Articles for Income Tax Returns

Only 6.68 pc of population filed income tax return in 2023-24 fiscal | DEATILS
6 days, 4 hours ago

Only 6.68 pc of population filed income tax return in 2023-24 fiscal | DEATILS

India TV News  

Income tax returns: The country's population may be the largest in the world, but Indians are still lagging behind in filing income tax returns. The latest data shows that only 6.68 per cent of India's population filed income tax returns for the financial year 2023-24, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya …

Tax Income Tax Income Crore Itr Income Tax Returns Income Tax Return
ED arrests Bengaluru man for Income Tax returns, refund 'fraud'
Trending News
1 month ago

ED arrests Bengaluru man for Income Tax returns, refund 'fraud'

Hindustan Times  

New Delhi, The Enforcement Directorate Wednesday said it has arrested a man from Bengaluru under the anti-money laundering law for allegedly manipulating Income Tax Returns to obtain fraudulent refunds. ED arrests Bengaluru man for Income Tax returns, refund 'fraud' Dilip B R was taken into custody on November 18 and a special Prevention of Money Laundering Act court sent him …

Bengaluru Fraud Tax Man Refund Income Tax Returns Dilip B R
Income Tax Return Is Different From Average Annual Financial Turnover Document: Gauhati High Court Explains
1 month ago

Income Tax Return Is Different From Average Annual Financial Turnover Document: Gauhati High Court Explains

Live Law  

The Gauhati High Court has held that the words “Turnover” and “Income Tax Return” are different and exemption to a bidder from submitting the former in a tender process would not exempt it from furnishing the ITR, for the prescribed years. An Income Tax Return serves to comply with tax obligations and inform the government about the taxpayer's financial status, …

Financial Court Income Tax Annual Msme Itr Return
Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources
Trending News
1 month, 1 week ago

Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources

India Today  

February 2025 is poised to usher in a new era of tax simplicity in India, as the upcoming Union Budget 2025-26 aims to reform the Income Tax Act, making tax filing easier for citizens, according to sources. Sources in the Finance Ministry told India Today TV that a series of major reforms to the income tax system are in the …

Finance India Tax Compliance Income Ministry Businesses
A Tough Life With Little Earnings, India's Gig Delivery Workers Lack Financial Literacy: Report
4 months, 2 weeks ago

A Tough Life With Little Earnings, India's Gig Delivery Workers Lack Financial Literacy: Report

News 18  

Borzo, a global delivery company, conducted a study to delve into the financial literacy of gig delivery workers by understanding their awareness and comprehension of savings tools, taxation and slabs, income, etc. Here are the key insights from the report: Survey Findings: Income Range: A significant majority of gig delivery workers reported annual incomes less than Rs 2,50,000. The data …

India Financial Tax Financial Literacy Delivery Workers Pay
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 …

Tax Income 2024 Filing Portal Icai Income Tax Returns
Personal Loan for Self Employed: Here’s what applicants should keep in mind
8 months ago

Personal Loan for Self Employed: Here’s what applicants should keep in mind

Live Mint  

Personal Loan for Self Employed: Although it might present a bit more complexity compared to individuals with conventional employment, lenders are generally open to collaborating with self-employed applicants. When reviewing a personal loan application from a self-employed individual, lenders may scrutinise certain aspects like minimum income, business vintage, credit score, bank statements, and tax returns. Income tax returns, bank statements, …

Business India Personal Financial Credit Personal Loans Loan
Direct Tax Cases Monthly Round Up: March 2024
8 months, 2 weeks ago

Direct Tax Cases Monthly Round Up: March 2024

Live Law  

Delhi High Court Case Title: PCIT Versus M/S Clix Finance India Pvt. Patna High Court Case Title: Purnendu Shekhar Sinha Versus The Union Of India LL Citation: 2024 LiveLaw 23 The Patna High Court has held that differentiation between government employees and other employees for leave encashment exemption is neither discriminatory nor violative of Article 14 of the Constitution of …

