Submitted wrong ITR form? Know how many times you can revise return
6 months, 2 weeks ago

Submitted wrong ITR form? Know how many times you can revise return

Live Mint  

Correcting any mistakes or omissions in your initial Income Tax Return is the aim of filing a revised ITR. An essential provision of the Income Tax Act of 1961 is Section 139, which permits you to file a revised ITR in case you discover mistakes or omissions in your initial return. Lowers the possibility of scrutiny: The possibility that the Income Tax Department will choose to review your return is reduced when you file an accurate and complete ITR. Also Read: Income Tax: Make note of these 5 key points if you are a salaried taxpayer How many times can you file a revised ITR?

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History of this topic

Income Tax Department admits error of sending wrong ITR notices. Check details
6 days, 19 hours ago

Income Tax Department admits error of sending wrong ITR notices. Check details

India Today  

In an unexpected move, the Income Tax Department has acknowledged its error in sending defective ITR notices to taxpayers who had correctly filed their returns. On November 29, 2024, the tax department issued notices citing defective ITRs under Section 44AD, claiming discrepancies in turnover limits and missing financial documents. However, on December 5, 2024, the department clarified the mistake, stating, …

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date
4 months, 3 weeks ago

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date

India TV News  

The Income Tax Department on Sunday asked income tax return filers to refrain from making bogus claims for expenses, under-reporting their earnings or exaggerating deductions calling it a punishable offence that causes a delay in issuance of refunds. For individuals with net taxable income of more than Rs 5 lakh for the financial year 2023-24, filing a belated return may …

ITR 2024: Avoid THESE mistakes when filing Income Tax return, otherwise your form may get cancelled
5 months ago

ITR 2024: Avoid THESE mistakes when filing Income Tax return, otherwise your form may get cancelled

India TV News  

ITR filing 2024: The deadline for filing income tax returns is approaching, with the last date to file without late fees for the financial year 2023-24 being July 31, 2024. Avoid THESE mistakes Incomplete or incorrect information: When filing your income tax return, ensure that all information is complete and correct. Discrepancies in income information: Discrepancies in income information can …

ITR E-filing portal glitches: Will Income Tax return deadline be extended beyond July 31?
5 months, 1 week ago

ITR E-filing portal glitches: Will Income Tax return deadline be extended beyond July 31?

Hindustan Times  

The deadline for filing income tax returns in 2024 is set on July 31. The Income Tax Department's website noted, “Over 2.7 crore ITRs have been filed as on 14 July 2024, which is 13% more compared to returns filed during the same period last year. While the milestone of filing of 1 crore of ITRs for AY 2024-25 arrived …

ITR Filing: Why It Is Necessary to File Income Tax Return AY 2024-25 Well Before the Deadline?
5 months, 2 weeks ago

ITR Filing: Why It Is Necessary to File Income Tax Return AY 2024-25 Well Before the Deadline?

News 18  

Filing your income tax return is not just a financial formality; it is a crucial responsibility for every taxpayer in India. As we approach the July 31, 2024, deadline to file the income tax return, it is essential to understand why filing your ITR well before the deadline can significantly benefit you. Conclusion “Filing your Income Tax Return well before …

Income Tax Return (ITR) 2023-24: 6 Essential points and 6 tips for error-free filing
6 months ago

Income Tax Return (ITR) 2023-24: 6 Essential points and 6 tips for error-free filing

Hindustan Times  

One should always pay attention to every minute detail while e-filing ITR for a hassle-free experience, especially with the tax regimes, deductions and benefits changing every year, Business Today wrote. Representational “Filing an income tax return is not a cakewalk for everyone," said Vikas Dahiya, Director of All India ITR, according to Business Today. "For many people not familiar with …

What Will Happen If You Do Not File Your ITR Before The Deadline
8 months, 2 weeks ago

What Will Happen If You Do Not File Your ITR Before The Deadline

News 18  

March has ended, and with the income tax filing season in full swing, individuals are busy ensuring they meet their tax obligations. Missing this deadline can impact your ability to choose between the old and new tax regimes. Filing before this deadline allows taxpayers to select between the old and new tax regimes. In contrast, the old tax regime offers …

Income mismatch in ITR: How you can fix it, details here
9 months, 1 week ago

Income mismatch in ITR: How you can fix it, details here

Hindustan Times  

The Income Tax Department identified mismatches between information furnished by third-party entities and income tax return filed by the taxpayers. In order to help taxpayers reduce mismatch, an on-screen online functionality has been made available on the income tax portal has been given- ‘Compliance portal’. 2021-22 have not been filed and, the Department is in possession of information of specified …

Common errors that could lead to flawed ITRs. How to avoid them?
1 year, 3 months ago

Common errors that could lead to flawed ITRs. How to avoid them?

