY 2021-22 to 15 March; check details here

If you fail to file the ITR within the due date, you will be required to pay penal interest on the unpaid tax liability if there is any

ITR filing FY 2020-2021: What will happen if you fail to file ITR by 31 December?
Business

ITR filing FY 2020-2021: What will happen if you fail to file ITR by 31 December?

If taxpayers fail to submit the ITR by the due date, they can still file it by 31 March 2022, which is the last date to file their income tax return.

ITR filing FY 2020-2021: Just 3 days left for filing returns; here are things to keep in mind
Business

ITR filing FY 2020-2021: Just 3 days left for filing returns; here are things to keep in mind

For the financial year 20-21, the due date for filing the ITR is 31 December, 2021. Both online and offline options are provided by the government for filing the ITR

Income tax refunds of Rs 92,961 crore issued during this fiscal, says CBDT
India

Income tax refunds of Rs 92,961 crore issued during this fiscal, says CBDT

This figure includes income tax refunds of Rs 23,026 crore in 61,53,231 cases and corporate tax refunds of Rs 69,934 crore in 1,69,355 cases, an official Twitter post said

CBDT extends deadline for filing Income Tax returns for AY 2021-22 to 31 December
Business

CBDT extends deadline for filing Income Tax returns for AY 2021-22 to 31 December

This comes merely a day after the income tax department said a number of technical issues on the new ITR portal are being progressively addressed and 1.19 crore ITRs for 2020-21 fiscal year have been filed so far.

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing
India

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing

Income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with banks to get exemption from filing I-T return.

Finance ministry summons Infosys CEO Salil Parekh on Monday over I-T portal glitches
Business

Finance ministry summons Infosys CEO Salil Parekh on Monday over I-T portal glitches

The new tax portal, which went live on 7 June, continues to face a slew of issues including longer logging in time and inability to generate OTP for Aadhaar validation.

New Income Tax e-filing portal to be launched today; check ITR website features, details here
Business

New Income Tax e-filing portal to be launched today; check ITR website features, details here

The portal, www.incometax.gov.in, is aimed at providing taxpayer convenience and seamless experience to taxpayers, the Central Board of Direct Taxes (CBDT) said in a statement

Last day to file Income Tax Return today: Steps to file ITR online at incometaxindiaefiling.gov.in
Business

Last day to file Income Tax Return today: Steps to file ITR online at incometaxindiaefiling.gov.in

To avoid penalty, the revised or delayed income tax return for FY 2019-20 also needs to be filed by 31 March

ITR 2019-20: Govt extends deadline till 10 Jan; individuals, firms requiring audit can file income tax return by 15 Feb
India

ITR 2019-20: Govt extends deadline till 10 Jan; individuals, firms requiring audit can file income tax return by 15 Feb

The govt has also extended the due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas by a month till 31 January while the deadline for filing GST annual return for FY2019-20 has been extended by two months till 28 February, 2021

ITR filing 2019-20: Here are steps to file returns by 31 December and avoid paying penalty
India

ITR filing 2019-20: Here are steps to file returns by 31 December and avoid paying penalty

There is a penalty fee that needs to be given if a person misses their ITR filing date.

Income Tax Returns: From bank ATM to Aadhaar, ways to e-verify your 2019-2020 filing
India

Income Tax Returns: From bank ATM to Aadhaar, ways to e-verify your 2019-2020 filing

Before e-verifying returns, taxpayers must have permanent account number (PAN), assessment year for which the ITR has been filed, acknowledgment number and electronic verification code

ITR 2019-20 filing last date till 31 December: Here's the list of documents and steps to file income tax returns online
India

ITR 2019-20 filing last date till 31 December: Here's the list of documents and steps to file income tax returns online

With the ITR filing last date approaching closer, taxpayers, who are yet to file returns, should do it as early as possible to avoid any last-minute rush or error.

Income Tax Department extends deadline for filing IT returns for FY 2019-20 to 30 November
India

Income Tax Department extends deadline for filing IT returns for FY 2019-20 to 30 November

Earlier, the return on income earned between 1 April, 2019, and 31 March, 2020, was due by 31 July

Companies opting for new lower corporate tax rate can't claim MAT credit, other deductions: CBDT
Business

Companies opting for new lower corporate tax rate can't claim MAT credit, other deductions: CBDT

The Central Board of Direct Taxes (CBDT), in a clarification, said companies will be allowed to utilise such credits only against regular taxes under the old regime

CBDT extends Income Tax Returns filing deadline for audit cases by a month to 31 October
Business

CBDT extends Income Tax Returns filing deadline for audit cases by a month to 31 October

The CBDT on Thursday extended the 30 September deadline by a month for filing of income tax returns (ITRs) for special cases requiring audit reports

Govt targets adding 1.3 cr new income tax return filers this fiscal against 1.1 cr last year
Business

Govt targets adding 1.3 cr new income tax return filers this fiscal against 1.1 cr last year

The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers last year, Parliament was informed on Monday

Over 1.46 cr Income Tax Returns filed so far; 90.8 lakh taxpayers file ITR-1: Revenue department
Business

Over 1.46 cr Income Tax Returns filed so far; 90.8 lakh taxpayers file ITR-1: Revenue department

Over 1.46 crore income tax returns have been filed so far, of which 90.8 lakh have been filed by individuals with total income up to Rs 50 lakh

ITR2 filing too complex and replete with avoidable details; Income Tax Department can use information from employers instead
Business

ITR2 filing too complex and replete with avoidable details; Income Tax Department can use information from employers instead

ITR2’s information appetite is gargantuan and voracious. One can imagine the plight of the filers uninitiated in the nuances of the income tax law