Income Tax Returns

Income Tax Returns News

ITR filing last date: What happens if you miss 31 March deadline to file returns?
Business

ITR filing last date: What happens if you miss 31 March deadline to file returns?

For filing belated tax returns, a fine of Rs 5,000 will also be imposed on individuals with an annual income of more than Rs 5 lakh.

Budget 2022: Taxpayers can file updated returns within two years from relevant assessment year
Business

Budget 2022: Taxpayers can file updated returns within two years from relevant assessment year

This move will give an opportunity to the Income Tax assessees to correct the errors or omissions in estimating their income for taxation purposes

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

Over three crore income tax returns for FY21-22 filed: Ministry of Finance
Business

Over three crore income tax returns for FY21-22 filed: Ministry of Finance

An official document said, all taxpayers who are yet to file their income tax returns for the assessment year 2021-22 are requested to file their returns at the earliest to avoid the last-minute rush

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.

Centre extends 2020-21 income tax return filing deadline for individuals to 30 September
India

Centre extends 2020-21 income tax return filing deadline for individuals to 30 September

The government had given taxpayers the option to choose a new tax regime under section 115BAC of the I-T Act

ITR due date extension: Centre extends FY21 filing deadline for individual tax payers to 30 Sep
India

ITR due date extension: Centre extends FY21 filing deadline for individual tax payers to 30 Sep

The deadline for issuing Form 16 by employers to employees has also been extended by a month till 15 July, 2021, the CBDT said

Nirmala Sitharaman says Centre has no more announcements to make; rules out any cut in income tax rates
Business

Nirmala Sitharaman says Centre has no more announcements to make; rules out any cut in income tax rates

Nirmala Sitharaman, who had over the last week announced an economic package to help revive the economy, said how the coronavirus and the lockdown has hurt revenues is yet to be completely assessed.

CBDT to revise income tax return forms to help taxpayers avail benefits of timeline extension due to COVID-19
Business

CBDT to revise income tax return forms to help taxpayers avail benefits of timeline extension due to COVID-19

The CBDT said that it has initiated necessary changes in the ITR forms so that taxpayers could take benefits of their transactions carried out during 1 April 2020 to 30 June 2020.

Income Tax Department asks taxpayers to guard against possible breach of their personal e-filing account
Business

Income Tax Department asks taxpayers to guard against possible breach of their personal e-filing account

The Income-Tax Department has asked taxpayers to guard against possible breach of their personal e-filing account and report such an instance to the police cybersecurity wing

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

FAQs on filing income tax returns: How to report foreign company directorship, equity shares held outside India
Business

FAQs on filing income tax returns: How to report foreign company directorship, equity shares held outside India

The revenue department on Thursday released FAQs on filling income tax returns (ITR) with regard to reporting of directorship in a foreign company and equity shares held outside India

ITR filing: Govt extends due date for filing Income Tax returns for FY19 till 31 August
Business

ITR filing: Govt extends due date for filing Income Tax returns for FY19 till 31 August

Individuals, including salaried taxpayers, and entities—who do not need to get their accounts audited—were required to file their income tax returns for fiscal 2018-19 (Assessment Year 2019-20) by 31 July 2019.

Daily Bulletin: BS Yeddyurappa likely to be new CM as Kumaraswamy loses trust vote; Boris Johnson set to be sworn in as UK PM
India

Daily Bulletin: BS Yeddyurappa likely to be new CM as Kumaraswamy loses trust vote; Boris Johnson set to be sworn in as UK PM

BJP state chief Yeddyurappa likely to be new CM as Kumaraswamy loses trust vote in Karnataka Assembly; Boris Johnson wins race to become new Tory leader and set to be sworn in as PM; day's top stories

Govt extends deadline to file Income Tax Returns for AY 2019-20 by a month till 31 August
Business

Govt extends deadline to file Income Tax Returns for AY 2019-20 by a month till 31 August

Individuals, including salaried taxpayers, and entities — who do not need to get their accounts audited — will have to file their Income Tax Returns (ITR) for fiscal 2018-19 (Assessment Year 2019-20) by 31 August, 2019.

No change in income tax return forms, only utility software updated to facilitate taxpayers, clarifies CBDT
Business

No change in income tax return forms, only utility software updated to facilitate taxpayers, clarifies CBDT

The policy-making body of the Income Tax Department issued a statement saying the updating process of these forms' utility software does not hamper the filing of returns

Tax filing falls 1% in FY19 despite govt focus to broaden base; indicates overall slowdown: Report
Business

Tax filing falls 1% in FY19 despite govt focus to broaden base; indicates overall slowdown: Report

The report said tax collections are not giving 'much comfort', and just corroborate the fact that a number of activity indicators have been signaling a slowdown in parts of the economy.

Tax officials to scrutinise mismatch between ITR, service tax returns for 2015-16 and 2016-17 fiscals
Business

Tax officials to scrutinise mismatch between ITR, service tax returns for 2015-16 and 2016-17 fiscals

The mismatch in ITR and service tax returns has come to notice in respect of PANs that are either not at all registered under service tax or PANs which are registered but did not file service tax returns.

Income Tax dept notifies ITR forms for individuals and companies for the assessment year 2019-20
Business

Income Tax dept notifies ITR forms for individuals and companies for the assessment year 2019-20

The Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20

1.07 crore new taxpayers added, dropped filers down at 25.22 lakh in 2017-18: Central Board Of Direct Taxes
Business

1.07 crore new taxpayers added, dropped filers down at 25.22 lakh in 2017-18: Central Board Of Direct Taxes

CBDT said 6.87 crore Income Tax Returns (ITRs) were filed during FY 2017-18 as compared to 5.48 crore ITRs filed during FY 2016-17