ITR REFUND

ITR filing FY2023-24: How to register online on e-filing portal to file income tax return; a step-by-step guide

How to register on e-filing portal to file ITR: To file your income tax return online, new taxpayers must first sign up online. Signing up on the e-Filing website enables you to utilize the various features and tax services offered by the portal. Below is a detailed guide to registering online on the e-filing portal for the purpose of filing income tax returns.

6 important benefits of filing ITR

Who needs to file income tax return (ITR) in India for FY 2023-24

Who is required to file ITR mandatorily: The Income-tax Act, 1961 defines the situations where income tax return filing is mandatory for individuals. Under the income tax laws, ITR filing is mandatory if total taxable income exceeds the basic exemption limit. There are other provisions in the income tax laws which make ITR filing mandatory.

Should you file ITR if your income is less than Rs 7 lakh with nil income tax?

Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.

Documents required for ITR filing: 10 documents you need to file income tax return

Documents required for ITR filing: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.

What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)

ITR filing for FY2023-24: Form 26AS is an important document for filing your income tax return (ITR). It shows the dates and amounts of advance tax payments and consolidates all your financial transactions.

Last date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25)

Due date of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment of late filing fees, not being able to opt for old tax regime among others.

Paying rent in cash without a rent receipt? Know why your HRA claim may be rejected, and you may get an income tax notice

House rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does not offer it for income tax. For every claim of HRA there should be a corresponding income offerred for tax. Read here to know how a tenant got into trouble because of this.

Income tax slab rates for FY 2024-25 (AY 2025-26)

Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo.

ITR filing: This is essential to get income tax refund credited to your bank account

Income tax refund: The income tax department will scrutinise your filed returns and handle the refund once received. Note that having a validated bank account is essential for receiving of refunds.

Income tax return: Who is not eligible to file ITR-1 form in AY2024-25

This income tax return (ITR) can be filed by a Resident (other than Not Ordinarily Resident) Individual with total income from any of the following sources up to Rs 50 lakh. Sources Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Interest from Savings Accounts; Interest from Deposits (Bank /Post Office / Cooperative Society); Interest from Income Tax Refund; Interest received on Enhanced Compensation; Any other Interest Income

Does choosing old tax regime for TDS on salary lead to smoother ITR processing, income tax refund claims?

Income tax regime, ITR processing: The income tax laws allow switching of tax regime from old to new or vice-versa at the time of filing income tax return. Any tax regime can be chosen irrespective of what was chosen for tax to be deducted from salary by employer. However, does switching of tax regime impact how your income tax return is processed by tax department.

March 31 is the last date to file ITR-U for AY 2021-22; If you miss, be ready to pay up to 200% of the income tax evaded

Income tax updated return: March 31, 2024 is the last date to file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21). Do note that ITR-U may be used to fix errors like under-reporting or misreporting of income, or any other errors in the previously filed ITR. Once the deadline to file ITR-U is over and you are caught evading taxes penalty up to 200% of the tax evaded can be levied.

Taxpayers, check ITR portal NOW: Pending tax demand of up to Rs 1 lakh per individual waived by govt

Income tax outstanding demand: The Central Board of Direct Taxes (CBDT) has stated via a order that the income tax department has started waiving eligible old tax demand. However a maximum ceiling limit per taxpayer/assessee has been set and no outstanding tax demand entries above this ceiling limit would be extinguished.

Woman gets 6-month jail for not filing ITR; who has to mandatorily file income tax return, consequences of not filing

Who has to file ITR: The decision was made following a complaint from the Income Tax Office (ITO), alleging that Rs. 2 lakh was deducted as TDS (tax deducted at source) from a receipt of Rs. 2 crore received by the accused in the fiscal year 2013-14. Despite this, the accused failed to file an income tax return for the assessment year 2014-15.

Pending income tax refunds relating to AY 2021-22 would be processed by this date; check email for confirmation

Income tax refund: The Central Board of Direct Taxes (CBDT) has said that individuals who are still waiting to get their tax refund for FY 2020-21 (AY 2021-22) may get it by April 30, 2024. If you are eligible for receiving this tax refund a email from the tax department would come intimating the amount of refund. Check your inbox now.

Wait for unprocessed income tax refund to get longer; deadline extended by 3 months

Income tax refund: Individuals who have pending income tax refund due to the fact that their income tax return (ITR) was not processed by the income tax department would now get their income tax refund by April 30, 2024. However not all individuals would get tax refund, read here to know who gets and who does not.

Rich taxpayers will now need to give more details, ITR-2, ITR-3 for FY 2023-24 notified by CBDT

Taxpayers earning over Rs 50 lakh or owning multiple houses must provide additional information when filing income tax returns (ITR). The Central Board of Direct Taxes (CBDT) has released ITR-2 and ITR-3 forms for the FY 2023-24 (AY 2024-25), with a deadline of July 31, 2024. ITR-2 and ITR-3: Income tax return (ITR) forms have been notified by the central board of direct taxes (CBDT) via an notification in e-gazette. ITR-2 is to be filed by those who have capital gains income and are ineligible to file ITR-1. Do note that ITR-3 is to be filed by those entities who have income from business or profession.

​You won't get a refund for professional tax paid at this income level

Professional tax is a tax levied by the state government and the income tax act allows an deduction of professional tax actually paid from gross total income of the individual. Unlike TDS professional tax is not refunded if the individual's net income tax liability is less than the tax amount or nil.

These individual taxpayers will get old income tax refund by January 31, 2024

Income tax department has passed an order stating that individuals who had filed ITRs for AY 2018-19 (FY 2017-18), AY 2019-20 (FY 2018-19) and AY 2020-21 (FY 2019-20) and still not received their income tax refund yet, would now get so by January 31, 2023. However if an individual has got an tax demand at the time of ITR filing or after processing of ITR, this relaxation would not be applicable.

Taxation for freelancers: Tax liability, exemptions, ITR filing for freelancers

Gig workers are subject to the same income tax laws and regulations that apply to self-employed individuals.

ITR refund: Your bank account may need revalidation due to these 6 reasons

In any case of change in bank branch, bank account account number, IFSC code, after last validation, you need to update account details on e-filing portal and revalidate it.

ITR Filing FY2022-23: Do you need to revise your income tax return (ITR)? Find out here

ITR Filing FY2022-23: Revised income tax returns for the current assessment year can be filed till 31 December 2023. The revision can be done even after the return has been processed by the tax department. If you made a mistake in your tax return, you can rectify it by filing a revised return. Find out why, when and how to do it.