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Direct Tax (Income Tax)

ITR Filing Last Date 2023: Deadline approaches for Income Tax Return Filing for FY 2022-23

ITR Filing Last Date 2023: Deadline approaches for Income Tax Ret...

Thu, Dec 28, 2023

Taxpayers, including those who filed before or after the initial deadline of July 31, are advised to review their Annual Information Statement (AIS). Any discrepancies or changes in income, including adjustments related to TDS, should be addressed by filing a Revised or Belated Return before the imminent cutoff.

IT raids at premises linked to Lux Industries amid allegations of tax evasion

IT raids at premises linked to Lux Industries amid allegations of...

Fri, Sep 22, 2023

The searches are currently underway in several cities, encompassing both office locations and residences of top company officials.

Net direct tax collection soars 23.5% to over Rs 8.65 lakh crore on better advance tax mop-up

Net direct tax collection soars 23.5% to over Rs 8.65 lakh crore...

Mon, Sep 18, 2023

The net direct tax collections include corporation tax (CIT) at Rs. 4,16,217 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs. 4,47,291 crore (net of refund), the ministry said in a statement.

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ITR: Didn't get your income tax refund so far? Here's what you should do now

ITR: Didn't get your income tax refund so far? Here's w...

Fri, Aug 25, 2023

In case of a delay in receiving the income tax refunds, one can visit the e-filing portal of the Income Tax Department.

Fixed Deposit or Liquid Fund: Where will I get the maximum benefit?

Fixed Deposit or Liquid Fund: Where will I get the maximum benefi...

Wed, Aug 16, 2023

Fixed deposits come with less risk, but provide lower returns. On the other hand, liquid funds are more volatile, but also provide higher returns. Choosing the right investment instrument should be based on your risk appetite and financial goal.

ITR Filing: Can I switch to the new tax regime when filing a belated income tax return?

ITR Filing: Can I switch to the new tax regime when filing a bela...

Wed, Aug 16, 2023

Taxpayers have time till December 31, 2023, to file their belated returns with a fine of Rs 5,000, or Rs 1,000 if taxable income is below the Rs 5 lakh. But, while filing belated ITRs switching to New Tax Regime won’t be possible. To switch tax regimes taxpayers must file Form 10-IE within the ITR filing deadline.

Direct tax revenue surges by 16% to reach Rs. 6.53 trillion in current fiscal year

Direct tax revenue surges by 16% to reach Rs. 6.53 trillion in cu...

Fri, Aug 11, 2023

In a noteworthy development, direct tax collections in the ongoing fiscal year have surged by an impressive 15.73 percent, reaching an impressive total of Rs.

ITR Filing: I have filed my ITR, but I haven't verified it; Will I still get a refund?

ITR Filing: I have filed my ITR, but I haven't verified it;...

Thu, Aug 03, 2023

It’s mandatory to verify your income tax return within 30 days of filing. Taxpayers can request for an extension of the verification period to 120 days, though the acceptance of the request is at the discretion of the tax officer.

ITR filing: I have missed the Income Tax Return deadline, can I still claim refund?

ITR filing: I have missed the Income Tax Return deadline, can I s...

Tue, Aug 01, 2023

The Income Tax Department imposes an interest rate of 1 per cent per month on the total tax amount if there's a delay in filing the return. You can file the belated return along with the late fee in order to claim the refund.

ITR Filing: I made a mistake when filing my ITR, I haven't verified it; Can I still rectify my mistake?

ITR Filing: I made a mistake when filing my ITR, I haven't v...

Mon, Jul 31, 2023

For errors noticed from records or Section 143(1) intimation, you can use the Rectification Request on the e-filing portal. Rectifications are for correcting factual, arithmetic, or clerical errors, not altering tax liability. Always provide correct information to avoid complications.

Last date to file ITR today! Who can and cannot use income tax return forms 1-7

Last date to file ITR today! Who can and cannot use income tax re...

Mon, Jul 31, 2023

ITR filing: If you fail to file your ITR using the correct form, your return will not be validated. You will also not be able to claim the deductions. The last date to file the income tax return is today, July 31. Take a look at which ITR form you should use.

ITR Filing: I have not verified my ITR; will my income tax return be considered invalid?

ITR Filing: I have not verified my ITR; will my income tax return...

Mon, Jul 31, 2023

Verifying your Income Tax Return (ITR) is a critical step to ensure the validity and processing of your tax return. Failure to verify the ITR within 30 days of e-filing can lead to delays in processing and refunds. The Central Board of Direct Taxes (CBDT) has reduced the e-verification timeline to 30 days for ITRs filed after 1st August 2022.