Live Mint  

A flawed Income Tax Return is one that falls short of meeting the stipulations outlined in the Income Tax Act of 1961. Section 139 of the Income Tax Act, 1961, grants authority to the Assessing Officer to issue a notice to a taxpayer in the event their income tax return is deemed defective. When the Income Tax Department identifies an …

Average income tax return processing time reduced to 10 days. Details here
1 year, 3 months ago

Average income tax return processing time reduced to 10 days. Details here

Live Mint  

The average processing time for Income Tax Returns has significantly improved over the years as reported on the CNBCTV18 site. This is a remarkable improvement compared to the 82-day processing time in the Assessment Year 2019-20 and the 16-day processing time in the Assessment Year 2022-23. As per the Department's statement, out of the 6 crore 98 lakh ITRs filed …

ITR verification: Income tax department has this important message for taxpayers
1 year, 3 months ago

ITR verification: Income tax department has this important message for taxpayers

Live Mint  

ITR verification: If you do not e-verify your income tax return, the filing process is treated as incomplete and your ITR becomes invalid. The income tax department has urged taxpayers to not delay and complete the e-filing process today. Effective August 2023, the income tax department has made it mandatory for tax filers to e-verify their returns within 30 days …

ITR filing last date today: Here's what happens if you miss the deadline
1 year, 4 months ago

ITR filing last date today: Here's what happens if you miss the deadline

Firstpost  

As most tax experts and chartered accountants suggest that the government has no plan to extend the deadline this year, the 31 July date becomes even more important for those who are yet to file their returns to avoid penalties As the deadline to file your income tax returns draws to a close today, it is crucial not to overlook …

ITR Filing Update: Why You Must NOT Delay Filing Your ITR? Check Latest Update Here
1 year, 5 months ago

ITR Filing Update: Why You Must NOT Delay Filing Your ITR? Check Latest Update Here

News 18  

Filing your income tax return on time is important for several reasons. “We would like to thank income tax return filers as ITR filing has been at a much faster pace than last year and we would advise them not to wait until the last moment and also not to hope for any extensions. About 5.83 crore income tax returns …

Income tax return: As deadline approaches, know which form to use for ITR filing
1 year, 5 months ago

Income tax return: As deadline approaches, know which form to use for ITR filing

Hindustan Times  

The deadline to file the Income Tax Return for the financial year 2022-23 is July 31. ITR form 1: Taxpayers and individual residents earning an income of up to ₹50 lakh from salary, income from one house property, other sources such as interest or dividend, and agricultural Income up to ₹5,000. ITR form 2: Individuals and Hindu Undivided Family with …

ITR filing for FY 2022-23: How to correct any mistakes made while filing ITR
1 year, 6 months ago

ITR filing for FY 2022-23: How to correct any mistakes made while filing ITR

India Today  

While filing an income tax return, it is common to make small errors. Section 139 of the Income-Tax Act, 1961 enables taxpayers to correct errors in their original tax returns by filing a revised return. It's important to understand that filing a revised ITR means submitting a new return that includes the necessary corrections under Section 139 of the Income …

Filing ITR Now? Who Will And How To File Income Tax Return? Know This Before Hand
1 year, 6 months ago

Filing ITR Now? Who Will And How To File Income Tax Return? Know This Before Hand

News 18  

Income Tax Return filing holds immense importance as it serves as a vital tool for ensuring tax compliance and financial transparency. By filing ITR, individuals and businesses provide a comprehensive record of their income, deductions, and taxes paid, enabling the government to assess tax liabilities accurately. You can find a list of all the ITR forms and their eligibility criteria …

ITR Filing Starts: Expert Tips For Individual Taxpayers To Chose Correct ITR Form
1 year, 6 months ago

ITR Filing Starts: Expert Tips For Individual Taxpayers To Chose Correct ITR Form

News 18  

Filing your Income Tax Return holds significant importance for several reasons. It also facilitates the calculation of your tax liability, as the ITR form prompts you to provide details of income, deductions, exemptions, and tax-saving investments. Each ITR form is specifically designed to capture different types of income and financial situations, so choosing the right one ensures that you report …

ITR filing last date AY 2023-24: Due date for filing income tax returns
1 year, 8 months ago

