As on 19/03/2023 Total ITR Filed: 7,58,85,541 Total ITR Verified: 7,25,85,511 ITR Pending for Verification: 33,00,030 ITR Pending for Processing: 53,58,313 ITR Processed within 24 hours of filing: 3,02,40,121
Below are the types of tax assesses who can adopt the provisions of presumptive taxation scheme Under Section 44AD : Below conditions are to be satisfied for adopting presumptive taxation scheme under Section 44AD of the Income Tax Act: For Example, Mr. Mohan has a provisions store. The annual turnover of his shop for the …
Processing of ITR The process of filing income tax return (ITR) does not end at the verification stage. After an individual has verified his/her tax return, the income tax department starts processing the ITR. After the processing of ITR, the income tax department sends an intimation notice under section 143(1) of the Income-tax Act, 1961. …
In a shocking incident, the Income Tax department sent a notice to a labour for recovery of Rs 8 crores. The person, who is a labour by profession, is a native of Bulandshahr in Uttar Pradesh. The labourer suspected that his documents were misused in Delhi where he went a few days ago regarding a …
Shocking! Income Tax Department sends Rs 8 crore recovery notice to a labourer Read More »
most of these small errors can be avoided. In this blog, we will discuss 14 common tax filing mistakes you must avoid for a smooth ITR filing experience. Mistake 1: Missing The Due Date For Filing Returns For individuals, generally, the due date for an income tax return (ITR) is falling is 31 July of …
The income tax department has imposed a ₹549 crore demand notice on Amazon Web Services (AWS), an arm of ecommerce major Amazon that offers cloud services, government officials aware of the development told ET. The notice sent to AWS is based on the taxman’s findings that the company was imposing a fee for offering cloud computing services …
Income Tax department issues Rs 549-crore tax demand notice– Check reason Read More »
Income Tax Return: The Income Tax Department may soon take strict action against those who give wrong information about their income in ITR. CBDT chief Nitin Gupta on Monday said that 68,000 cases have been taken up for e-verification by the Income Tax department for under- or under-reporting of income in tax returns for the …
As many as 68,000 cases have been picked up for e-verification by the income tax department for underreporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday. Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Information Statement (AIS) about financial transaction and the I-T …
68,000 Cases Flagged For Mismatch underreporting In 2019-20 Income Tax Returns Read More »
In case you happened to under-report your income in the financial year 2019-20, then you are allowed to file an updated income tax return (ITR) prior to March 31, 2023 to incorporate the changes. The provision of filing an updated return was introduced in the Finance Act, 2022. At the time of introduction of this …
Big Alerting Filing updated income tax return (ITR) before the end of March 31 Read More »
Here are seven financial tasks that you should complete before March 31, 2023. 1) Link PAN with Aadhar: The last date to link Permanent Account Number (PAN) and Aadhaar cards is March 31, 2023. If you miss the deadline your PAN will become inoperative. In a recent advisory, the government of India clarified that it is mandatory. …
Important seven financial tasks that you should complete before March 31, 2023 Read More »
Receiving a tax department notification may be a nightmare. Learn when you could get an income tax notice, why you might, and how to avoid it. A letter from the Income Tax Department may be distressing, mainly because many of us are unaware of what it means and what must be done in such a …
Top 5 Reasons for Receiving Income Tax Notices and How to Avoid Them! Read More »
Reasons For Which You Can Receive an Income Tax Notice: You have already paid your entire tax bill. You have faithfully filed your tax returns. Even so, what should you do if you receive an Income Tax Notice? Do not worry; we will discuss the same in this section. Let’s see for which reasons you might …
Top Reasons For Which You Can Receive an Income Tax Notice Read More »
ITR-V stands for income tax return – verification form. It is a document sent by the department when a return is filed online without using a digital signature. The purpose of ITR-V is to verify the authenticity of tax return. One can download the form from the department’s website or from the mail ID on …
March 31 deadline for 2022–23 tax-saving investments implies that taxpayers should start their tax planning as soon as they can to prevent a last-minute rush. Taxpayers should be aware that they can reduce their total tax liability and increase their income without making any investments, even though the income tax act provides deductions under various …
How taxpayers can save tax only through expenses and without any investment Read More »
tax and investment experts, interim dividend or final dividend is an additional income of a stock market investor and it comes to one’s account without selling of the portfolio stock. So, it is considered an additional income of the investors and hence it gets added to one’s annual income at the time of income tax return (ITR) …
