Income tax returns: Choosing the right ITR form, eligibility, and filing requirements
1 year, 8 months ago

Income tax returns: Choosing the right ITR form, eligibility, and filing requirements

India Today  

Direct taxation, as we know it today, has been there in India since ancient times. Various income tax forms have been notified by the Income Tax department, such as ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 to date. In addition to considering the details of income, it is important to also keep in mind the various disclosure requirements prescribed from time to time when selecting the appropriate ITR form. ITR-4 SUGAM This form is for individuals, HUFs, and firms being a resident having total income upto Rs.50 lakhs and having income from business and profession which is computed under Section 44AD, 44ADA or 44AE of the Income Tax Act, 1961. ITR-7 This form is for persons, including companies, required to furnish returns under Sections 139 or 139 or 139, or 139 of the Income Tax Act, 1961 only.

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History of this topic

Do I have to file an Income Tax Return (ITR) in India after returning from UK for work?
1 month, 1 week ago

Do I have to file an Income Tax Return (ITR) in India after returning from UK for work?

Live Mint  

I have lived in the UK for the past 15 years. Do I have to file my Income Tax Return in India next year? Since your stay in India for the financial year 24-25 will be for less than 182 days, prima facie, you would be a non-resident for income tax, assuming you were not in India before 15th October …

Income Tax Deadline: Last one week left to file tax return for THESE taxpayers. Check details
1 month, 2 weeks ago

Income Tax Deadline: Last one week left to file tax return for THESE taxpayers. Check details

Live Mint  

Taxpayers who are meant to get their accounts audited have only one week left to file their income tax return for AY 2024-25. The last date to file income tax return for these taxpayers is November 15. The income tax department recently issued a statement that says that it's the last week left for taxpayers whose accounts are audited or …

ITR filing: 'Over 5 crore returns filed so far this fiscal year', says Income Tax Department
4 months, 3 weeks ago

ITR filing: 'Over 5 crore returns filed so far this fiscal year', says Income Tax Department

India TV News  

The Income Tax Department on Saturday revealed that more than 5 crore Income Tax Returns have been filed on the e-filing portal so far this fiscal year. In a post on social media platform X, the IT Department said, "More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department …

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 2024: How to choose right Income Tax return form? Check types of forms
5 months, 2 weeks ago

ITR filing 2024: How to choose right Income Tax return form? Check types of forms

India TV News  

Income Tax Return Filing: Whether you are employed or have your own business, as an individual taxpayer, you need to file your Income Tax Return by July 31. Check types of forms and know its uses Form ITR 1 Form ITR 1 is for resident individuals whose total income does not exceed Rs 50 lakh during the financial year. Form …

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 …

Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT
6 months ago

Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that submission of Form-67 is not mandatory for availing foreign tax credit.The bench of Sudhir Pareek and S. Rifaur Rahman has observed that filing Form-67 is a procedural or directory requirement and is not a mandatory requirement. The Delhi Bench of Income Tax Appellate Tribunal has held that submission of …

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?
6 months ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times  

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed …

ITR Filing for 2023-24: Key documents required for income tax returns
6 months, 1 week ago

ITR Filing for 2023-24: Key documents required for income tax returns

Hindustan Times  

As the income tax return filing season has set in, these are the key documents which taxpayers should possess for duly furnishing their tax returns, as said by Dr. Suresh Surana, Founder of RSM India to the Financial Express. Individual taxpayers who are not required to audit their financials, need to take note of the following documents that they may …

ITR 2024: Mandatory and Optional, Keep These Documents For Income Tax Return Filing, Check Full List
6 months, 3 weeks ago

ITR 2024: Mandatory and Optional, Keep These Documents For Income Tax Return Filing, Check Full List

News 18  

Income Tax Return filing is a critical responsibility for taxpayers and carries several significant implications. Investment Proofs: Documents for investments like Provident Fund, Public Provident Fund, Equity Linked Savings Scheme, Life Insurance premiums, Health Insurance premiums, Fixed Deposits etc., if claiming deductions. Other Potential Documents: Property Documents House Rent Receipts Informational Documents: Form 26AS : This pre-filled statement by the …

Delhi woman gets 6 months jail for failing to file ITR on ₹2 crore income
9 months, 1 week ago

Delhi woman gets 6 months jail for failing to file ITR on ₹2 crore income

Hindustan Times  

A Delhi Court sentenced a woman to six months in jail for not filing a return on income of ₹2 crores after a complaint was filed by the Income Tax Office alleging that TDS amounting to Rs. The court sentenced Savitri noting, “The convict is awarded a sentence of simple imprisonment for six months with a fine of ₹5,000 and …