ITR filing last date AY 2023-24: Due date for filing income tax returns

India Today  

Income Tax Returns must be filed by July 31 for the FY 2022-23. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years", as per the website of the Income Tax Department. WHICH TAX RETURN TO FILE: The Income Tax department has notified seven different forms i.e., ITR 1, …

New ITR Forms For AY 2023-24: Know The Key Changes
1 year, 10 months ago

New ITR Forms For AY 2023-24: Know The Key Changes

Live Law  

On February 10, 2023, the Central Board of Direct Taxes announced the tax return forms for the financial year 2022–2023.This year, ITR forms were announced in advance, which is a very positive step toward making compliance easier. The disclosure and reporting requirements on tax return forms will be better understood by taxpayers.Here are the key changes:Separate section for. Here are …

ITR filing: How long one should keep income tax return documents?
1 year, 11 months ago

ITR filing: How long one should keep income tax return documents?

Live Mint  

ITR filing: Filing income tax return is one of the most important responsibilities of an earning individual. However, keeping one's income tax return-related documents is also important to answer any query of the income tax department in future and avoid action under the Black Money Act 2015. However, the income tax department has power to send notice under income escaping …

Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR
2 years ago

Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR

News 18  

Deadline For Revised and Belated ITRs: Now that 2022 is ending and the new year 2023 is going to start in about a week, the window for filing the revised or belated ITR is also going to be closed on December 31. So, if you could not file your income tax return by July 1, 2022, or had filed the …

Income Tax: Forgot to file the I-T Return? Know about revised, belated and updated returns
2 years, 2 months ago

Income Tax: Forgot to file the I-T Return? Know about revised, belated and updated returns

Live Mint  

Income tax, IT department, income tax return, ITR filing- all of these terms can get confusing at at a point. Revised ITR Imagine that you hastily submitted your return before July 31, 2022, only to discover that you neglected to add some income and made a few mistakes.You can file a revised return in this situation to update your income …

You can be fined even if you file your income tax return before deadline
2 years, 4 months ago

You can be fined even if you file your income tax return before deadline

Hindustan Times  

The deadline to file income tax returns ended on July 31. The income tax department said nearly six crore returns were filed till the deadline. You can be fined ₹5,000 for late filing in case you failed to verify your income tax return. The date when a taxpayer e-verifies the income tax return will be considered the date for filing …

Revised income tax return: Eligibility, deadline, other details you should know
2 years, 4 months ago

Revised income tax return: Eligibility, deadline, other details you should know

Live Mint  

ITR filing: Due date for unaudited income tax return filing is gone but those taxpayers who want to edit their return as they have filled some incorrect information in their ITR like use of wrong ITR form, wrong bank account number, etc., they still have an option to do that. As per the revised income tax rules, a taxpayer can …

E-verify ITR: 30-day window still open. Steps for taxpayers to do it online
2 years, 4 months ago

E-verify ITR: 30-day window still open. Steps for taxpayers to do it online

Live Mint  

July 31 was the due date to file income-tax returns for the assessment year 2022-23. Those filing the return after the due date must verify their ITR as soon as possible as the time limit has been reduced for late filers from 1 August. The Income Tax department has reduced the time limit for e-verification or hard copy submission of …

Income tax return: How to file revised ITR online. Step by step guide
2 years, 4 months ago

Income tax return: How to file revised ITR online. Step by step guide

Live Mint  

Income tax return filing: The due date for unaudited income tax return filing has passed and those who have filed their return have either got ITR refund or they are waiting for their ITR refund. Under Section 139 of the income tax act, 1961, a taxpayer can revise one's ITR and file a revised ITR by removing the error in …

Income Tax Return Filing AY 2022-23: Missed ITR Filing Deadline? Know What You Can Do
2 years, 4 months ago

Income Tax Return Filing AY 2022-23: Missed ITR Filing Deadline? Know What You Can Do

News 18  

ITR Filing AY 2022-23: The due date to file income tax return has already passed on July 31, Sunday. according to the government rule under the Finance Act, taxpayers can file income tax returns after the due date. Those who have already filed their income tax returns are also eligible to file a revised return if there was a gap …

E-verify ITR within 30 days or else… Income Tax Department new rule in 10 points
2 years, 4 months ago

E-verify ITR within 30 days or else… Income Tax Department new rule in 10 points

Live Mint  

New Delhi: The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1. 4) Till now, the time period to e-verify the ITR or send the ITR-V through post, after filing of an Income Tax Return, …