Income tax rule applies on dividend paying stocks, bonus shares, buyback of shares Read More »
Central Board of Direct Taxes (CBDT) has notified the new income tax return (ITR) forms for assessment year (AY) 2023-24 even before the end of the relevant financial year, i.e, current FY2022-23. The new ITR forms are almost identical to that of the previous year, with minor strategic updates. Disclosure of income from transfer of …
Key Big changes to note in AY2023-24 income tax forms Read More »
New ITR Form: CBDT has issued a new ITR form for filing returns for the current financial year. This time a lot of changes have been made and many more information has been sought from taxpayers. Earlier, the ITR form used to come usually by May-June, due to which a huge crowd of return filers …
If an individual makes high-value cash transactions, there is a strong possibility that he/she might get a notice from the Income Tax Department. The high-value transactions must always be reported to the Income Tax Department if the value surpasses a particular threshold limit. The I-T Department has settlements with multiple government agencies to obtain financial …
Income Tax Return: If you also file Income Tax Return (ITR Filing) every year, then from this time you need to be alert. The Income Tax Department is going to make a big change for the tax payers. The department’s eye will now be specially on those who buy expensive flats, form houses and luxury …
Big update for taxpayers, Income Tax Department came into action Read More »
Budget Highlights: Key Direct Tax proposals in Budget2023. In Budget2023 several amendments have been proposed for rationalising the provisions relating to Charitable Trusts and Institutions to provide clarity on tax treatment. Key Direct Tax proposals in Budget2023.Budget2023 proposes to enable prescription of a uniform method for computation of the value of perquisite with respect to …
Income-tax: Key Direct Tax proposals in Budget2023; provide clarity on tax treatment Read More »
ITR Form 1 can be filed by an individual having income up to ₹50 lakh and who receives income from salary, one house property/other sources (interest etc). ITR-2 is filed by people having income above ₹50 lakh, and having income from residential property ITR-3 by people having income as profits from business/ profession, ITR Form …
Income tax return: List of changes in income tax forms for 2022-23 Read More »
Reasons For Which You Can Receive an Income Tax Notice: You have already paid your entire tax bill. You have faithfully filed your tax returns. Even so, what should you do if you receive an Income Tax Notice? Do not worry; we will discuss the same in this section. Let’s see for which reasons you might …
Income Tax Notice- Top Reasons For Which You Can Receive an Income Tax Notice Read More »
MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATIONNew Delhi, the 10th February, 2023G.S.R 91(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, …
CBDT notified New Income-tax Return Forms for Assessment Year 2023-24 Read More »
Income Tax Return Forms and Income Tax Return Acknowledgement notified for Assessment Year 2023-24
The government has given a big relief to the taxpayers who have opted for the new tax regime. In the new tax regime, the income tax exemption limit has been increased to Rs 7 lakh, which was earlier Rs 5 lakh. While under the old tax regime, income up to Rs 2.5 lakh was tax …
Direct Tax Collections for F.Y. 2022-23 at ₹15.67 lakh crore – 24.09% higher than gross collections for corresponding period of last year as on 10.02.2023 Direct Tax collection, net of refunds, stands at ₹12.98 lakh crore – 18.40% higher than net collections for corresponding period of last year The provisional figures of Direct Tax collections …
Income Tax Department issue latest update for E-filing Income-tax Return Read More »
Income tax assessment is the process of verification of the information a taxpayer has provided in the returns submitted by a taxpayer to the income tax department. An assessment is carried out by the Income Tax department after the filing of an income tax return by an assessee. The purpose of conducting the assessment is …
The Central Board of Direct Taxes (CBDT) has issued norms for processing returns filed by digital economy firms that are liable to equalization levy, streamlining the administration of India’s digital economy tax. The Centralized Processing of Equalization Levy Statement Scheme, 2023, which is effective from Tuesday, sets the modalities for processing the returns filed by …
Big Update! CBDT issues new guidelines to streamline digital economy tax Read More »
Individual taxpayers must pay income tax based on the slab system into which they fall. Individuals may fall into a different tax bracket depending on their Income. As a result, persons with higher incomes will have to pay more taxes. The slab system was implemented to keep the country’s tax system equitable. The slabs change with each …
ITR Filing Rules: Many times due to non-availability of necessary documents, or due to non-updation, people’s income tax return remains stuck in half and people may forget to file their return. The Income Tax Department is taking special steps for such people. There is important news for those who pay income tax. Now you are …