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Income Tax Return

ITR Filing 2025: How many times can taxpayers switch between new and old tax regimes? Know the rules

ITR Filing 2025: How many times can taxpayers switch between new...

Sun, Mar 09, 2025

ITR Rules: Before filing your ITR, it is important to decide whether the new or old tax regime is more beneficial for you. The old tax regime offers various exemptions and deductions, but is it the right choice for you? And if you choose one, can you switch later? Let’s understand the rules.

New Income Tax Law: Small business owners & professionals set to get relief, says sources

New Income Tax Law: Small business owners & professionals set...

Wed, Feb 12, 2025

The New Income Tax Bill—or the new direct tax code—is part of the Narendra Modi administration’s ambitious goal of overhauling and simplifying the country’s existing tax structure in order to ease tax compliance for its growing tax base.

Only 6.68% of population filed income tax return in 2023-24 fiscal

Only 6.68% of population filed income tax return in 2023-24 fisca...

Tue, Dec 17, 2024

Minister of State for Finance Pankaj Chaudhary said there is an increase in filing ITR with over 8.09 crore income tax returns were filed in fiscal 2023-24, up from over 7.40 crore in 2022-23. In FY22, the number of ITRs filed was over 6.96 crore, up from over 6.72 crore in FY21 and over 6.48 crore in FY20.

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Income tax return filer base up 2.2 times in 10 years, 5 times growth in Rs 50 lakh-plus income category: Sources

Income tax return filer base up 2.2 times in 10 years, 5 times gr...

Wed, Nov 13, 2024

There has been a significant increase in income tax compliance in the country with more than five-fold growth in the Rs 50 lakh-plus income category, according to sources.

ITR Filing Deadline Extended: I-T Dept extended the last date of income tax filing by 15 days

ITR Filing Deadline Extended: I-T Dept extended the last date of...

Sat, Oct 26, 2024

ITR Filing Deadline Extend: The income tax department has announced a 15-day extension for corporates to file their income tax returns, moving the deadline to November 15 for the assessment year 2024-25.

Last Few Days To File Income Tax Return: 5+ crore ITRs filed already, don't wait till last minute to file yours, says I-T department

Last Few Days To File Income Tax Return: 5+ crore ITRs filed alre...

Sat, Jul 27, 2024

Income Tax Return Last Date: July 31 is crucial as it is the last day to file your income tax return (ITR) for the financial year 2023-24, which ended on March 31. Failing to do so within the stipulated time not only results in non-compliance with tax laws but also attracts penalties.

Made a mistake in ITR filing? No need to file revised ITR; check out this new feature

Made a mistake in ITR filing? No need to file revised ITR; check...

Mon, Jul 22, 2024

ITR filing season: If you have made a mistake in your ITR then there is a new option called 'Discard ITR'. You can easily make changes by using this option.

Nil ITR: Why should you file ITR even if you don't fall into income tax bracket? It serves some important purposes

Nil ITR: Why should you file ITR even if you don't fall into...

Fri, Jul 12, 2024

Filing an Income Tax Return (ITR), including a Nil ITR, provides crucial proof of income for various purposes such as loan approval, visa applications, and business credibility.

CBDT enables ITR filing for FY24; 23,000 returns filed in 4 days

CBDT enables ITR filing for FY24; 23,000 returns filed in 4 days

Thu, Apr 04, 2024

This is for the first time in recent years that the Income Tax department has enabled taxpayers to file their I-T Returns on the first day of the new financial year and, is a step towards ease of compliance and seamless taxpayer services.

Tax Saving Tips: 7 ways you can save your money under new tax regime

Tax Saving Tips: 7 ways you can save your money under new tax reg...

Thu, Mar 28, 2024

Tax Saving Tips: There are two tax regimes under which to file your income tax return since the new tax regime was launched in the 2020 budget. When it was launched, you could choose between the old and new tax regimes, but after Budget 2023, the new tax regime has become a default option. This means, as a new taxpayer, your income tax will be filed under the new tax regime automatically.

Received Income Tax 'notice'? I-T dept issues explanation, says taxpayers must respond to the 'communication on priority'

Received Income Tax 'notice'? I-T dept issues explanati...

Tue, Dec 26, 2023

The income tax department stated that such communication is only to facilitate the taxpayers and create awareness around the information available with the I-T department regarding the transactions reported by the Reporting Entities during the year.

Demystifying the New "Discard" Option in Income Tax Returns: A Comprehensive Guide for Taxpayers

Demystifying the New "Discard" Option in Income Tax Ret...

