NUMBER ITRS
You won’t get any income tax refund unless you verify your ITR; here’s how to verify ITR online, offline
Income tax return verification: You filed income tax return will be cancelled if you don't verify it within 30 days of filing of ITR. There are multiple ways to verify an filed ITR including a offline process. Read below to find out various ways of verifying a income tax return (ITR) online and offline.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?
ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.
Income tax return processing status: How much time it takes for tax department to process ITR
Processing of ITR: The income tax return (ITR) filing deadline for for the financial year 2023-24 (assessment year 2023-24) is July 31, 2024. It's crucial to file the ITR by the specified deadline to avoid penalties and late fees. Additionally, it's important to ensure that the Income Tax Department promptly processes the filed ITR.
What is Form 16? How to download Form 16 to file income tax return (ITR)
How to download Form 16: The Form 16 is an important document that is provided by the employer to the employee annually, after the end of the financial year. It contains comprehensive details of the salary paid to the employee, including allowances, deductions, and net income. Additionally, it provides information on the taxes deducted at the source, such as TDS (Tax Deducted at Source). This certificate is essential for filing income tax returns as it provides a comprehensive summary of the TDS for the financial year, aiding in the accurate calculation of tax liability and ensuring compliance with tax regulations.
ITR filing: Credit card and forex spend reported separately by banks in AIS, know the impact and what you can do
Income tax return: While filing your ITR make a note that banks are now reporting total forex spends as a separate category in addition to total credit card spends. According to Gopal Bohra, Partner, N.A. Shah Associates, "Transactions through international credit cards are currently exempt from TCS, and accordingly, banks do not collect TCS. However, banks report all remittances under LRS through TCS filing, irrespective of whether TCS is collected or not."
ITR filing for FY2023-24: Latest full list of authorised banks for tax payments available at e-Pay Tax service
Taxpayers are offered wide range of modes for payment, including Net Banking, Debit card, Pay at Bank Counter. List of banks for tax payments available at e-Pay Tax service, as per the Income Tax Department’s website:
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How to claim income tax refund online when filing ITR for FY 2023-24
How to claim income tax refund online: You may be eligible for a tax refund if you have paid more taxes than you owe. You can claim the refund when filing your income tax return (ITR) by the deadline of July 31, 2024 for FY 2023-24 (AY 2024-25).
Got Form 16 from your employer? Check these points before filing ITR
Form 16 has all the essential information to file your income tax return easily. It's crucial to double-check that the information in Form 16 is accurate. The income tax department currently provides pre-filled ITR forms on its e-filing website. These pre-filled forms make it easier to compare the information with Form 16.
ITR e-verification: How to e-verify ITR, timelimit, other important FAQs
The ITR is deemed invalid or will not be regarded as filed if the assessee does not validate it within the allotted period. e-Verification is the most convenient and instant way to verify your ITR.
New tax regime to old tax regime: How to choose old income tax regime when filing ITR for FY2023-24
New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be the automatic choice for the fiscal year 2023-24.
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.
Error in AIS: How to correct errors in Annual Information Statement to file ITR
ITR filing: The Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayers can provide feedback on information displayed in AIS.
Interest certificate for filing ITR: How to download interest certificate from SBI, HDFC Bank, ICICI Bank, Canara Bank, Axis Bank
Interest certificate for filing ITR: Here is how to download interest certificates from top banks such as SBI, HDFC Bank, ICICI Bank, Canara Bank, Axis Bank, and Kotak Mahindra Bank.
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.
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
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.
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.
Fake notice from Income Tax Department: Know how to spot a sham notice sent by a scamster
Income tax notice: There have been some instances of people receiving a fake income tax. Save yourself from this scam and learn how to spot a fake income tax notice. For example: a real income tax notice will never have a payment link inside it. Read here to know more about real income tax notices.
Man files ITR, finds company with Rs 9 crore turnover opened in his name
Chandan Soni, a resident of Gwalior, discovered that his personal details – PAN card and Aadhaar card – had been misused to create a fraudulent GST number and a fake company in his name. This company, "MG SALES", even showed a fabricated turnover exceeding Rs 9 crore. Now, the Delhi Police's Economic Offences Wing is investigating this identity theft and potential financial crime.
Taxman to reach out to 15.2 m individuals required to file ITRs
Income-tax dept to act against 15.2 million non-filers. CBDT orders outreach from April 15. Focus on bank transactions, penalties for defaulters with high cash deposits.
CBDT enables ITR filing for FY 24; 23,000 returns filed in 4 days
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property).
Mismatch in ITR filed: Received wrong tax demand notice? How to inform income tax department about it
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
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.
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.
Extend last date to file revised ITR for foreign tax credit in Budget 2024: View
The government in Budget 2021 reduced the time limit to file revised income tax return by three months i.e., from March 31 to December 31. Earlier an individual used to get time till end of the assessment year to file their revised ITR but now they have three months less to do the same. This has created issues for those who used to file revised ITR to claim correct tax credit on foreign incomes.
ITR filing doubles to 77.8 million in 10 years
The number of income-tax payers in India rose to 93.7 million in FY23 from 52.6 million in FY14. The tax deducted at source (TDS) emerged as the largest component of direct taxes, reaching ₹8.17 lakh crore in FY23, almost double the amount in FY18. In the last 10 years, net direct tax collections increased by 160.52% to ₹16.63 lakh crore in FY23 from ₹6.38 lakh crore in FY14.
ITR filings climb up by 90% in nine years to 6.37 cr in AY 2021-22: Govt
The income tax department reported that individual taxpayer I-T returns increased by 90% in 9 years to 6.37 crore in the 2021–2022 fiscal year, suggesting a larger taxpayer base. As many as 7.41 crore returns for AY 2023–24 have been filed thus far during the current fiscal year, including 53 lakh first-time filers.
Four things to check in income tax audit report
An income tax audit is a regulatory requirement for certain categories of individuals and businesses. How as a good practice, certain things must be known by the individual liable for tax audit. This will help make sure that a correct tax audit report is being sent to the income tax department.
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