# income tax returns
22 posts in `income tax returns` tag
E-File Income Tax Returns Online Past 3 Years
ITR-U is a specialized form for fixing or updating your Indian income tax return. It's your chance to correct errors or add missing details from your original filing.
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By Krishna
CBDT Extends Deadline ITR 7 Filing AY 2023-24
The Central Board of Direct Taxes (CBDT) has given people more time to submit their Income Tax Returns using Form ITR-7 for AY 2023-24.
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By Krishna
Switching Tax Regimes in Belated Income Tax Returns: Is it Possible
Filing income tax returns after the last date has gone is called as belated return. In simple terms, when you file your ITR after the original deadline, it is considered a "belated" tax return. The last date to file your income tax returns was 31st July 2023 for FY 202-23.
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By Krishna
Income Tax Returns Surge: Over 53.67 Lakh First-Time Filers for Assessment Year 2023-24
A significant update has been announced regarding Income Tax Returns. As of July 31, a remarkable 6.77 crore ITRs were filed for the assessment year 2023-24. Among these, 53.67 lakh individuals filed returns for the first time, according to the Income Tax Department.
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By Krishna
Consequences of belated income tax returns what is belated return and due date
As per the reports, a major part of the taxpayers have already filed their tax returns but still, there are some who failed to do it. They are now required to file belated tax returns.
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By Krishna
Income Tax Department Sends 1 Lakh Notices for Non-Filing and Misrepresentation of Income
Union Finance Minister Nirmala Sitharaman: Some people received notices from the tax department because their income was close to Rs. 50 lakhs. These notices are expected to be resolved by the end of this financial year.
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By Krishna
How to Check Your Income Tax Refund For FY 2022-23 (AY 2023-24): A Step-by-Step Guide
If any request is distinguished from any earlier years with the income tax department, then the department may acclimate the due request with the current year’s refund.
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By Krishna
Consequences of Late Income Tax Return Filing: Understanding the Implications
To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.
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By Krishna
Income Tax Milestone: Over 300 Million ITRs Filed by July 18, 7 Days Ahead of Last Year's Pace
In a tweet, Income Tax India expressed gratitude to taxpayers and tax professionals for helping them achieve this milestone of reaching 300 million ITRs, seven days earlier than the previous year.
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By Krishna
ITR Filing 2023: Exemption for Senior Citizens from Income Tax Return Filing - All the Details
Under the provisions of Section 194P of the Income Tax Act, senior citizens are exempted from filing income tax returns (ITR) if they fulfill specific conditions. These conditions include being a resident of India and reaching the age of 75 years or above by the end of the financial year 2022-23.
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By Krishna
Revenue Secretary Confirms: No Extension for Filing Income Tax Returns Deadline
Sanjay Malhotra-Revenue Secretary: Advised taxpayers not to wait for the extension ITR filing deadline which is 31st July 2023. Ensure to file your tax returns as early as possible.
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By Krishna
Computation of Income Tax
Deductions are provisions that reduce your taxable income, thereby reducing your overall tax liability. Common deductions include investments in instruments like the Public Provident Fund (PPF), Employee Provident Fund (EPF), National Pension Scheme (NPS), and payment of Life Insurance Premiums.
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By Krishna
Extension of ITR due date not applicable to assessees subject to audit under other acts
The Income Tax Appellate Tribunal (ITAT) has ruled that the extension of the income tax return (ITR) due date for cases requiring tax audit cannot be applied to assesses who are liable for audit under any other Act.
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By Krishna
Claim Tax benefits health insurance premiums ITR
Section 80D provides tax benefits for health insurance premiums paid for yourself, your spouse, children, and parents. You can claim these tax breaks when filing your tax returns, even if you forgot to claim them while submitting proofs of tax-saving investments to your employer.
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By Krishna
Ignoring Income Tax Notices
The department has explicitly stated that individuals who disregard income tax notices will be subject to thorough scrutiny regarding their Income Tax Returns (ITR).
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By Krishna
ITR Filing Due Date, Benefit, & Documents For AY: 2023-24
The deadline for furnishing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, which is for the income earned in the financial year (FY) 2022-23, is on July 31, 2023, for most taxpayers. Nevertheless, for taxpayers who must undergo an audit of their accounts as per the Income Tax Act, including companies, LLPs, and some individuals, the deadline for filing the ITR is commonly October 31, 2023.
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By Krishna
I-T returns: Norms notified for compulsory scrutiny
The Central Board of Direct Taxes (CBDT) has identified specific parameters for the compulsory selection of returns for thorough scrutiny during the fiscal year 2023-24. One of these parameters includes cases where a law enforcement agency provides specific information highlighting tax evasion for the relevant assessment year, and the assessee has filed the return for that assessment year.
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By Krishna
income Tax Dept enables online filing of Income Tax Returns
The income tax department has enabled the income tax returns form (ITR1) and (ITR2) for the fiscal year 2022-23. Individuals, small business owners, and professionals are required to file these income tax return forms.
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By Krishna
Things To Do After Filing Your Income Tax Returns
You have filed your Income tax return and you think that it’s done and now it's time to sit back and chill. Right! But wait, there are still certain things to do even after filing ITR. These things are very important for taxpayers to stay organized and out of trouble.
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By Krishna
Extension Of Due Date Of Furnishing Of Income Tax Returns
According to a CBDT announcement, the deadline for submitting income tax returns (ITR) for the AY 2021–22 has been further extended to December 31, 2021.
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By Krishna
New Record For Income Tax Department
ITR (Income Tax Return) is a form that taxpayers are believed to submit to the Income Tax Department of India. The Department of income tax has announced seven types of forms to date. The Relevancy of these ITR forms differs on the basis of earned income, source of the income of tax-payer, and category of income.
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By Krishna
One-Time Relaxation For Verification Of Tax-Returns
One-Time Relaxation For Verification Of Tax-Returns For The Assessment Years 2015-16 To 2019-20 Which Are Pending Due To Non-Filing Of ITRV Form And Processing Of Such Returns
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By Krishna