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 …

6.77 crore IT returns, a surge of 16.1%, filed by July 31
1 year, 4 months ago

6.77 crore IT returns, a surge of 16.1%, filed by July 31

The Hindu  

The number of Income Tax Returns filed by the July 31 deadline touched a new high of 6.77 crore this year, 16.1% higher than a year ago, with 53.67 lakh taxpayers filing returns for the first time. A little less than 10% of all return filings took place on July 31, the last date for filing without penal levies, as …

File your Income Tax Returns online before the deadline: Check last-minute ITR filing tips here
1 year, 4 months ago

File your Income Tax Returns online before the deadline: Check last-minute ITR filing tips here

India TV News  

As the deadline for filing Income Tax Returns approaches, individuals who earn, whether they are salaried, self-employed, part of a Hindu Undivided Family, or work for multinational corporations or firms, are reminded of their primary responsibility to declare their income and pay taxes. The Income Tax Return serves as an official declaration of a taxpayer's income and serves as a …

ITR Filing: How to file income tax returns for freelancers?
1 year, 4 months ago

ITR Filing: How to file income tax returns for freelancers?

Live Mint  

Are you a freelancer and don't know what to do about taxes? However, as a freelancer, you must have guessed that no one will remind you about filing your Income Tax Returns, and you need to take the initiative yourselves. Refund= Taxes paid – Total tax liability on the current financial year's income Which ITR Form to choose? Choosing the …

ITR: Here Are Some Common Documents You May Require For Filing
1 year, 5 months ago

ITR: Here Are Some Common Documents You May Require For Filing

ABP News  

The last date for filing income tax returns for the financial year 2022-23 is July 31. For salaried individuals, here are some common documents to keep in handy while ITR filing: PAN Card PAN Card issued by the income tax department is one of the more important documents required for ITR filing. When taxpayers choose the 'prefill' option, the relevant …

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: What is ITR-6, how to file online for AY 2023-24
1 year, 6 months ago

ITR Filing: What is ITR-6, how to file online for AY 2023-24

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. Companies, except those claiming exemption under section 11 due to their income from the property being held for charitable or …

ITR filing for FY 2022-23: ITR Form 2 available online, who is eligible and all you need to know
1 year, 6 months ago

ITR filing for FY 2022-23: ITR Form 2 available online, who is eligible and all you need to know

India Today  

The income tax department has recently launched the online version of the ITR-2 forms, following the earlier release of ITR-1 and ITR-4 on May 20, 2023. According to the income tax website, taxpayers can now file their Income Tax Returns using the ITR-2 form through the online portal, which includes pre-filled data for convenience. Furthermore, on May 17, 2023, the …

How to file income tax return without Form 16
1 year, 6 months ago

How to file income tax return without Form 16

India Today  

The deadline for filing Income Tax Returns for the fiscal year 2022-23 is July 31. When filing your income tax return, it is crucial to ensure that the Form 16 you use is valid and in an acceptable format. If you need to file your income tax return without Form 16, follow these steps: Calculate income from salary: Compile the …

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 …

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 …

Attention Taxpayers! Online ITR Filing Enabled For AY 2023-24
1 year, 7 months ago

Attention Taxpayers! Online ITR Filing Enabled For AY 2023-24

News 18  

The Income Tax department has enabled online filing of income tax returns 1 and 4, filed by individuals, professionals and small businesses, for the financial year 2022-23. The software/utilities for preparing other ITRs/ Forms will be enabled shortly.…— Income Tax India May 23, 2023 The last date for filing Income Tax returns for fiscal 2022-23 for people who do not …

ITR 2 form now available for individuals, HUFs; know details about filing return
1 year, 7 months ago

ITR 2 form now available for individuals, HUFs; know details about filing return

Firstpost  

The income tax department has recently released the ITR 2 form, which is now accessible for individuals and Hindu undivided families to file their income tax returns for the financial year 2022-23. Documents required for filing ITR When you are preparing to file your income tax return using ITR 2, there are specific documents that you should collect. Steps for …

Income Tax Return Filing Online: Easy Steps To File ITR 1 Sahaj, Check Details Here
1 year, 8 months ago

Income Tax Return Filing Online: Easy Steps To File ITR 1 Sahaj, Check Details Here

News 18  

An income tax return is a document that you file with the Indian tax department to report your income, deductions, and taxes paid for a particular financial year. The finance ministry has allowed individuals against whom search and seizure operations were carried out by the IT authorities to file revised income tax return in ITR-1 form for assessment year 2023-24. …

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, …

Income Tax Return: Why You Need Form 26AS When Filing ITR?
1 year, 9 months ago

Income Tax Return: Why You Need Form 26AS When Filing ITR?