Income Tax Return Rule Change: Taxpayers Need to e-Verify ITR Within 30 Days, Know Details
2 years, 4 months ago

Income Tax Return Rule Change: Taxpayers Need to e-Verify ITR Within 30 Days, Know Details

News 18  

ITR Filing Rule AY 2022-23: Now, taxpayers have to electronically verify or e-verify their income tax returns within 30 days of filing the return of income. For those taxpayers who have filed income tax returns before August 1, will get earlier time limit of 120 days to e-verify their ITR forms. The income tax department mentioned in the notification, “Where …

ITR filing deadline missed? What you can do now
2 years, 4 months ago

ITR filing deadline missed? What you can do now

India TV News  

Highlights The last date for filing the ITR was July 31, 2022 There is an option to file belated ITR for those who missed the deadline However, one has to pay a fine depending on their pay scale to file belated ITR ITR deadline: Income Tax Return filing's last date was July 31, 2022 for the year 2021-2022. So, if …

ITR: Income tax return deadline tomorrow. File it immediately to avoid penalty
2 years, 4 months ago

ITR: Income tax return deadline tomorrow. File it immediately to avoid penalty

Hindustan Times  

The last date for filing income tax returns is July 31, i.e Sunday. The income tax department has made it clear that the deadline will not be extended, and has asked the tax payers to file their returns before the deadline to avoid any fine. On Friday, the income tax department took to Twitter to remind the tax payers about …

Income Tax Return: All you need to know before filing it
2 years, 4 months ago

Income Tax Return: All you need to know before filing it

Live Mint  

Income tax as stated is tax on the income earned by an individual, company, or any other entity. Income tax returns is nothing but filing of information on the income tax portal about the various incomes received by us throughout the financial year i.e from April 01st to 31st March along with assets owned if any. A ITR is a …

Income Tax Return filing: 5 reasons why you should file your ITR on time
2 years, 5 months ago

Income Tax Return filing: 5 reasons why you should file your ITR on time

Live Mint  

The Income Tax department has urged the taxpayers to not wait until the last minute for filing their income tax return. Fie today and avoid the stress of filing last minute.” Here are five reasons why filing your ITR on time should be practiced: Technical issues: Since the time income tax e-filing portal has been launched in June last year, …

ITR form selection to bank validation: 5 mistakes that a taxpayer should avoid
2 years, 5 months ago

ITR form selection to bank validation: 5 mistakes that a taxpayer should avoid

Live Mint  

ITR filing: The due date for income tax return filing for the financial year 2021-22 and assessment year 2022-23 is 31st July 2022. However, while filing their income tax return, it has been found that an earning individual commit some common mistake that leads to rejection of their ITR, income tax notice or delay in ITR refund. Speaking on the …

ITR filing: Furnish these details in return form to avoid getting notice from tax department
2 years, 5 months ago

ITR filing: Furnish these details in return form to avoid getting notice from tax department

Hindustan Times  

With the deadline to file income tax returns for financial year 2021-22 and assessment year 2022-23 – July 31 – closing in, salaried individuals are in the process of submitting their returns. On Friday, the Income Tax department, too, took to Twitter to appeal to taxpayers to file their returns on time to avoid any last-minute hassle. #ITR,” However, while …

For taxpayers with two Form 16s, steps to file their ITRs
2 years, 5 months ago

For taxpayers with two Form 16s, steps to file their ITRs

Hindustan Times  

The deadline to file Income Tax returns for the ongoing assessment year 2022-23 is July 31. People with two Form 16s should know they, too, can file their returns and claim all their benefits. Now, from your total salary for the entire financial year, subtract leave travel allowance, house rent allowance, standard deduction, and deductions under Sections 80C, 80G, 80D …

Income Tax Rule Change Budget 2022: You can Update ITR Within 2 Years, What it Means
2 years, 10 months ago

Income Tax Rule Change Budget 2022: You can Update ITR Within 2 Years, What it Means

News 18  

Budget 2022 has tightened the income tax filing norms for regular taxpayers. They can update their income tax returns within two years from the end of relevant assessment year by paying an additional tax. New ITR Rule: What Changes after Budget 2022 According to the current income tax laws, an individual taxpayer gets time till December 31 of relevant financial …

Income Tax Return Filing: Did Not File ITR by Due Date? Keep this Deadline in Mind
2 years, 11 months ago

Income Tax Return Filing: Did Not File ITR by Due Date? Keep this Deadline in Mind

