# tax return
83 posts in `tax return` 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
Causes Delay Verified Income Tax Return Processing
Are you wondering about the reasons for not getting processed your tax returns even after verification? No worry! This blog will answer you why. Read on
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By Krishna
Latest ITR Update Guidelines Consequences Revised Belated Tax Returns
If you missed the deadline for filing your original ITR, you can opt for a belated ITR. Furthermore, taxpayers who submitted their returns initially but later discovered omissions or incomplete details can file a revised return.
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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
Income Tax Dept Online Challan Correction Feature Launched
The Income Tax Department has added a user-friendly tool to the Income Tax Return (ITR) portal. This will be focused on easing the process of paying income tax payments and fixing any mistakes in the payment process.
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By Krishna
Rectify Mistakes Omissions Income Tax Return Updated Return
If you missed the deadline to file your ITR for the financial year 2022-23, which was July 31, 2023, you can file a belated return. However, there are some important points to keep in mind.
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By Krishna
CBDT Income Tax Department Processes 88 Percent Validated Tax Returns
Taxpayers are firmly encouraged to complete the verification process. Additionally, there are approximately 1.2 million verified Income Tax Returns (ITRs) where the Tax Department requires further information.
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By Krishna
Income Tax 88 Percent Processed ITR Verified 14000 Returns Awaiting Verification
The income tax department is continually enhancing its efforts to provide efficient taxpayer services. As part of these efforts, the time it takes to process ITRs (after verification) has been significantly reduced.
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By Krishna
Late Fee Failure e-verify Tax Returns Before 31st August
The income tax department has also started to send notifications regarding the verification of tax returns before the deadline which ends the day after tomorrow.
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By Krishna
Form 10B Income Tax Return Update
This form pertains to the "Audit Report under clause (b) of the tenth proviso to section 10(23C) and section 12A(1)(b)(ii) of the Income Tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution.
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By Krishna
Revised Tax Return meaning filing process
For better understanding, If any individual had filed his/her income tax returns in the assessment year of 2020-21 but later that individual gets to know that s/he had made mistakes in the process of filing income tax returns.
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By Krishna
Managing Late Filing Penalties: Paying While Filing Belated Tax Returns
Keep in mind that when filing late, there is a penalty as per Section 234F of the Income Tax Act, 1961. Additionally, you won't be able to carry forward losses from different sources of income, except for losses from house property, when submitting a belated ITR.
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By Krishna
Patience Pays: Understanding Income Tax Refund Processing Time
The response hinges on diverse elements, encompassing tax authorities' processing duration, data precision, and the selected refund method.
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By Krishna
ITR Filing: Revising Tax Returns and Potential Penalties
These mistakes can lead to tax department inquiries or result in a defective ITR. To correct such errors and ensure accurate reporting, the option to file a revised ITR is still available to all taxpayers.
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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
Changing Between New Tax Regime to Old Tax Regime While Filing Your Tax Returns: Explained
As per the CBDT and tax experts, this process is significant because the Finance Act of 2023 has established the new tax regime as the default option. Nonetheless, individuals can switch between the old and new tax regimes each year.
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By Krishna
Avoid Tax Notice: How to Manage Changes and Amend Returns After Submitting Tax Return
The Annual Information Statement (AIS) was introduced in March 2023 alongside the e-verification scheme, and it has become a key component of the ITR filing process.
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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
Income Tax Return Govt plans increase section 80c deduction limit details
Section 80C of the Income Tax Act, of 1961, is widely utilized for claiming tax deductions. It allows individuals to avail deductions for specific investments and expenses, such as pension schemes, PPF, and life insurance, among others.
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By Krishna
Income Tax Return E-verification Time Limit Reduced to 30 Days: What Taxpayers Need to Know
The Income Tax department claimed that over 6.7 crore income tax returns were filed for the FY 2022-23 (AY 2023-24). However, filing the ITR is only one part of the process; taxpayers must also verify their income tax return (ITR) to complete the filing.
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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
Itr Filing Last Date 2023 what happens if you miss tax return deadline
Today is the last date to file Income Tax Returns: The IT department advised taxpayers to file their tax returns before the deadline ends to avoid penalties and other consequences.
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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
The Importance of Timely ITR Filing: Benefits and Drawbacks Explained
In the next step, the taxpayer is required to summarize his TDS amount from the TDS certificates (Form 26AS) received by him all 4 quarters of the assessment year.
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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
ITR Due Date Extension Update: Will the Government Extend the Last Date of Income Tax Return for AY 2023-24
According to Revenue Secretary Sanjay Malhotra, as reported by news agency PTI, income taxpayers are advised to file their returns as soon as possible, as the finance ministry is not considering any extension of the July 31 deadline.
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By Krishna
Beware of Mistakes in ITR Filing: Avoid Problems with Incorrect Deductions and Exemptions in Tax Returns
To rectify any errors in your income tax return, you can file a revised return as per Section 139(5) of the Income Tax Act. However, it's important to note that the revised return can only be filed within three months before the end of the relevant assessment year.
