CBDT Notifies ITR-A Under Section 170A For Filing Modified Return Pursuant To Business Reorganisation
2 years, 3 months ago

CBDT Notifies ITR-A Under Section 170A For Filing Modified Return Pursuant To Business Reorganisation

Live Law  

The Central Board of Direct Taxes has notified Form ITR-A for filing the modified income tax return under Section 170A of Income Tax Act, 1961 pursuant to business reorganisation. As per the newly inserted Rule 12 AD, the modified return of income to be furnished by a successor entity to a business reorganisation, as referred to in Section 170A, shall be in the Form ITR-A, which shall be verified and furnished electronically. The specified income tax authorities are also directed to evolve and implement appropriate security, archival and retrieval policies relating to furnishing the modified return in Form ITR-A electronically. "If the assessment or reassessment proceedings for an assessment year relevant to a previous year to which the order of the business reorganisation applies have been completed or are pending on the date of furnishing of the modified return in accordance with the provisions of section 170A, the Assessing Officer shall, pass an order modifying the total income of the relevant assessment year determined in such assessment or reassessment, or proceed to complete the assessment or reassessment proceedings, as the case may be, in accordance with the order of the business reorganisation and the modified return so furnished.

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History of this topic

Tax Deadline: Authorities Extend Last Date For Filing ITRs. Find New Date Here
3 weeks, 1 day ago

Tax Deadline: Authorities Extend Last Date For Filing ITRs. Find New Date Here

ABP News  

The Central Board of Direct Taxes announced on Saturday that the deadline for income tax return filing has been extended. ➡️The due date for the assessees referred to in clause of Explanation 2 to Sub Section of Section 139 has been extended from 30th November, 2024, to 15th December, 2024. ➡️ Circular No.… pic.twitter.com/4umO91ELAQ — Income Tax India November 30, …

ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details
1 month, 1 week ago

ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details

Live Mint  

The deadline to file income tax returns by corporates and individuals requiring audit for the financial year 2024-25 is November 15, 2024. Types of taxpayers to file returns by Nov 15: As per an Economic Times report citing Prakash Hegde, a chartered accountant, there are three types of taxpayers who have to file ITR by November 15, for the financial …

Last-minute ITR filers face glitches galore on income tax portal: ‘Infosys got ₹4,200 crore for this?’
4 months, 3 weeks ago

Last-minute ITR filers face glitches galore on income tax portal: ‘Infosys got ₹4,200 crore for this?’

Hindustan Times  

As the deadline for filing income tax returns ends on Wednesday, July 31, many last-minute filers encountered technical glitches on the income tax portal. Many taxpayers tagged software giant Infosys that has developed the income tax portal. I respectfully request that you initiate portal improvements starting tomorrow and ensure a seamless and efficient experience for taxpayers in the next year,” …

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 …

CBDT Enables Functionalities To File ITR-1, 2, 4 & 6 For A.Y. 2024-25
8 months, 2 weeks ago

CBDT Enables Functionalities To File ITR-1, 2, 4 & 6 For A.Y. 2024-25

Live Law  

The Central Board of Direct Taxes has enabled the functionalities to file commonly used ITRs namely ITR-1, 2, 4 & 6 For A.Y. 2024-25.The Central Board of Direct Taxes has facilitated taxpayers to file their Income Tax Returns for the Assessment Year 2024-25 from 1st April, 2024 onwards. The Central Board of Direct Taxes has facilitated taxpayers to file their …

Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
9 months, 1 week ago

Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax

Hindustan Times  

The deadline for submitting an updated income tax return for the financial year 2020-21 is on March 31. The provision allows taxpayers who missed filing their return for the said financial year or failed to report any income to file an updated ITR. There is no financial imposition on individuals wishing to furnish an updated return but they have to …

CBDT notifies new ITR forms for Assessment Year 2024-25. Which one is for you?
10 months, 2 weeks ago

CBDT notifies new ITR forms for Assessment Year 2024-25. Which one is for you?

