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How to file an ITR on the New Income Tax Portal (Income Tax e-Filing)?

Update: Vide notification dated 30th September 2020, the due date to file Income Tax Return(ITR) for FY 18-19 has been further extended to the 30th November 2020 from 30th September 2020 due to the outbreak of COVID-19. The due date to file ITR for FY 19-20 falls due on the 30th of November 2020.   A step by step guide on how to file ITR (Income Tax Return) on the Income Tax Department Portal? With Financial Year 2019-2020 almost coming to an end, many taxpayers wil..

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Taxpayers aged between 18 to 35 years filed 2,09,06,829 ITRs till 31st Jan 2023

For individual taxpayers between the age of 18 to 35 years, 2,09,06,829 ITRs filed, and Rs 93,318 crore paid in gross taxes, before claim of refund, during FY 2022-23 till 31st January 2023 For individual taxpayers below age of 18 years, 4,861 ITRs filed and paid Rs 6.31 crore gross taxes, before claim of refund, during FY 2022-23 till 31st January 2023   2,09,06,829 number of Income tax Returns (ITRs) filed by individuals (between age of 18 to 35 years) during FY 2022-23 till 31st..

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Filing ITR-U return in India: Benefits, process and additional income tax payable

INTRODUCTION In India, the government has introduced the concept of updated returns in the Union Budget 2022 to benefit taxpayers who have failed to file their Income Tax Returns (ITRs) by the due date. ITR-U under Section 139(8A) is a facility provided by the government to such taxpayers. The ITR-U return allows taxpayers to file their income tax returns along with any additional information that may have been missed or omitted during the financial year. This return can be used to amend a..

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Missed filing ITR? File belated ITR for FY 2021-22 by 31st Dec

Income Tax Belated Return: 31st December 2022 Income Tax Return is a form that individuals and businesses are required to file with the Income Tax Department. The purpose of ITR is to report the income earned during a financial year and pay taxes on it. There are several ITR forms that an individual or business may need to file, depending on the nature of their income and type of business. Some common ITR forms include ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, and ITR-7.   To file ITR,..

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Over 6.85 crore ITRs filed for FY22 so far

Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has confirmed that over 6.85 crore income tax returns have been filed so far for fiscal 2021-22. Moreover, the CBDT chairman said that the number is expected to go up further by December 31. The last date for filing income tax returns (ITRs) for 2021-22 fiscal for individuals was July 31, while for corporates and others who need to get their accounts audited was November 7, 2022. If the deadline is missed, taxpayers can also file a ..

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Haven't received income tax refund yet? Here are ways to check status of refund

Refund under the Income Tax Act, 1961 is Excess Taxes Paid - Actual tax liability of the assessee The processing of the return takes place only after e-verifying the Income Tax Return. There are 2 ways online to check the status of the refund. The e-filing portal of the Income Tax Portal. The TIN NSDL portal   Check the Refund Status on Income Tax Efiling Portal Visit Log in Using the Username and Password Go to ..

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Over 1.55 lakh updated ITRs filed in May-September 2022

Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2, the income tax department said on Sunday. The income tax department had in May this year notified a form for filing updated income tax returns (ITRs). The taxpayer will have to pay an additional amount over and above the due tax while filing ITR-U. "Over 1.55 lakh Updated ITRs have been filed upto 2nd September, 2022," the I-T department tweeted. It said more than 20,000 taxpayers have filed U..

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Things to check after filing returns

Since you have filed your returns by now, it is now time to keep a close watch on your emails as the Income Tax Department may be communicating to you at any time about processing of your returns filed. Here is the list of things to check after filing return- Emails As stated earlier, one needs to keep a close watch on the emails as you are about to receive an email from the Income Tax Department about your return. Your return may be accepted and processed as you have filed if the Departme..

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ITR Verification Process

After the 31st July rush of filing the IT returns, the department of Income Tax has provided 120 days from filing of the return to e verify the return. The Central Board of Direct Taxes (CBDT) in the recent notification has cut down the time limit from 120 days to 30 days for ITRs filed on or after August 1st 2022. Various ways of Verification of the ITR Aadhaar Verification To verify using Aadhaar, the Aadhaar of the taxpayer's mobile number should be registered as per details ..

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ITR Refund Quick Process

Under the income tax and other Direct Tax laws, tax refunds arise in those cases where the amount of tax paid by a person (or paid on his/her behalf) is greater than the amount on which he/she is properly chargeable. When you file the return of your income, you can avail tax refund. There are two ways for Eligible taxpayers to check their ITR refund status online: Through the official website of the Income Tax Department Through the website of the National Securities Depository Limited (..