Deadline to file ITR ends today: Your complete guide to filing return correctly

Deadline to file ITR ends today: Your complete guide to filing re...

Mon, Jul 31, 2023

ITR filing: You can reduce your tax burden by opting for relevant deductions like home rent allowance, standard deduction, home loan interest, PF investments and more. To ensure your ITR filing is complete, you need to verify the tax return within 30 days.

ITR Filing: With the deadline to file income tax return ending today; don't forget these five important points

ITR Filing: With the deadline to file income tax return ending to...

Mon, Jul 31, 2023

ITR filing: If you are filing your ITR in a hurry, there can be some mistakes. There are some important points you need to keep in mind for an error free filing as there could be a rush to file ITR on the last day, July 31.

ITR filing for crypto investors: 3 key points to keep in mind

ITR filing for crypto investors: 3 key points to keep in mind

Sat, Jul 29, 2023

Two forms are the stars of the show: ITR-2 and ITR-3. ITR-2 is your go-to form if you have made capital gains from cryptocurrency, but don't possess business income. With the last day of the income tax filing deadline today (July 31), also keep points in the mind suggested in the write-up.

ITR Filing: Can I claim tax exemption if I am paying rent to my wife, parents, or relatives?

ITR Filing: Can I claim tax exemption if I am paying rent to my w...

Sat, Jul 29, 2023

To claim HRA by paying rent to relatives, a valid rental agreement, proper payment channels, and property ownership in the name of the rent receiver are crucial. With the income tax return deadline ending today (July 31, 2023), you should know whether incorporating such rent documents in your ITR can benefit you in tax saving.

ITR Filing: I didn't file rent receipts and didn't claim HRA through employer. Can I claim it at the time of filing income tax return?

ITR Filing: I didn't file rent receipts and didn't clai...

Sat, Jul 29, 2023

Employees who haven't provided their HRA paperwork to their employers can still update (or correct) their rent details while filing their ITR till the deadline today (July 31, 2023).

ITR Filing: Submitting fake rent receipts? You can be fined up to 200% of the tax liability on misreported income, check details

ITR Filing: Submitting fake rent receipts? You can be fined up to...

Fri, Jul 28, 2023

When obtaining a rent receipt, it is crucial to include specific details like the date of payment, the landlord's name and address, the tenant's name, the paid amount, and the rental period. While filing ITR taxpayers need to submit at least four rent receipts, one each from every quarter.

ITR Filing: Do you know about defective income tax return filing? Can it be corrected?

ITR Filing: Do you know about defective income tax return filing?...

Fri, Jul 28, 2023

The Income Tax Act, section 139(9), sends a 'defective' notice when there's an issue with your income tax return (ITR). Section 139(9) can be used for many reasons. However, the best way is to cross-check all the details of your ITR before submitting it ahead of the deadline (July 31).

ITR Filing: Will July 31 deadline for income tax filing be extended? Here's what we know so far

ITR Filing: Will July 31 deadline for income tax filing be extend...

Fri, Jul 28, 2023

According to the Income Tax Department data, more than 6 crore ITRs have been filed by July 30. As already a significant number of ITRs have been filed so far the government is not expected to extend the July 31 deadline. But all have to wait till evening today (July 31), whether the government comes up with a notification to extend the deadline.

Income Tax benefits on home loan: Prepayment, co-borrowing, loan tenure and other ways to maximise tax savings when purchasing a home

Income Tax benefits on home loan: Prepayment, co-borrowing, loan...

Thu, Jul 27, 2023

In addition to the principal repayment, tax deductions are also applicable on the interest paid on your home loan. Section 24 of the Income Tax Act allows for deductions of up to Rs 2 lakh for a self-occupied property on the interest paid for home loan.

ITR filing: Here’s how Income Tax Department’s co-browsing service will make your job much easier

ITR filing: Here’s how Income Tax Department’s co-browsing servic...

Thu, Jul 27, 2023

The co-browsing feature enables agents to navigate, scroll, type text, and highlight relevant areas on the browser along with the taxpayer. In conjunction with live chat or phone calls, this tool resolves any issue faced by taxpayers while filing ITR through the e-filing portal before the ITR filing deadline of July 31.

As Income Tax Return (ITR) countdown begins, learn about the 3-step simplified verification process

As Income Tax Return (ITR) countdown begins, learn about the 3-st...

Wed, Jul 26, 2023

Without verification your ITR filing process is not complete. Failing to verify your return within the stipulated time frame might render your tax return invalid. In other words, it's as good as not being filed, which may lead to penalties or late fees.

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