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ITR


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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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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How can you File an ITR after the Due Date and What are its Consequences?

Are you one of those who has missed filing the return of income before the deadline of 31 December, 2021 and wondering if you can still file the return? If so, push your worries aside, as you can still file the return of income. Here is how and its consequences- Belated Return If the return of income is filed after the due date i.e 31 December, 2021 it shall be considered as belated return u/s139(4) of the Income Tax Act, 1961. The belated return can be filed till 31 March 2022. However, f..

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Nearly 5.89 crore Income Tax Returns filed as on 31st December, 2021

5.89 crore Income Tax Returns filed on new e-filing portal of the Income Tax Department as on 31st December, 2021 Nearly 5.89 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as on 31st December, 2021, the extended due date. More than 46.11 lakh ITRs were filed on 31.12.2021. In order to assist taxpayers with a smooth experience on the portal, 16,850 taxpayer calls and 1,467 chats were responded to by the helpdesk. In addition, the D..

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No extension in the due date for ITR Filing: Revenue Secretary

There will not be any extension in Due Dates for filing IT Return as said by Mr. Tarun Bajaj, Revenue Secretary in the Press Conference. ..

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Request for Extension in Filing of Income Tax Returns by District Taxation Bar Association (Direct Taxes) Ludhiana

District Taxation Bar Association (Direct Taxes), Ludhiana was formed on 29th day of May, 1981 and for more than 41 years, the Bar Association has been serving its Chartered Accountants, Advocates and Income Tax Practitioner members to promote the administration of law and justice and to promote up to date knowledge and study of taxation laws amongst the members by arranging seminars, talks and discussions on the subject of direct taxes. The Association has been working for safeguarding the righ..

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More than 15.49 lakh ITRs filed in a single day as the due date of 31st Dec 2021 approaches

Over 4.67 crore Income Tax Returns filed on new e-filing portal of Income Tax Department Over 4.67 crore Income Tax Returns(ITRs) have been filed on the new e-filing portal of the Income Tax Department as on 27th December, 2021. More than 15.49 lakh ITRs were filed on 27.12.2021 and this number is likely to increase further as the due date of 31st December, 2021 is approaching. Out of 4.67 crore ITRs filed for AY 2021-22, 53.6% of these are ITR1 (2.5 crore), 8.9% is ITR2 (41.7 lakh), 10.75..

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Over 3 crore ITRs filed on the new e-Filing portal of Income Tax Department

More than 3 crore Income Tax Returns filed on new e-Filing portal of Income Tax Department; Taxpayers who are yet to file their ITRs for AY 2021-22 advised to file at the earliest More than 3 crore Income Tax Returns have now been filed on the new e-Filing portal of the Income Tax Department as on 3rd December 2021. The number of ITRs filed per day is over 4 lakh and increasing everyday as the extended due date of 31st December 2021 is approaching. The Income Tax Department stron..

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Deductions to look out for while filing your Income Tax Return

Income Tax Returns filing season is going on and every assessee just wants to reduce their tax liability. One way to reduce your tax liability is to avail the deductions provided in the Income Tax Act,1961. In this article I have discussed the deductions to look out for while filing your Income Tax Return. One of the most common expenditure of the general public is on medical/health insurance. Deduction regarding health insurance is allowed u/s 80D if health insurance premium is paid during t..

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Submission of Income Tax Returns through IT return Preparers

It is quite evident that India has one of the lowest numbers of ITR filers considering the large population of the country. In order to overcome this problem and make tax filing easier for Indians from all walks of life, a new scheme to facilitate submission of Income Tax Return through Tax Return Preparers has been inserted w.e.f. June 1, 2006. This new scheme provides as follows: (1) Certain specified class or classes of persons may be allowed to furnish their returns of income through a Ta..

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More than 2.25 crore ITRs for AY 2021-22 filed on Income Tax e-filing portal till 28th Oct 2021

More than 2.25 crore ITRs for AY 2021-22 filed on Income Tax e-filing portal till 28th Oct,2021. Over 55% of these ITRs have been prepared using the online form available & filed on the new portal. More than 1.95 crore ITRs for AY 2021-22 have been e-verified till 28th October, 2021. Out of this, 86% were verified using Aadhaar OTP. Out of the ITRs received, 62% of these are ITR1, 8% - ITR2, 7% - ITR3, 23% - ITR4 & the balance are ITRs 5, 6 & 7.   Over 1.50 crore ITR..

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Key changes in ITR Forms for AY 2021-22 - Part 4: ITR 6

Who is eligible to use this Return Form? This Return Form can be used by a company as per section 2(17) of the Income Tax Act, This form is filed by a company other than a company which is required to file return in Form ITR‐7. As per section 2(17) of Income Tax Act, company means: ‐ (i) Indian Company (Domestic Company) (ii) Body corporate incorporated by or under the laws of country outside India (iii) Any institution, association or body, whether incorporated or not & whether ..

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Why it is important to check Form 26AS before filing Income Tax Return

There is a great need and importance of thorough checking of Form 26AS before filing Income Tax Return, as it is an Annual tax statement which provide the details of tax paid, tax deducted or collected at source as the case may be of the respected assessee. Assessee has to mandatorily disclose the corresponding income in his ITR which is reflecting in the Form 26AS against which TDS/TCS has been made. It acts as a statement which provides various details like as follows; 1) TDS/TCS Details of..

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