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Income tax: Refunds surge 46.31% to ₹3.08 lakh cr; 1.62 crore ITR filings processed in a day, says Finance Ministry
1 week, 4 days ago

Income tax: Refunds surge 46.31% to ₹3.08 lakh cr; 1.62 crore ITR filings processed in a day, says Finance Ministry

Live Mint  

The Ministry of Finance on Thursday, December 12, announced that the issuance of tax refunds had increased 46.31 per cent during the period of April 1 to November 27 in the financial year 2024-25, compared to the same period in 2023-24, reported the news agency ANI. At its peak, the income tax return portal handled over 900 filings in a …

Tax Refunds Income Tax Tax Refunds Ministry Itr Tin
Tax regime shift: Is filing ITR under old regime still valid after default new regime?
1 month ago

Tax regime shift: Is filing ITR under old regime still valid after default new regime?

Live Mint  

I’m working with the Indian Army. Until last year, we received Form 16 under the old tax regime, which included all allowances such as house rent allowance, travel, uniform, etc. However, from AY 2024-25, we are receiving Form 16 under the default new tax regime, which does not mention non-taxable allowances. I have filed my ITR under the old tax …

Tax Ntr Regime Itr Return Deductions Default
Taxpayers alert! ITR processing time reduced to 10 days from 93 days
4 months, 1 week ago

Taxpayers alert! ITR processing time reduced to 10 days from 93 days

Hindustan Times  

Finance minister Nirmala Sitharaman said that the average time taken to process income tax returns has decreased from 93 days in 2013 to 10 days. Finance minister said that the 'average' processing time has been reduced to 10 days. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} No, not all ITRs are going to be processed in 10 days as the Finance minister said …

Tax Tax Refunds Processing 10 Days Itr Process
Extend ITR Filing Deadline To Aug 31; Tax Practitioners Urge Amid Portal Issue, Flood and Landslide
4 months, 3 weeks ago

Extend ITR Filing Deadline To Aug 31; Tax Practitioners Urge Amid Portal Issue, Flood and Landslide

News 18  

ITR Filing Last Date 2024: The All-India Federation of Tax Practitioners has requested the Central Board of Direct Taxes to extend the deadline of filing Income Tax returns by a month to August 31 for the assessment year 2024-25. In a memorandum, AIFTP national president Narayan Jain and Direct Tax Representation Committee chairman S M Surana said floods in several …

Tax Itr Filing Deadline Landslide Itr Deadline Unlikely Landslide Itr Filing Itr Filing
Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how
4 months, 3 weeks ago

Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how

Live Mint  

In the recent past, did you make a remittance outside India under the LRS scheme for your child’s education or book an overseas tour package? They will be able to claim TCS credit against the TDS deduction on their salary. Proposal for allowing credit of all TCS and TDS paid During her Budget 2024 speech, the Finance Minister proposed that …

Finance India Salary Tax Credit Itr Individuals
Delhi HC Upholds Constitutional Validity Of Section 71(3A) Income Tax Act; Dismisses Petition Challenging Rs. 2 Lakh Cap On House Property Income Set-Off
6 months, 2 weeks ago

Delhi HC Upholds Constitutional Validity Of Section 71(3A) Income Tax Act; Dismisses Petition Challenging Rs. 2 Lakh Cap On House Property Income Set-Off

Live Law  

The Delhi High Court dismissed a writ petition challenging the constitutional validity of Section 31 of the Finance Act, 2017. Since the house was constructed using borrowed capital, under Section 24 of the Income Tax Act, the interest payable on such capital was eligible for deduction from the head “Income from house property.” The income chargeable under this head was …

Constitution Court Income Tax Act Income Case Right House
How much average processing time of ITR reduced in 10 years? Sitharaman reveals
10 months, 3 weeks ago

How much average processing time of ITR reduced in 10 years? Sitharaman reveals

Hindustan Times  

Union finance minister Nirmala Sitharaman on Thursday underscored the government's steadfast commitment to enhancing taxpayer services as she highlighted a transformative shift in tax assessment methodologies over the past five years. Union Finance Minister Nirmala Sitharaman presents the Interim Budget 2024 in the Lok Sabha, at Parliament House in New Delhi, Thursday, Feb. 1, 2024. One of the standout achievements …

Tax Sitharaman Returns Tax Returns Interim Budget
Budget 2024: Taxpayers can expect this announcement on February 1
10 months, 3 weeks ago

Budget 2024: Taxpayers can expect this announcement on February 1

India Today  

The Interim Budget 2024-25 will be presented by Finance Minister Nirmala Sitharaman on February 1 and experts indicate that major tax changes are unlikely. On interest on income tax refund, he said the AIS captures income tax refunds along with associated interest, there is room for improvement. However, in case the interest from income tax refund is not subject to …

Information Income Interest Itr Tds Taxpayers Rental Income
Income Tax Day 2023: Nirmala Sitharaman to lead the celebration today
1 year, 4 months ago