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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
ITR Refund Process Accelerated: Technology Drives Efficiency in Income Tax Return Refunds
However, it is taking less time to receive the refund as compared to the previous years. Just make that you have validated the returns after filing it. If you have done both steps, you will get the refund very soon.
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By Krishna
7 Essential Precautions for Individuals When Filing ITR: A Guide to Error-Free Tax Returns
This discrepancy may catch the attention of the tax department, resulting in a tax demand notice being issued to you. This notice will require you to pay any additional tax dues that may be applicable based on the unreported income.
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By Krishna
Section 234F: Penalty for Late Filing of Income Tax Return - Overview and Implications
However, taxpayers who filed their returns after the due date were liable to pay interest under Sections 234A, 234B, and 234C of the Income Tax Act. These sections imposed interest charges for the delay in filing the return and/or the delay in payment of taxes.
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By Krishna
What is a Defective Return? Avoiding Mistakes and Preventing Defective Tax Returns
While receiving a notice from the income tax department can be alarming, it is important to note that rectifying a notice regarding a defective ITR is typically straightforward. Let's explore the steps you can take to address the issue related to a defective ITR.
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By Krishna
Key Updates: Changes in Income Tax Return Forms for FY 2022-23 (AY 2023-24) Affecting ITR Filing
Additionally, in unique scenarios, the taxpayer may be eligible to claim TCS credit pertaining to another individual to offset their own tax obligation. To cater to these exceptional scenarios, the ITR form now offers an option for taxpayers to claim credit for TCS related to another person.
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By Krishna
9 ITR Filing Mistakes to Avoid: Ensure a Smooth Tax Return Submission
When it comes to filing your income tax return (ITR), paying close attention to your personal details is of utmost importance. Thoroughly reviewing and verifying your personal information, such as your name, address, and contact details, is crucial to ensure accuracy in your tax filing process.
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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
Deposit 2000 notes without attracting income tax notice
Notice
RBI: There has been a decrease in the overall worth of Rs. 2000 notes in circulation, accounting for approximately 10.8% of the total as of March 31, 2023, which is around Rs 3.62 lakh crore.
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By Krishna
New Tax Regime reduce 30 percent tax bracket
As the deadline for filing your income tax return (ITR) draws near, it's critical to remember that, if you pick the new tax system, people with incomes between Rs. 10 lakh and Rs. 15 lakh are exempt from paying taxes at the maximum rate of 30%.
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By Krishna
Department Facilitates Electronic Filing For Trust Registration & Deregistration
Income Tax Portal Update: Department Facilitates Electronic Filing For Trust Registration & Deregistration
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By Krishna
ITR 2 Form - What is ITR-2 Form? Eligibility & How To File ITR-2 Online
The Indian Income Tax Department has classified taxpayers into different categories based on their annual income, source of income, and other relevant factors. Each category has a specific form that must be used for filing income tax returns.
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By Krishna
File Your Income Tax Return With MYITRONLINE & Get Maximum Refunds
Filing ITR is a good convention and practice for any earning individual (with taxable/non-taxable income) to avail of these benefits under diverse sections.
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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
How to Check Outstanding Tax Demand Status
The process of filing an Income Tax Return (ITR) is mandatory for individuals and businesses as it involves reporting income and fulfilling tax obligations to the government. This procedure necessitates submitting essential financial details and relevant documents to the Income Tax Department.
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By Krishna
Big Update! RELEASED INCOME TAX RETURN FILING EXCEL BASED UTILITY FOR FILING ITR 2 FOR FY 2022-23 AY 2023-24
An Excel-based utility for filing Income Tax Return (ITR) 2 for the financial year 2022-23 and assessment year 2023-24 has been released. Using an Excel-based utility can make the process of filing your income tax return more convenient and efficient.
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By Krishna
Karnataka HC Directs To File a Revocation Application: Cancellation of GST Registration on Non-Filing of Tax Returns
In the recent GST notification regarding the revocation of GST registration, the Karnataka High Court has granted permission to file cancellation applications. Applications filed outside the time limit can now be resubmitted if the cancellation of registration occurred before December 31, 2022.
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By Krishna
FILE YOUR ITR FREE FOR LIFETIME with Myitronline
Pay the joining membership fee @999 and FILE YOUR ITR FREE FOR LIFETIME with Myitronline.
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By Krishna
The Updated Look of INCOME TAX RETURN ACKNOWLEDGEMENT
The Income Tax Department has made available an offline Excel-based utility for filing ITR-1 Sahaj and ITR-4 Sugam for the FY 2022-23 (AY 2023-24).
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By Krishna
ITR Document Checklist For Financial Year: 2022-23 Assessment Year: 2023-24
Whether you're a salaried individual or a self-employed professional, using this checklist will enable you to compile all the necessary paperwork for timely and accurate ITR filing.
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By Krishna
Hire Expert eCA For Your ITR Filing Needs & Maximize Your Tax Refunds
Pre-book your eCA Now to avail Flat 25% Off on ITR Filing!
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By Krishna
ITR Filing Due Date 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.
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By Krishna
Benefit in Old And New Tax Regime Rates For F.Y. 2023-2024 AY 2024-2025
Under the new tax system, the standard deduction benefit is now available to salaried individuals and retirees (including family pensioners).
