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An important functionality on the website of the IT department has been introduced by the officials which permits the assessees to discard their previously filed however unverified ITR. The assessee previously was permitted to amend the ITR merely in the matter of the error or omission. The latest addition to the income tax portal allows […]
The Income Tax Department has announced a significant achievement with over 7.85 crore Income Tax Returns (ITRs) filed by the October 31 deadline, setting a new record. These ITRs were filed for various assessment years during the fiscal year 2023-24, surpassing the previous record of 7.78 crore filings in the fiscal year 2022-23. It is […]
According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
The income tax department would diminish the time duration for the e-verification or hard copy submission of the ITR-V, after furnishing the returns by the assessee from the current 120 days to 30 days at the start of August 1. The council would be provided with a notification on July 29 mentioning the amendment in […]
Before furnishing the ITR filing last date the same might assist to check your Annual information statement (AIS) on the tax portal and show any inconsistencies in it. The government says that they support solving the issues which arise because of misreporting or the system might not have enabled to fully fetch the information. The […]
This article elaborates on the income tax, the administrative framework of Income-tax, the Return Filing Period, who is subjected to furnish the tax, what is the method to furnish the tax, precautions in tax payment, when to furnish the tax, advance tax computation, Income Tax Challans, Exempt Income Taxable, Income, Form 26AS under income tax, […]
In the current times, the reduction in the time limits towards furnishing the belated or amended income tax return (ITR) gives assessees a short duration to amend the accidental glitches or meet these timelines in the difficult positions. Until now, the former day to furnish the amended or belated return was Dec 31 of the […]
ITR consists of a form that a person every year submits to the income tax department mentioning the income of the individual and the tax amount subjected to pay towards the government. Related to a specific year that is beginning from 1st April and finishes on 31st March every year. The income could be posted […]
The income tax department has provided the rules for the selection of income tax returns for complete scrutiny in the present financial year and mentioned these investigations shall be subjected in the matters where the information of the tax theft is available from any other council. Latest Update in Returns Scrutiny CBDT (Central Board of […]