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Attention: ITR Due Date may not be extended, File ITR before 31st July 2022 to avoid late fees of 1000/5000

Arjuna (Fictional Character): Krishna, What is the buzz going around regarding Income tax return ? Krishna (Fictional Character): Arjuna, The Due Dates for all Individuals, HUF's and Firms who are not required to audit their books of accounts, company assessee, LLP's assessee, etc. are required to file their Income Tax Return before 31st July, 2022. So this is the last week to file Income Tax Return. Arjuna (Fictional Character): Krishna, what are the things which need to be kept i..

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What is income tax and how does it benefit an individual

Every citizen in India needs to pay the government tax on their income. This rule falls under the Income Tax Regulations. Be whoever you are from an association, firm, local authority, LLP, or even a Hindu undivided family. Your income for every financial year is taxed according to the Income Tax Laws. That is why filing the Income Tax return on an annual basis is important. To do so, you can choose to file an income tax return either online or offline that suits you best. So, let's move for..

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Section 139(8A) of IT Act: ITR-U (Updated Income Tax Return)

The income tax department has notified Form ITR-U for filing the 'Updated' income tax return. The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, on payment of additional taxes, in case of errors or omissions. Who can file an updated ITR? Who cannot file an updated ITR? It Means act does not allow the taxpayers to file the updated retu..

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Mandatory filing of Income Tax Return

If you are unsure about whether you are required to file an income tax return, then this article will help you get clarity. Read on to know more about it. Situations in which Filing of Income Tax Return is Mandatory 1. Gross total income before allowing any deduction under section 80C to 80U exceeds Rs. 2.5 lakhs in the FY 2021-22. However, for senior citizens, aged above 60 years but less than 80 years the limit is Rs.3 lakhs and for super senior citizens i.e individuals above 80 years of..

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Which ITR forms can be used for filing of returns?

Salary Income Nature of Business ITR 1* (Sahaj) ITR 2 ITR 3 ITR 4 * Income from salary/pension (for ordinarily resident person) Yes Yes Yes Yes Income from salary/pension (for not ordinarily resident and non-resident person) No Yes Yes No Any i..

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CBDT enabled common offline utility for filing ITR-1 and ITR-4 for the AY 2022-23

The CBDT has enabled the common offline utility for filing ITR-1 and ITR-4 for the Assessment Year 2022-23. Taxpayers can download the ITR Offline Utility through the "Downloads" Menu option, and fill and file the ITR through the same. Online filing of ITR-2 and ITR-3 to be enabled soon. The Common offline Utilities can be accessed here ..

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ITR Filing Online for FY 2021-22 (AY 2022-23)

Income Tax Department has notified 7 various forms up till now i.e. Form ITR 1 to ITR 7 for filing Income Tax Return for different types of income and different types of entities. It is important that every taxpayer should file his/her Income Tax Return on or before the specified due date. In this article, we have mentioned all the Important ITR Filing Due dates for individual, companies, LLPs and Firms, and HUFs for the FY 2021-22 (AY 2022-23). What is ITR Filing? An Income Tax Return or ..

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Over 6.2 crore ITRs, 21 lakh TARs filed on new e-filing portal

More than 6.2 crore Income Tax Returns(ITRs) and about 21 lakh major Tax Audit Reports(TARs) filed on the new e-Filing portal of the Income Tax Department More than 6.2 crore Income Tax Returns(ITRs) and about 21 lakh major Tax Audit Reports (TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 10th February 2022. Out of 6.2 crore ITRs filed for AY 2021-22, 48% of these are ITR-1 (2.97 crore), 9% is ITR-2 (56 lakh), 13% is ITR-3 (83 lakh), 27% are ITR-4 (1.66..

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ITR Missed?? File your ITR Now!!

The Government of India (GoI) imposes a tax liability on taxable income of all persons as defined under the Income Tax Act, 1961, who are individuals, Hindu Undivided Families (HUF's), companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person. An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or h..

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Income Tax Return: A Quick Overview

Most people have a rare idea of what an Income Tax Return is. This article will be used as a guide to enhance the knowledge of readers so they can understand Income tax, TDS (tax deduction at source), and Income Tax Return.  The process of Income Tax return filing is very simple, but very essential if you are earning any form of income that needs to be taxed. Income tax through TDS (tax deduction at source) can be done, but it is not mandatory if you are employed by someone else. The ..

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