Sun, Dec 03, 2023

Taxpayers rejoice! The Income Tax Department has introduced a revolutionary new feature – the 'Discard' option. In this video, we’ll delve into the details of this game-changer, explaining its benefits, eligibility criteria, and the simple process of discarding your income tax return. So, whether you're a seasoned taxpayer or a first-timer, this video will equip you with the knowledge to make the most of this convenient option.

Income Tax Tips: What Are The Tax Regulations On Transaction Between Spouses

Income Tax Tips: What Are The Tax Regulations On Transaction Betw...

Tue, Nov 07, 2023

Don't assume that all transactions between spouses are tax-free. There are some nuanced rules to be aware of, especially when it comes to gifts, investments, and rental income. In this video, we'll break down the key tax implications to keep in mind when dealing with your spouse financially.

ITR: What is the income tax audit report? What is the deadline to submit it?

ITR: What is the income tax audit report? What is the deadline to...

Wed, Aug 23, 2023

Some individuals need to get their accounts audited to ensure compliance with the tax laws. The deadline to submit the tax audit report is September 30.

Paisa Wasool 2.0: Received Income Tax notice? What they mean and how taxpayers should respond

Paisa Wasool 2.0: Received Income Tax notice? What they mean and...

Fri, Aug 18, 2023

After the Income Tax Filing deadline ends, the I-T department scrutinizes the I-T returns to ensure compliance with tax laws and to track mistakes or instances of tax evasion in the ITRs. In case of any discrepancy, the tax department sends notices to taxpayers who then have to respond promptly to avoid penalty or legal action. In this video we discuss the meaning of common Income Tax notices and how taxpayers should respond to them.

ITR Filing: I am filing a belated income tax return, will my tax deduction be denied?

ITR Filing: I am filing a belated income tax return, will my tax...

Wed, Aug 16, 2023

The Income Tax Department allows taxpayers who missed the July 31 deadline to file a belated return. In such cases the taxpayers will have to pay a fine for late filing of ITR.

Income Tax Return Filing: Most common notices taxpayers receive and how to respond to them - Expert answers

Income Tax Return Filing: Most common notices taxpayers receive...

Thu, Aug 10, 2023

Income Tax Notice News: Experts say that missing or filing income tax return after the due date, filing it incorrectly, and claiming an incorrect tax refund, are among the most common reasons for receiving an income tax notice.

Money Guru: What to do if income tax refund is not received?

Money Guru: What to do if income tax refund is not received?

Tue, Aug 08, 2023

ITR Return Filling: After filling the income tax return, people wait for when their refund will come. This time also the last date for filing income tax returns has passed, but many people have not received refunds yet. The returns of some people are getting delayed due to some valid reasons. At the same time, there will be some people who may have made a small mistake despite filing the income tax return. It is a mistake not to verify ITR. It is possible that the bank account is not pre-validated. Have you made this mistake too?

ITR Refund Fraud Alert: Scammers are sending this message to cheat taxpayers

ITR Refund Fraud Alert: Scammers are sending this message to chea...

Fri, Aug 04, 2023

The Income Tax Department does not send refund links via SMS or email, nor does it request sensitive information like PINs or passwords through such means. Taxpayers are urged to report such suspicious emails or website links.

India360: Returns or fraud? Now fraud in the name of IT refund!

India360: Returns or fraud? Now fraud in the name of IT refund!

Thu, Aug 03, 2023

Income Tax Refund: After ITR filing, taxpayers wait for their returns to be processed and refunds received, and vicious cyber fraudsters seem to be taking advantage of this.

Income Tax Return Filing: Over 6.77 crore ITRs filed till July 31 — check 9 highlights shared by I-T Dept

Income Tax Return Filing: Over 6.77 crore ITRs filed till July 31...

Tue, Aug 01, 2023

Income Tax Return Filing: The income tax department on Tuesday informed that 53.67 lakh first-time filers filed their Income Tax Return (ITR) till July 31, taking the total number

Avoid Heavy Penalties: The Consequences of Mishandling Tax Returns

Avoid Heavy Penalties: The Consequences of Mishandling Tax Return...

Mon, Jul 31, 2023

Tax will have to be saved by wrong means, income tax return of employed people will be scrutinized, know full details in this video

Money Guru: Which ITR form is necessary for you? Know in this special report

Money Guru: Which ITR form is necessary for you? Know in this spe...

Thu, Jul 27, 2023

Income Tax India: The last date for filing ITR is 31st July i.e. only a few days are left. Taxpayers who have not yet filed ITR, many types of questions may arise in their mind. Experts will clear your confusion, see today in this special report with Zee Business.

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