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Income Tax returns News

06 Dec 2022

Know how to take personal loan even if you don't have an ITR file

Personal loans require proper documentation. ITR is one of the crucial papers for personal loans. NBFCs are non-banking firms.

06 Aug 2022

ITR Filing FY 2021-22: Here's how to check ITR refund status online

After 10 days of filing an ITR, taxpayers in India can check the status of their ITR refund. One can check ITR refund online by logging in to the income tax e-filing portal.

05 Aug 2022

ITR Filing 2021-22: Missed filing crypto gains? Here’s what you can do

The government has instituted a separate taxation framework for crypto assets, often known as virtual digital assets. According to Section 234F of the I-T legislation, taxpayers would be subject to a Rs 5,000 penalty.

01 Aug 2022

ITR Filing deadline ends: Check out the memes that ruled the internet

The government for the first time has not increased the deadline of ITR filing. ITR filing deadline has ended on July 31. Twitter is full of memes on people facing difficulties while filing ITR deadline.

31 Jul 2022

ITR Filing for FY 2021-22: Facing issues with e-verification, check THESE FAQs

The income tax department has released the top ten frequently asked questions surrounding ITR filing. According to standard procedure, it takes 3–4 days for various banks to give the department information.

31 Jul 2022

ITR Filing for FY 2021-22: Will ITR filing due date be extended today?

The government reported that more than 5 crore ITRs for the assessment year 2022–23 had been submitted. The Twitter hashtag "#Extend Due Date Immediately" was trending amid requests for a deadline extension. During the most recent fiscal year 2020–2021, 5.89 crore ITRs were submitted by the extended deadline of December 31, 2021.

30 Jul 2022

ITR Filing FY 2021-22: Is ITR filing, July 31 a bank holiday? Check details

The fact that the ITR filing deadline coincides with a bank holiday does not exclude taxpayers from filing their returns. People need to get serious and immediately submit their returns on the income tax portal.

30 Jul 2022

ITR Filing for FY2021-22: Filing ITR with multiple Form 16? Check steps

Form 16 is required for salaried individuals to file their ITR. Every year, your employer is required to provide you with Form 16 by the 15th of June.

30 Jul 2022

ITR Filing for FY2021-22: Here's what happens if you don't file ITR

The late fee is Rs 1,000 for taxpayers with an annual income of up to Rs 5 lakh. The basic tax exemption level under the new concessional income tax regime is Rs 2.5 lakh.

29 Jul 2022

ITR Filing FY 2021-22: #ExtendDueDate immediately trends on Twitter

Only 40% of IT returns, as reported on the official portal, had been completed as of yesterday, July 27. If you don't pay your taxes until July 31, 2022, interest at the rate of 1% will be added to the unpaid balance. The taxpayer will therefore be required to repay the unpaid tax and interest retroactively to July 31.

29 Jul 2022

ITR Filing for FY 2021-22: 10 important documents required to file ITR

Check out the top 10 documents you would need while filing income tax returns

Income Tax returns

22 Jul 2022

No plan to extend deadline for filing income tax returns: Revenue Secretary

Last fiscal (2020-21), about 5.89 crore ITRs were filed by the extended due date of December 31, 2021. Typically, return filers wait till the last day to file returns.

16 Jul 2022

ITR Filing: 5 mistakes you should avoid while filing income tax return

Taxpayers frequently receive a smaller refund than anticipated. One of the most common errors made by taxpayers is the failure to deduct losses from speculative activities such as day trading. The third most common reason for ITR refund delays is problems with bank account validation.

10 Jul 2022

Filed ITR for AY 2022-23? Top 5 things to keep in mind while filing income tax

It is important to report all sources of income. It is therefore needed to maintain all relevant papers in hand. It is important to compare the tax deducted on Forms 16 and 26AS.

Income Tax returns

19 May 2022

Haven’t filed ITR? Get ready to face higher TDS, lower in-hand salary

CBDT has amended the definition of a “specified person”. Banks will check which individuals have met both the conditions and will be categorised on the list.

Income Tax returns

17 Mar 2022

I-T dept has made highest tax collection in its history: CBDT Chairman

The CBDT frames policy for the Income Tax department. On all counts, Mohapatra said, the tax collection numbers are the highest thus far in the history of the department.

Income Tax department

16 Mar 2022

Over 6.63 crore ITRs for FY21 filed till March 15: Income Tax Dept

The last date for individuals was December 31, 2021. More than 5.43 lakh ITRs were filed on March 15, 2022, compared to 4.77 lakh last year on the due date. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.

01 Mar 2022

Filing ITR as a freelancer? Know the rules that apply in India

Taxpayers who earn a living as a freelancer have the option of deducting expenses spent while working as a freelancer from their income. However, freelancers are not eligible for the Rs 50,000 standard deduction when submitting ITR. Salaried taxpayers who additionally did some freelancing during the fiscal year are eligible for the standard deduction.

25 Feb 2022

Here's how to do ITR verification for AY 2020-21: Check step-by-step guide

ITRs can be verified until February 28, 2022, regardless of whether they are delayed due to non-submission of ITR-V or e-verification. The tax agency will finish the returns by June 30, 2022, once the ITR has been authenticated. According to the new income tax laws, the ITR must be validated within 120 days of filing.

Income Tax returns

24 Feb 2022

Income Tax refunds worth about Rs 1.83 lakh crore issued to 2.07 cr taxpayers

The returns include 1.67 crore refunds of the 2020-21 fiscal ended March 31, 2021. Personal income tax refunds worth Rs 65,498 crore were issued to over 2.04 crore. Corporate tax refunds worth Rs 1.17 lakh crore were issued to 2.30 lakh entities.

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