Hindustan Times  

The Income Tax department has officially notified income tax return forms 2, 3, and 5 for the assessment year 2024-25. ‘Average processing time of ITR reduced in 10 years’: FM Sitharaman Union finance minister Nirmala Sitharaman, while presenting interim Union Budget, on Thursday lauded the ‘transformative shift in tax assessment methodologies over the past five years’. Budget 2024 Highlights: Rooftop …

CBDT Notifies ITR-6 For AY 2024-25
10 months, 3 weeks ago

CBDT Notifies ITR-6 For AY 2024-25

Live Law  

The Central Board of Direct Taxes notified the Income Tax Return Form ITR-6 for the Assessment Year 2024-25 with effect from April 01, 2024.The has notified the Income-tax Rules, 2024 to further amend Income-tax Rules, 1962.The companies which are registered under the Companies Act 2013 or the previous Companies Act 1956 should file ITR 6 Form. The Central Board of …

CBDT processed 88 per cent ITR, refunds over Rs 2.45 crore issued till September 5
1 year, 3 months ago

CBDT processed 88 per cent ITR, refunds over Rs 2.45 crore issued till September 5

Firstpost  

“More than 6 crore ITRs of AY 2023-24 have been processed out of the verified ITRs as on September 5, resulting in processing of over 88% of the verified ITRs” CBDT said in a statement. The Income Tax Department has processed refunds of over Rs 2.45 crore for 6.84 crore verified Income tax returns, bringing down the average processing time …

ITR filing last date today: 26.74 lakh income tax return filed till 4 pm
1 year, 4 months ago

ITR filing last date today: 26.74 lakh income tax return filed till 4 pm

Firstpost  

If you miss to file your ITR before the deadline, you can file a belated ITR. However, you would be required to pay the penalty for late filing On the last day of filing of income tax returns, 26.74 lakh ITRs have been filed upto 4 pm. 26.74 lakh ITRs have been filed upto 4 pm today and 3.84 lakh …

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 …

Are You Filing ITR AY24 For Salary Income? Here's All You Need To Know
1 year, 7 months ago

Are You Filing ITR AY24 For Salary Income? Here's All You Need To Know

News 18  

Online ITR For Salary Income: Even as the income tax department has enabled the online filing for ITR 1 and ITR 4, individuals can now start filing their income tax returns for the assessment year 2023-24 or the financial year 2022-23. Rebate: Resident individuals whose total income does not exceed the threshold limit of Rs 5,00,000 or Rs 7,00,000 can …

ITR filing last date for FY 2019-20: How much additional tax do you need to pay?
1 year, 9 months ago

ITR filing last date for FY 2019-20: How much additional tax do you need to pay?

Live Mint  

ITR filing last date for FY 2019-20: The deadline to file an updated income tax return for FY 2019-20 is 31 March 2023. An updated income tax return or ITR-U is a form that allows taxpayers to file the ITR or to correct errors or omissions on their ITRs up to two years from the end of the relevant assessment …

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 …

CBDT issues Income Tax return forms for the fiscal year 2022-23
1 year, 10 months ago

CBDT issues Income Tax return forms for the fiscal year 2022-23

India TV News  

ITR Form 2022-23: The Central Board of Direct Taxes has issued Income Tax return forms for individuals, Hindu Undivided Families, businesses, and others for the fiscal year 2022-23. The early notification of ITR forms for this year would provide sufficient time for all stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals, to prepare their returns early. …

CBDT Notifies ITR Forms For Assessment Year 2023-24
1 year, 10 months ago

CBDT Notifies ITR Forms For Assessment Year 2023-24

Live Law  

The Central Board of Direct Taxes has notified the ITR forms for the assessment year 2023–24.The Board has notified the Income-tax Rules, 2023, which shall come into force with effect from April 1, 2023.The Board has notified the Indian Income Tax Return Forms, namely ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, and ITR-V, and the Indian Income Tax. The …

Income Tax: Last day for late and revised ITR is December 31: Here’s what happens if you fail to file
1 year, 11 months ago

Income Tax: Last day for late and revised ITR is December 31: Here’s what happens if you fail to file

Live Mint  

Do not forget to file your income tax returns for financial year 2021-22 amid the festivities of the new year if you haven't already. Assessees must file belated ITRs under Section 139 of the Income Tax Act, 1961. While filing belated ITRs, taxpayers must ensure that they select Section 139 in the tax return form and that the applicable penalty …

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 …

CBDT Issues Draft common Income-tax Return-request for inputs from stakeholders and the general public
2 years, 1 month ago

CBDT Issues Draft common Income-tax Return-request for inputs from stakeholders and the general public

Live Law  

The Central Board of Direct Taxes has issued the draft common income-tax return request for inputs from stakeholders and the general public.Depending on the type of person and the nature of their income, taxpayers are currently required to file income tax returns on ITR-1 through ITR-7. The Central Board of Direct Taxes has issued the draft common income-tax return request …

One income tax form to rule them all: Centre’s proposal to simplify filing returns explained
2 years, 1 month ago

One income tax form to rule them all: Centre’s proposal to simplify filing returns explained

