Income Tax Return

ITR-1 Return Form Not For Those Paying Rs 1 Lakh In Electricity Bill

Business | Press Trust of India | Sunday January 5, 2020

Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed Rs 50 lakh.

December 31 Last Day To Verify Income Tax Return. Here Is How To Do It

Business | Edited by Abhishek | Monday December 30, 2019

Income tax return date: Income Tax rules state that a fine of Rs 5,000 is applicable if an individual files ITR after due date but before December 31.

How ITR Filing Process Has Evolved In Last 10 Years

Business | Edited by Sandeep Singh | Friday December 27, 2019

The most important change in the development of e-filing in the country is the refunds, say tax experts.

CBDT Extends Income Tax Returns Filing Deadline For J&K, Ladakh To January 31

Business | Press Trust of India | Tuesday December 24, 2019

"The Central Board of Direct Taxes (CBDT), in exercise of powers conferred under section 119 of the Income-tax Act, 1961 and in partial modification of CBDT's order under section 119 of the Act dated 23.07.2019, 27.09.2019 and 31.10.2019 hereby further extends the ''due-date' for filing I-T Returns/Tax Audit Reports to January 31, 2020 in respect o...

Missed Income Tax Deadline? Learn How To Prepare And Submit A Belated Return

Business | Edited by Sandeep Singh | Tuesday November 26, 2019

Income Tax Filling (ITR E-Filing): For example, filing an ITR for financial year 2018-19 (assessment year 2019-20) by December 31 attracts a penalty of Rs 5,000 under the current rules, according to the Income Tax Department's website - incometaxindia.gov.in. However, late filing fee cannot exceed Rs. 1,000 for assessees with a total income up to R...

How To Check Status Of Your Income Tax Refund

Business | Edited by Anshul | Tuesday October 8, 2019

An online facility provided by the Income Tax Department enables taxpayers to claim any excess payment of tax. It also enables the income tax assessees to check the status of a refund online, through the e-governance website of National Securities Depository Limited (NSDL) - tin.tin.nsdl.com. The taxman refunds the excess tax through an electronic ...

Filing Income Tax Return Using Aadhaar Leads To Allotment Of Aadhaar. Read Latest Rules Here

Business | Edited by Sandeep Singh | Saturday September 28, 2019

PAN Aadhaar news: The Income Tax Department said last month that a PAN will be generated automatically if a person files the ITR is filed using Aadhaar. Current income tax laws allow an individual to furnish Aadhaar interchangeably with PAN. That means instead of the 10-character PAN, a 12-digit Aadhaar number or Unique Identity Number can be quote...

Those With No PAN Cannot Avail E-Assessment System, Says Tax Body

India News | Press Trust of India | Friday September 27, 2019

A taxpayer who does not have an e-filing account or a PAN will not be able to avail the facility of getting into e-assessment system of income tax that is set to be launched from next month, a latest Central Board of Direct Taxes (CBDT) directive said.

Deadline For Filing Income Tax Return Extended For Audit Cases: All You Need To Know

Business | Edited by Sandeep Singh (with inputs from agencies) | Friday September 27, 2019

The new deadline of October 31 is applicable to special cases requiring audits. The Income Tax Department also said that a formal notification for the same will be issued soon.

Tax Offences, Failure To Furnish Return Of Income Not To Be Prosecuted In Court: Tax Body

Business | Press Trust of India | Thursday September 12, 2019

The directive is being seen as a major move to cut down tax litigation and will save a number of assessees from legal proceedings.

Here's All You Need To Know About Filing A Belated Income Tax Return (ITR)

Business | Edited by Anshul | Saturday September 7, 2019

When income tax return is not filed within the due date, interest under section 234A of Income Tax Act is levied. The taxpayer is liable to pay simple interest at 1 per cent per month or part of a month for delay in filing the return of income.

Steps To Check Income Tax Return (ITR) Status Online

Business | Edited by Anshul | Wednesday September 4, 2019

The taxman said that the total number of ITRs filed from April 1 to August 31 this year rose to 5.65 crore, compared to the corresponding period a year ago.

Missed Income Tax Return (ITR) Filing Deadline? Here Are Your Options

Business | Edited by Anshul | Wednesday September 4, 2019

There are three categories of individual taxpayers- individuals (below the age of 60 years) which includes residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age).

3.61 Crore Out Of 5.65 Crore Returns Verified: Income Tax Department

Business | Edited by Sandeep Singh | Monday September 2, 2019

ITR 2019: According to current income tax laws, the amount of late filing fee in case of a belated income tax return cannot exceed Rs. 1,000 if the assessee's total income is below Rs 5 lakh.

PAN To Be Created Automatically If Tax Return Filed Using Aadhaar: 10 Facts

Business | Edited by Abhishek Vasudev (With inputs from PTI) | Monday September 2, 2019

A Permanent Account Number or PAN will be generated automatically if an individual files the income tax return by quoting an Aadhaar number, the Central Board of Direct Taxes said in a notification on Monday. PAN is a 10-digit alphanumeric number issued by the I-T department to individuals and entities for filing tax returns. While presenting the B...