India Tax Court Title Income Held High
Karnataka High Court Weekly Roundup: March 18 - March 24, 2024
8 months, 4 weeks ago

Karnataka High Court Weekly Roundup: March 18 - March 24, 2024

Live Law  

Nominal Index: ABC AND XYZ. 2024 LiveLaw 141 Judgments/Orders Matrimonial Dispute | Strong Prima Facie Evidence Needed To Refer Wife To Board Of Psychiatrist For Medical Examination: Karnataka High Court Case Title: ABC AND XYZ Case No: WRIT PETITION No.26295 OF 2023 Citation No: 2024 LiveLaw 130 The Karnataka High Court has said that there should be strong prima facie …

Karnataka Justice High Court Court Medical Examination Board Exams Title
Average Income Is To Be Considered If Variations Found In Income Tax Returns Filed By Claimant: Karnataka High Court
9 months ago

Average Income Is To Be Considered If Variations Found In Income Tax Returns Filed By Claimant: Karnataka High Court

Live Law  

The Karnataka High Court has held that if income tax returns are available the same should be considered as best a piece of evidence and if variations are found in the income tax returns, considered for different assessment years, it would be appropriate to consider the average income of three assessment years to arrive at the annual stable income of …

Disability Compensation Tax Body Assessment Income Tribunal
Information From ITR/26AS Can't Be Sole Basis For Service Tax Demands: CESTAT
9 months, 2 weeks ago

Information From ITR/26AS Can't Be Sole Basis For Service Tax Demands: CESTAT

Live Law  

The Hyderabad Bench of Customs, Excise, and Service Tax Appellate Tribunal has held that the service tax demand was made on the basis of third-party data, i.e., amounts reflected in income tax returns and in Form 26AS, which is not sustainable. The bench of P. Anjani Kumar has observed that the exigibility of service tax depends on the service provider, …

Service Demand Itr Stat Basis Tax Returns Income Tax Returns
ITR filing last date today: What to do if you miss the July 31 deadline?
1 year, 4 months ago

ITR filing last date today: What to do if you miss the July 31 deadline?

India TV News  

The deadline for filing income tax returns for the financial year 2022-23 for salaried individuals and those who do not have to get their accounts audited ends today According to the Income Tax Department on Sunday, over 6 crore tax returns have been filed for the previous year, and over 11 lakh returns have been filed upto 12 pm on …

Tax Income Filed Filing Itr Return Late
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 …

Tax Income Tax Returns Filing Income Itr Individuals
Over 6 crore Income Tax Returns filed for 2022-23 fiscal: Government data
1 year, 4 months ago

Over 6 crore Income Tax Returns filed for 2022-23 fiscal: Government data

India TV News  

Income Tax Return: The Income Tax Department on Sunday shared that more than 6 crore tax returns have been filed for income earned in the 2022-23 fiscal. The last date for filing income tax returns for the previous year by salaried class and those who do not have to get their accounts audited is July 31. Giving statistics on the …

Income Filed Tax Returns Income Tax Returns Itr Filing
How to file ITR 1 for salaried employees using Form 16? 10 easy steps
1 year, 5 months ago

How to file ITR 1 for salaried employees using Form 16? 10 easy steps

Hindustan Times  

The Income Tax e-Filing portal is open for registered users to pre-fill and file their Income Tax Returns for Assessment Year 2023-24. Salaried individuals can file Income Tax returns online. Here we give step-wise detail on how can a salaried individual taxpayer file ITR-1 using Form 16 online through the e-Filing portal. As per the income tax latest rules, every …

Income Tax File Pan Itr Return Portal Income Tax Returns
Supreme Court Quarterly Tax Digest 2023
1 year, 7 months ago

Supreme Court Quarterly Tax Digest 2023

Live Law  

Building Tax Act 1975 ; Explanation to Section 3 - 'Charitable purpose' not limited to 'free medical relief'- The Explanation goes to indicate that ‘charitable purposes’ includes and is, therefore, not confined to the relief of the poor and free medical relief. Lisie Medical Institutes v. State of Kerala, 2023 LiveLaw 118 Constitution of India, 1950; Article 14, 15, 21 …