Firstpost  

According to the finance ministry, the proposed form will be user-friendly with income from digital assets listed under a separate head. The CBDT, under the finance ministry, said that ITR-1 and 4 would continue, but individuals would also have the option to file returns of income in the common ITR form. Sujit Bangar, Ex-IRS officer and founder of Taxbuddy.com told …

ITR filing deadline for 2022-23 for businesses extended till 7 November
2 years, 1 month ago

ITR filing deadline for 2022-23 for businesses extended till 7 November

Firstpost  

Earlier, the last date for filing ITR by companies who are required to get their accounts audited was October 31 New Delhi: The Finance Ministry on Wednesday extended the deadline for filing income tax returns for the assessment year 2022-23 by businesses till November 7. The Central Board of Direct Taxes, the apex decision-making body in matters of income and …

FinMin extends ITR filing deadline for companies till Nov 7
2 years, 1 month ago

FinMin extends ITR filing deadline for companies till Nov 7

Deccan Chronicle  

NEW DELHI: The Finance Ministry on Wednesday extended the deadline for filing income tax returns for the assessment year 2022-23 by businesses till November 7. The Central Board of Direct Taxes, the apex decision-making body in matters of income and corporate tax, in a notification said since it had last month extended the deadline for filing audit reports, hence 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 …

CBDT Notifies New Form 29D For Refund Of Tax Deducted
2 years, 3 months ago

CBDT Notifies New Form 29D For Refund Of Tax Deducted

Live Law  

The Central Board of Direct Taxes has notified the new Form 29D for refund of tax deducted. The amendment added a new Rule 40G to the Income-tax Rules of 1962 relating to Refund Claim under Section 239A. Section 239A states that if no tax deduction was required, a taxpayer may apply to the Assessing Officer for a refund of tax …

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 …

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 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: Which form should individuals use to file their returns? Details here
2 years, 4 months ago

ITR: Which form should individuals use to file their returns? Details here

Hindustan Times  

Only four days are left for citizens to file their income tax returns as the Union government has already hinted it will not extend the due date beyond the existing deadline, i.e. ITR 2: This is only for individuals or Hindu Undivided Family who fulfil the following conditions: income more than ₹50 lakh; income generated from one among pension/salary, house …

ITR Due Date AY22-23: Deadline Remains July 31; Govt Not Considering Extending It
2 years, 5 months ago

ITR Due Date AY22-23: Deadline Remains July 31; Govt Not Considering Extending It

News 18  

Revenue Secretary Tarun Bajaj on Friday said the government is not considering extending the July 31 deadline for filing the income tax return. So, for now, individuals who do not need to get their income accounts audited must file ITR for the assessment year 2022-23 by July 31. Over 2.3 crore income tax returns were filed till July 20 for …

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 …

Filing income tax return? Key points to know before submitting ITRs
2 years, 5 months ago

Filing income tax return? Key points to know before submitting ITRs

Hindustan Times  

The deadline to submit income tax returns for financial year 2021-22 and assessment year 2022-23 is July 31. Income Tax department While the Income Tax Department provides pre-filled forms to help salaried individuals file their returns without any hassle, taxpayers, too, should keep all the required documents handy, and cross-check each field in the pre-filled forms. The new optional tax …

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 Return filing | Last date, details on new forms & complete checklist
2 years, 5 months ago

Income Tax Return filing | Last date, details on new forms & complete checklist

Hindustan Times  

Income Tax return filing for Assessment Year 2022/23 is now available on the government's e-filing portal. As per Income Tax Act provisions, the last date to file ITR for AY 2022/23 is July 31, 2022. Representative image ITR filing for AY 2022/23 | What's new and how to file income tax returns: New forms: The income tax department has notified …

Income Tax Department notifies ITR forms | Check details
2 years, 8 months ago

Income Tax Department notifies ITR forms | Check details

India Today  

The Income Tax department has notified forms for filing Income Tax returns for financial year 2021-22. ITR FOMR 3, 5 ITR-3 is filed by people having income as profits from a business/ profession, while ITR-5 is filed by a corporate body limited liability partnership. While the ITR-1 form has been kept broadly the same as last year, the new addition …

ITR Filing, Higher TDS, Tax on Crypto: 5 Income Tax Rules that Change from Today
2 years, 8 months ago

ITR Filing, Higher TDS, Tax on Crypto: 5 Income Tax Rules that Change from Today

News 18  

Income Tax Rules Change: April 1 marks the beginning of a new financial year, and this means that several rules in the finance front are usually changed during this period. This year is no exception too, as a set of new income tax rules have come into effect from April 1, that is today. This year, many changes related to …

New Income Tax Rules from April 1: Cryptocurrency Tax, PF, Revised ITR Form, Key Changes
2 years, 8 months ago

