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Tax department reduces time for taxmen to decide on refund adjustment
Sun, Dec 04, 2022
Under Section 245 of the Income Tax Act, the AO can adjust the refund (or a part of the refund) against any tax demand that is outstanding from the taxpayer. Taxpayers can submit a response to the intimation notice if he/she disagrees with the tax demand.
About Rs 400 crore tax deposited by filing updated ITRs so far
Thu, Nov 24, 2022
The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes.
Taxpayers should check annual information statement quarterly, and report discrepancies: FinMin official
Mon, Nov 07, 2022
AIS has played an important role in ensuring voluntary compliance as it provides details of all financial transactions to assessees while filing their income tax returns (ITR).
ITR filing: 41% taxpayers yet to file Income Tax return, finds survey
Fri, Jul 29, 2022
The new survey revealed that 13 per cent respondents require "significant effort" to meet the deadline and 9 per cent admitted that it would be impossible to meet the deadline.
Survey finds over 50% taxpayers yet to file Income Tax Returns
Mon, Jul 25, 2022
More than 2 crore ITRs have been submitted via e-filing system, according to a Tweet from the Income Tax department last week. The number is less than half of the total ITRs submitted the year before.
ITR filing: Must take THESE basic precautions to avoid ERRORS
Wed, Jul 20, 2022
Taxpayers should ensure that other details like PAN, address, e-mail address, bank account details etc., are correct.
Over 22% of verified ITRs processed on same day, Rs 2.24 lakh crore refunds issued in FY22
Fri, Apr 08, 2022
The finance ministry on Friday said over 22 percent of the verified returns were processed on the same day, while the overall average processing time was only 26 days for ITR assessments in the last fiscal year.
Income Tax: Department issues refunds of over Rs 1.92 lakh crore till March 15
Wed, Mar 16, 2022
The income tax department on Wednesday said income tax refunds worth over Rs 1.92 lakh crore have been issued to more than 2.24 crore taxpayers so far this fiscal.
Over 8.22 cr taxpayers in FY20, FM Nirmala Sitharaman informs Rajya Sabha
Tue, Mar 15, 2022
India had 8.22 crore taxpayers, which include individuals and corporates, in 2019-20, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday.
Income Tax department issues refunds of close to Rs 1.83 lakh crore
Thu, Feb 24, 2022
The income tax department on Thursday said it has issued refunds of close to Rs 1.83 lakh crore to more than 2.07 crore taxpayers so far this fiscal.
Income Tax Return Filing: 6 Incomes You Must Take In Account While Filing ITR
Fri, Dec 17, 2021
In the income tax return (ITR) forms, incomes to be declared are broadly categorized under 6 heads...salary, business, house property, capital gains or losses and income from other sources (IFOS). Watch the full video to know why these incomes are important and how you can manage these while filing your Income Tax Return.
ITR Filing - NEW "TAXPAYER FRIENDLY" e-filing portal to be launched on 7 June; See Features here
Sun, Jun 06, 2021
A new taxpayer-friendly e-filing portal of the Income Tax Department will be launched on June 7. The website will offer a lot of new features to the taxpayers of the country.
New Income Tax, Payroll, GST software: How it helps taxpayers, professionals, businesses and MSMEs
Fri, Jun 04, 2021
How Genius ERP helps in Income Tax, Payroll, GST?
Centre eyes NEW revenue stream to add to GST collection! Looks to raise as much as Rs 46K cr
Wed, Feb 12, 2020
As per the letter, the Principal ADG (systems) on Feb 1, 2020 generated and shared the GSTIN wise list of the registered persons who have not discharged the due interest liability while filing their GSTR 3B returns belatedly. On perusal of said report, it was observed that the interest amounting to Rs 45,996 crores remains unpaid to the government on account of delayed payment of tax.
19% increment in the 'Crorepati' taxpayers, IT issues the first list after demonetisation
Sun, Oct 13, 2019
19% increment in the 'Crorepati' taxpayers, IT issues the first list after demonetisation. Watch this video to know more in detail.
Money Guru: Indian Govt notified the 'e-assessment scheme 2019.' Let's know about it
Tue, Sep 17, 2019
Watch in today's Money Guru: Indian Govt notified the 'e-assessment scheme 2019.' It's a gift for taxpayers. Let's know about it.
Income Tax Reforms: 'Acche Din' coming for individual taxpayers?
Tue, Aug 20, 2019
Taxpayers earning up to Rs 45-55 lakh per year may end up with a major tax relief. Watch this video to know more.
Income Tax Return (ITR) filing deadline: Less than 2 weeks left! Do you know these changes in ITR1 SAHAJ form?
Sun, Jul 21, 2019
Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
Know the biggest hits of Budget 2019 that will impact you; all you want to know in brief
Mon, Jul 08, 2019
The FM already believes that, India will become a $3 trillion economy by end of this current fiscal.
Taxpayers Alert! ITR filing, TDS certificate and much more; Forget these July deadlines at your cost
Tue, Jul 02, 2019
With July 2019 kicking in, it will be a very busy month for Income-Tax return (ITR) filers and other taxpayers either, be it individuals or corporates.