India Karnataka Kerala Supreme Court High Court Tax Income Tax
Want to apply for NRI PAN card? Follow these steps
1 year, 9 months ago

Want to apply for NRI PAN card? Follow these steps

Hindustan Times  

A Permanent Account Number is a ten-digit alphanumeric number issued by the Income Tax Department of India. A PAN card is also required for a Non-Resident Indian who earns taxable income in India -- in order to file income tax returns. Check the application process, documents required, and other information about the NRI PAN card. Offline PAN application process for …

India Tax Indian Application Income Process Card
Income Tax Returns May Not Be Accurate Guide To Determine Real Income Of Parties Engaged In Matrimonial Conflict : Supreme Court
2 years, 1 month ago

Income Tax Returns May Not Be Accurate Guide To Determine Real Income Of Parties Engaged In Matrimonial Conflict : Supreme Court

Live Law  

The Supreme Court observed that the income tax returns may not be an accurate guide of the real income of parties engaged in a matrimonial conflict.Family Court has to determine the real income on a holistic assessment of the evidence before it, the bench of Justices DY Chandrachud and Hima Kohli said.In this case, the Family Court ordered a Husband …

Family Tax Court Family Court Income Husband Hima Kohli
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 …

Tax Income Itr Return Questions Taxpayer Cbdt
Motor Accident Claim - Dependents Entitled To Compensation For Loss Of Income Even If They Inherited Businesses & Properties Of Deceased : Supreme Court
2 years, 2 months ago

Motor Accident Claim - Dependents Entitled To Compensation For Loss Of Income Even If They Inherited Businesses & Properties Of Deceased : Supreme Court

Live Law  

The Supreme Court has held that motor accident compensation need not be reduced for the sole reason that that the business ventures and properties of the deceased were bequeathed to the claimants.In this case, the Deceased was a businessman in diverse areas and also drew income from his agricultural lands and leased out real estate. It consequently went on to …

Business Supreme Court Properties Loss Court Skills Investments
5.83 Crore Income Tax Returns Filed Till July 31, Record 72.42 Lakh On Last Day
2 years, 4 months ago

5.83 Crore Income Tax Returns Filed Till July 31, Record 72.42 Lakh On Last Day

ABP News  

New Delhi: A record 72.42 lakh income tax returns were filed on the last day of such filing on July 31, taking the cumulative returns to 5.83 crore, near to the same levels of last year. "The surge of filing ITRs peaked on July 31, 2022 with over 72.42 lakh ITRs being filed on a single day," an official statement …

Tax Income Crore Lakh Filed Last Day 2022
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 Date Department Filing File Itr Return
Centre firm on not extending deadline for ITR submission, netizens trend 'extend due dates'
2 years, 4 months ago

Centre firm on not extending deadline for ITR submission, netizens trend 'extend due dates'

Hindustan Times  

With the deadline to submit income tax returns for financial year 2021-22 and assessment year 2022-23, i.e. July 31, approaching, citizens, who are yet to close their returns due to technical issues, including with the e-filing portal itself, have taken to Twitter demanding that the due date be immediately extended. July 31 is the deadline to complete submission of income …

Tax Income Date Income Tax Returns Due Date Returns Itr Extending Deadline
ITR Filing Last Date for AY 2022-23 Nears: Will Govt Extend Deadline to File Income Tax Return?
2 years, 4 months ago

ITR Filing Last Date for AY 2022-23 Nears: Will Govt Extend Deadline to File Income Tax Return?

News 18  

ITR Filing for AY22-23: The Income Tax Department as well as the government have been repeatedly saying that the deadline to file income tax returns will not be extended beyond July 31, despite receiving requests from taxpayers and associations to do the same. #FileNow!Pl visit: https://t.co/GYvO3n9wMf #ITD pic.twitter.com/Kd5GVaeGb2— Income Tax India July 25, 2022 Not only the income tax department, …

Income Tax File Itr Tax Returns Extend Income Tax Returns Itr Filing