New Income Tax Rules from April 1: Cryptocurrency Tax, PF, Revised ITR Form, Key Changes

News 18  

Even as the new financial year is starting from Friday, so are the new income tax and other rules. Updated ITR on Payment of Additional Tax In the Budget Speech, Sitharaman also announced to allow taxpayers to correct any discrepancy or omissions in their income tax returns within two years of filing these, from April 1. No ITR Needed for …

New income tax rules: Know major changes in ITR from April 1
2 years, 8 months ago

New income tax rules: Know major changes in ITR from April 1

India Today  

The Central Board of Direct Taxes will be introducing a slew of major changes to the income tax from April 1 under the Income-tax Rule 2021. While the crypto taxation to be introduced from April 1 has been the prime point of concern among many, the government has also incorporated some changes in filing of updated returns, new tax rules …

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 …

ITR filing: Missed December 31 deadline? Here's what you can do
2 years, 11 months ago

ITR filing: Missed December 31 deadline? Here's what you can do

Hindustan Times  

The last date to file the Income Tax Return for the financial year 2020-21 was December 31. Nearly 5.89 crore income tax returns for the 2020-21 fiscal were filed on the new e-filing portal till the December 31 deadline. The last date to file revised income tax returns for assessment year 2021-22 is March 31, 2022. Nearly 5.89 crore income …

No proposal to extend last date for ITR filing: Govt
2 years, 11 months ago

No proposal to extend last date for ITR filing: Govt

India TV News  

Highlights Taxpayers must note that the official deadline for filing of income tax returns remains Dec 31, 2021 5.62 cr ITRs have been filed till December 31, according to the government data ITR verification deadline extended till February 28, 2022 for FY20 The Centre on Friday said that the last date for filing income tax return will not be extended. …

ITR Filing: Top 5 important changes announced by Income Tax Department
2 years, 11 months ago

ITR Filing: Top 5 important changes announced by Income Tax Department

India Today  

The deadline for filing the income tax returns will finally end on December 31, 2021. The Income Tax Department is continuously sending reminders via emails and text messages to make sure that returns are filed at their earliest. As per the reports, 4.86 crore ITRs have been filed on the new e-filing portal of the income tax department on December …

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 …

More than two crore ITRs filed on new income tax portal; CBDT urges taxpayers to file returns at earliest
3 years, 2 months ago

More than two crore ITRs filed on new income tax portal; CBDT urges taxpayers to file returns at earliest

Firstpost  

Asking taxpayers to file their income tax returns for fiscal 2020-21 at the earliest, the Central Board of Direct Taxes said all ITRs have been made available for e-filing. New Delhi: The income tax department on Thursday said more than two crore ITRs for the financial year 2020-21 have been filed so far and the performance of the new I-T …

ITR filing deadline extended till 31 Dec
3 years, 3 months ago

ITR filing deadline extended till 31 Dec

Live Mint  

The income-tax department on Thursday extended the date of filing income tax returns and report of audits to 31 December, from the previous deadline of 30 September. The date for filing belated ITR returns was also extended by a month from 31 December to 31 January 2022 and reports from accountants on international transactions or specified domestic transactions under Section …

Finance Ministry Extends Due Date For Filing Of Income Tax Returns (ITRs) For FY 2020-2021 To December 31
3 years, 3 months ago

Finance Ministry Extends Due Date For Filing Of Income Tax Returns (ITRs) For FY 2020-2021 To December 31

Live Law  

The Central Board of Direct Taxes today extended the due date of filing of income-tax returns and various reports of audit for the Assessment Year 2021-22 yet again and now, the new ITR filing deadline is December 31, 2021.Earlier, it was extended from July to September and now, the same has been extended to December 31, 2021.The same has been …

Income-tax return (ITR) filing deadline for FY21 extended till 31 Dec. Details
3 years, 3 months ago

Income-tax return (ITR) filing deadline for FY21 extended till 31 Dec. Details

Live Mint  

The Central Board of Direct Taxation on Thursday extended the Income-Tax Return filing deadline FY 2020-21 for individuals till 31 December 2021, mostly for the difficulties faced by taxpayers in the wake of Covid-19 pandemic. “The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section of section 139 of …

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. …

Income Tax Return Filing Deadline: CBDT Extends Due Date of Various ITR e-filing Forms
3 years, 3 months ago

Income Tax Return Filing Deadline: CBDT Extends Due Date of Various ITR e-filing Forms

News 18  

What comes as a big relief to taxpayers in India, the Finance Ministry had announced that it would be extending the deadlines for e-filings of various income tax returns forms that come under the ambit of the Income-Tax Act, 1961. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, …

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