Income Tax Day 2023: Nirmala Sitharaman to lead the celebration today

Live Mint  

On the occasion of 164th Income Tax Day celebrations, Finance Minister Nirmala Sitharaman will join the celebration at Plenary Hall, Vigyan Bhawan, New Delhi on Monday. @nsitharaman will preside over the 164th Income Tax Day celebrations in the presence of Union Minister of State for Finance Shri @mppchaudhary, tomorrow, 24th July 2023, from 18.00 Hours IST onwards at Plenary Hall, …

Tax Income Itr 2023 Nirmala Income Tax Day
'File ITR at earliest as govt not contemplating extension of July 31 deadline'
1 year, 5 months ago

'File ITR at earliest as govt not contemplating extension of July 31 deadline'

Deccan Chronicle  

New Delhi: Revenue Secretary Sanjay Malhotra has asked income tax payers to file their return at the earliest as the finance ministry is not contemplating extension of the July 31 deadline. About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23. As per the Budget 2023-24, …

Tax Crore Cent Rate Lakh 12 Per Cent
File ITR at earliest as govt not contemplating extension of July 31 deadline: Revenue secretary
1 year, 5 months ago

File ITR at earliest as govt not contemplating extension of July 31 deadline: Revenue secretary

India TV News  

As the finance ministry is not contemplating an extension of the July 31 deadline, Revenue Secretary Sanjay Malhotra has urged the income taxpayers to file their returns at the earliest. About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23. As per the Budget 2023-24, the …

Tax Crore Cent Rate Lakh 12 Per Cent
Gujarat High Court Annual Digest 2022: Part I [Citations 1 - 210]
1 year, 11 months ago

Gujarat High Court Annual Digest 2022: Part I [Citations 1 - 210]

Live Law  

Karnataka Traders V. State Of Gujarat; 2022Livelaw 1 Jagdeepbhai Chandulal Patel Vs Reshma Ruchin Patel;2022 Livelaw 2 The Southern Gujarat Income Tax Bar Association, SuratV. Employee Cannot Be Terminated Without Full Departmental Inquiry:Gujarat High Court Case Title: DINESHBHAI DHUDABHAI PATEL Versus STATE OFGUJARAT and ORS Citation: 2022 LiveLaw 38 Gujarat High Court Bench comprising Justice Biren Vaishnavwhile allowing the Petition …

India Society Justice Supreme Court High Court Public Order Trial
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 …

Income Digital Assets Returns Forms Cbdt Taxpayers Schedules
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 …

Income Tax 2022 Cbdt Itr Filing Deadline Itr Filing Filing Deadline Businesses Extended
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 …

Tax Filing 2022 Itr Cbdt
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 …

Tax Income Tax Income File Itr Updated Income Tax Return
Can I get home loan without filing ITR?
2 years, 3 months ago

Can I get home loan without filing ITR?

Live Mint  

I have a small business of automobile spare parts. Can I get home loan from a bank and what document process should I follow? -Name withheld on request Yes, it is possible to get a home loan from banks or housing finance companies despite not having filed an income tax return when the income is below taxable limit. Today, many …

Housing Bank Loan Income Home Loan Taxable Limit
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 …

Tax Income Tax Income Filing File Itr Return
Income tax return filing: ‘Extend due date immediately’ chorus grows on Twitter
2 years, 4 months ago

Income tax return filing: ‘Extend due date immediately’ chorus grows on Twitter

Live Mint  

The countdown for the last date for filing Income Tax Return is just three days away, July 31. While the Centre seems adamant to not extend the ITR filing July 31 deadline this year, chorus grows on Twitter demanding the immediate extension of the same. What govt says on extending ITR deadline The government is not considering extending the last …

Tax Date Twitter Itr Return Income Tax Return Due Date
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 …

Tax Taxes Income Regime Form Return Details
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 …

Tax Fund Lakh Form Itr Individuals Forms
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 …

Change Budget Income Tax Income Rules Itr Effect
Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points
2 years, 9 months ago

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

India Today  

As the ongoing financial year 2021-22 draws to a close, there has been a lot of chatter pertaining to crypto-tax in India. The central government in Union Budget 2022 proposed the introduction of a specific tax regime for virtual digital assets. INCOME TAX ON DIGITAL ASSETS FM Sitharama proposed that "any income from the transfer of any virtual digital asset …

Tax Crypto Assets Income Tax Transfer Digital Income
Income Tax alert: Key changes to note before filing ITR
2 years, 10 months ago

Income Tax alert: Key changes to note before filing ITR

India Today  

Filing an income tax return is considered as an essential task for taxpayers. CRYPTO TAX Income tax return forms from next year will have a separate column for making disclosures about gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said. TAXPAYERS CAN FILE UPDATED ITR WITHIN 2 YEARS The Government has proposed permitting taxpayers to file an …

Income Tax Cent Itr Income Tax Taxpayers Tax Taxpayers