News 18  

ITR Filing Last Date: The Income Tax Department has not extended the due date to file income tax returns, or ITR, for taxpayers in the country. However, according to the government rule under the Finance Act, taxpayers can file income tax returns after the due date. Nearly 5.89 crore income tax returns for the 2020-21 fiscal have been filed on …

Income Tax Return (ITR) filing mistakes often made by taxpayers
3 years ago

Income Tax Return (ITR) filing mistakes often made by taxpayers

Live Mint  

Have you filed your Income Tax Returns? “When filing income tax returns, taxpayers must report the interest income generated from savings accounts and fixed deposits. A deduction of up to ₹50,000 can be claimed under section 80TTB for interest, in the case of a senior citizen,”said Abhishek Soni, CEO & Co-founder, Tax2win.in Inaccurate bank details In addition to this, other …

ITR filing for financial year 2020-21
3 years, 1 month ago

ITR filing for financial year 2020-21

India Today  

The Income Tax Return is an annual ritual for the citizens of India and the other taxpayers of the country. The majority of taxpayers must have filed an Income Tax Return whereas a certain ratio of them is yet to file the returns. The deadline to file an income tax return for FY 2020-2021 is for three months to December …

Tax returns filing this year: What has changed
3 years, 3 months ago

Tax returns filing this year: What has changed

Live Mint  

Every year, there are certain changes that are incorporated in the forms issued for filing income tax returns and the processes involved, which the taxpayer should know about. Say the deadline for filing ITR is 31 July, and a person files ITR on 5 August, interest will be levied at the rate of 1% per month on the tax due. …

6 different ways to verify Income Tax Returns (ITR)
3 years, 3 months ago

6 different ways to verify Income Tax Returns (ITR)

India Today  

The final process of filing an income tax return is to verify it. Generating EVC via bank account To verify your ITR using banks need to be pre-validated. The required details need to be provided, like bank name, account number, IFSC code and mobile number. The registered mobile number and email ID need to be provided and is present in …

Revamped tax-filing portal is still giving taxpayers trouble
3 years, 4 months ago

Revamped tax-filing portal is still giving taxpayers trouble

Live Mint  

The government has launched a revamped income tax filing portal—www.incometax.gov.in—aimed at improving the experience of taxpayers and to make the process of filing of income tax return seamless by providing pre-filled information to taxpayers. Rectification requests: If there is a mistake in the ITR processed by the tax department, taxpayers should be able to submit a rectification request at the …

How to file Revised Income Tax Return: Step-by-step guide
3 years, 7 months ago

How to file Revised Income Tax Return: Step-by-step guide

India Today  

We often end up making small mistakes while filing an income tax return. Section 139 of the Income-Tax Act, 1961 allows taxpayers to rectify their mistakes in their original tax returns by filing a revised return. It may be noted that filing a revised ITR technically means filing a new ITR with the corrections under Section 139 of the Income …

ITR filing 2019-20: Here are steps to file returns by 31 December and avoid paying penalty
3 years, 11 months ago

ITR filing 2019-20: Here are steps to file returns by 31 December and avoid paying penalty

Firstpost  

There is a penalty fee that needs to be given if a person misses their ITR filing date. As the last date to file Income Tax Returns inches closer, the number of ITRs filed each day is rising steadily. The Income Tax department tweeted on Wednesday, 30 December that more than 4.54 crore Income Tax Returns for AY 2020-21 have …

ITR Filing: Last Month to file ITR, check details here
4 years ago

ITR Filing: Last Month to file ITR, check details here

India Today  

An income tax return is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses, and other deductions as well as details about a tax refund or tax liability. The Income Tax Return filing deadline for the financial year 2019-20 earlier would have ended on November 30, 2020. ITR …

ITR Belated Filing: Penalty for late filing of income tax return
4 years ago

ITR Belated Filing: Penalty for late filing of income tax return

India Today  

The last date to file the ITR for FY2019-20 has been extended multiple times, and as of now, it’s on December 31, 2020. Penalty for late filing of income tax return: If you file your ITR after the deadline, then a late filing fee will be levied. Until assessment year 2017-18, there was no penalty for filing belated income tax …

ITR filing: Income tax return filing deadline for FY 2019-20
4 years, 2 months ago

ITR filing: Income tax return filing deadline for FY 2019-20

India Today  

The government has extended the last date for filing an income tax return for the financial year 2019-20 from July 31, 2020, to November 30, 2020. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years", as per the website of the Income Tax Department. Which Tax Return to …

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