Income Tax Department admits error of sending wrong ITR notices. Check details
6 days, 20 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, “A defective return notice was wrongly issued on 29th Nov 2024 stating that income is offered u/s 44AD, even though the gross receipts are more than Rs 2 crore and the balance sheet and profit and loss account have not been filed, and books of accounts are not audited. Chartered Accountant Ashish Niraj, while speaking to The Economic Times, explained that Section 44AD allows small businesses with turnover up to Rs 2 crore to file simplified returns without submitting balance sheets or audits.

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History of this topic

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 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 …

IT department identifies ITR-related ‘mismatches’, announces this step for taxpayers
9 months, 3 weeks ago

IT department identifies ITR-related ‘mismatches’, announces this step for taxpayers

Hindustan Times  

The Income Tax department has released an on-screen functionality on its e-filing portal for taxpayer's response, after identifying what it said were ‘mismatches’ between income tax returns filed by taxpayers and the information received from third parties on interest and dividend income. "The taxpayers are also being made aware of the mismatch through SMS and emails as per details available," …

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 …

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 …

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 …

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 (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 …

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