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By Krishna
How To File ITR of Past Years - Benefits & Consequences
People are able to submit returns for prior years. Only the two years prior to the current financial year for which the returns have been filed may be used in this manner.
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By Krishna
CBDT Notifies ITR Forms For AY (2023-24) In Advance
Central Board of Direct Taxes CBDT has announced income tax returns forms (ITR-1 to ITR-6) for AY 2023-24 (FY 2023-23). The CBDT has notified ITR-1 to ITR-6 on 10 February 2023 and ITR-7 on 14th February 2023. However, No big amendments are made to ITR forms by the government.
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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
Budget 2023: A glimpse of old vs current income tax slabs
The Finance Minister, Nirmala Sitharaman has announced a significant change in the income tax regime. The new income tax regime has seen a major update in the income tax slab rates for 2023-24.
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By Krishna
Statutory & Compliance Calendar For January 2023
All businesses, regardless of the business structure held onto statutory compliance and complete all the vital filings before the due dates. For all business transactions, there are some essential compliances that a business owner must fulfill as a moral duty. These compliances are timely framed and must be completed within the prescribed time by the Government.
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By Krishna
Statutory and Compliance Calendar For The Month of December 2022
As we all know that complying with the compliance deadline is very important and mandates the appropriate planning. Therefore to keep updated on the various statutory and compliance deadlines we have put together a consolidated compliance calendar that shows all the important due dates.
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By Krishna
Filing ITR - Things to Keep In Mind While Filing ITR
Filing ITR - Things to Keep In Mind While Filing ITR.
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By Krishna
NRI Tax Return In India
If an Indian Citizen/Person of Indian Origin stays in India for a temporary period or never stays at all, yet earns money from this country, the income is considered to be NRI income.
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By Krishna
Common ITR Form - 5 Ways In Which Common ITR Will Benefit Taxpayers
The Central board of direct tax has floated the idea of a Common ITR form which will be taken place of the existing 7 seven ITR forms. Ease the process However, the current ITR-1 and ITR-4 will be there. This provides an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4), or the proposed common income tax return.
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By Krishna
5 Things Taxpayers must follow while filing ITR
Most taxpayers can make mistakes while submitting their ITR for a variety of reasons, including negligence, a lack of time, or incorrect information.
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By Krishna
Filed the income tax returns but have not received the refund yet
It’s been almost 40 days since the Income Tax Returns due date have passed and if you still have not received your tax refund then it advised you to check your status on the e-filing IT portal or tin-nsdl website.
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By Krishna
5 Best Tax-Saving Investments That Everyone Must Know
Tax saving is an integral part of being a salaried individual or self-employed as it can provide deductions under section 80C. These deductions play a vital role while planning your tax-saving. People are generally found perplexed when it comes to investing in these securities due to less knowledge about the returns, and risks pertinent to the various investments.
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By Krishna
Income Tax Return Filing Due Dates FY 2019-20, AY 2020-21
As part of the COVID-19 relief Deadline for Income Tax Return Filing is extended to 30th November 2020 for FY 2019-20 (AY 2020-21).
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By Krishna
ITR-2 Available On Its E-Filing Portal
Registered users of the e-Filing portal can use the ITR-2 pre-filling and filing service. Individual taxpayers can use this service to file ITR-2 electronically via the e-Filing site.
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By Krishna
7 Self assessment tax liability for FY19-20 over Rs 1 lakh
The interest under Section 234A will be charged from August 1, 2022 until their taxes are paid.
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By Krishna
Due Date is Extended of Income Tax Return A.Y. 2019-20
Filing of Income Tax Return A.Y. 2019-20, Due Date Is Extended Again Till 30 September, 2020
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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
Last Date Of Filing ITR | Details On New Forms And Complete Checklist
Date by which a declaration in Form No. 61 incorporating information from Form No. 60 received between October 1, 2022, and March 31, 2023, must be electronically filed.
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By Krishna
Filing Updated Income Tax Returns Proposed In Budget 2022
On the government's e-filing website, the last day to file an income tax return for Assessment Year 2022–23 is currently visible. The Income Tax Act states...
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By Krishna
Income Tax Rules Change - Income Tax Has Made 3 Major Changes
After the union budget in the second quarter of 2022, three changes are proposed to the income tax rules that have been a reality. After directing in Q2FY23, three main modifications in the income tax rules proposed in the union budget 2022 have become a reality.
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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
After the death of the taxpayer, his heir has to submit his ITR
For the income earned up until the date of death, his legal heir or representative must file an income tax return (ITR) on his behalf.
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By Krishna
CBDT has notified new Income Tax Return
ITR Forms for the Assessment Year 2023–24 have been announced by the CBDT in Notifications Nos. 04 and 05 of 2023, dated February 10 and February 14, respectively.
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By Krishna
Income Tax New Rate AY 2021-22 FY 2020-2021
For AY 2023–24 (FY 2023-23), the Central Board of Direct Taxes CBDT has released income tax return forms (ITR-1–ITR-6). The CBDT informed...
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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