News 18  

Form 26AS is a statement which shows various details including tax deducted or collected at source, Advance Tax or Self-Assessment Tax, Specified Financial Transactions Demand/refund pending/completed proceedings for a taxpayer’s Permanent Account Number as per Income Tax Department’s database. A taxpayer may pay tax in any of the following forms: – Tax Deducted at Source – Tax Collected at Source …

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 …

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 …

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 …

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 …

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: Are you a salaried employee? You should use this form for income tax return
2 years, 4 months ago

ITR: Are you a salaried employee? You should use this form for income tax return

Hindustan Times  

Have you filed your income tax returns yet? The Narendra Modi has said it is not considering extending the last date for filing income tax returns, i.e July 31. The income tax department on Monday said more than three crore returns have been filed through the e-filing portal till date for the financial year 2021-22. In the last fiscal year, …

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 FY22: ITR 1 to ITR 7, Have you Selected Correct ITR Form for AY 2022-23?
2 years, 5 months ago

Income Tax Return Filing FY22: ITR 1 to ITR 7, Have you Selected Correct ITR Form for AY 2022-23?

News 18  

July 31 is the last date for filing income tax return for the assessment year 2022-23 or financial year 2021-22. Who Can’t File ITR 1 Form or Sahaj – Non-residents or residents but non-ordinarily residents – Hindu Undivided Family – Ordinarily residents having total income of more than Rs 50 lakh – Director in a company – Those who hold …

No plan to extend deadline for filing income tax returns: Government
2 years, 5 months ago

No plan to extend deadline for filing income tax returns: Government

India TV News  

The government is not considering extending the last date for filing income tax returns as it expects most returns to come in by the due date of July 31, a top official said on Friday. Revenue Secretary Tarun Bajaj said over 2.3 crore income returns were filed by July 20 for fiscal 2021-22 and the numbers are picking up. 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 return: Eligibility, important documents for filing ITR-1 form
2 years, 5 months ago

Income tax return: Eligibility, important documents for filing ITR-1 form

Live Mint  

Income tax return: The due date for income tax return filing for FY 2021-22 and the Assessment Year or AY 2022-23 is 31st July 2022. As, majority of the earning individuals file ITR-1 form, it is very important for the taxpayer to know the important documents that one must have in hand during its ITR filing. On who can file …

ITR filing for FY 2021-22: Documents required to file your Income Tax Return
2 years, 5 months ago

ITR filing for FY 2021-22: Documents required to file your Income Tax Return

India Today  

The last date to file Income Tax Return for FY 2021-22 is July 31, 2022. The procedure of filing an Income Tax Return varies as per the income earned per year and income source like salary, business profit, investment profit and so on. Generally, the required documents are Copy of PAN card, Copy of AADHAR card, Bank Statement / Bank …

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 filing: How to download ITR forms
2 years, 6 months ago

Income Tax filing: How to download ITR forms

India Today  

The Central Board of Direct Taxes has issued a notification for forms required for Income Tax Return filing. Taxpayers can download ITR forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, and ITR-6. You can download ITR 2 form https://www.incometaxindia.gov.in/forms/income-tax%20rules/2022/itr2_english.pdf ITR 3 ITR-3 is filed by people having income as profits from business or profession. Download ITR 3 form at https://www.incometaxindia.gov.in/forms/income-tax%20rules/2022/itr3_english.pdf …

Income Tax return: New ITR forms explained
2 years, 8 months ago

Income Tax return: New ITR forms explained

India Today  

Income taxpayers must take note that new ITR forms have been notified by the finance ministry for the Assessent Year 2022-23. The ITR forms seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year. "For individuals being a resident having total income upto Rs.50 lakh, having Income from …

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 …

How to file income tax return: Step-by-step guide, documents needed
2 years, 9 months ago

How to file income tax return: Step-by-step guide, documents needed

Hindustan Times  

Here is everything you need to know about filing ITRs. Resident individuals, for example, with less than ₹50 lakh in annual income, no more than one house owned and minimal agricultural income must file ITR 1. Form 26AS - this is an annual statement that includes details of TDS Step-by-step guide to filing Income Tax Return Log on to the …

ITR last date: Taxpayers must file income tax returns by March 15
2 years, 9 months ago

ITR last date: Taxpayers must file income tax returns by March 15

India Today  

The income tax department has an important update for taxpayers. Pl visit: https://t.co/GYvO3n9wMf #ITR #FileNow pic.twitter.com/etNHD5mIvy — Income Tax India March 14, 2022 ITR FILING LAST DATE The last date for filing ITR for auditable cases for 2021-22 is March 15. "The extended due date to file ITR for this category for AY 2021-22 is 15th March, 2022," Income Tax …

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