Income Tax : Missed the ITR filing deadline? Learn the penalties, interest charges, and restrictions. Understand the consequences and how to fi...
Income Tax : Discover why taxpayers are urging for an extension of July 31 ITR filing deadline in 2024. Learn about ITR forms, filing steps, co...
Income Tax : Discover who must file an ITR even with income below the exemption limit. Understand key scenarios and benefits to stay compliant ...
Income Tax : Discover hassle-free tips for filing your Income Tax Return (ITR) before the July 31, 2024 deadline. Learn about necessary documen...
Income Tax : Discover the benefits of filing Income Tax Returns (ITR), including compliance with tax laws, improving credit score, visa applica...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Corporate Law : A record 7.28 crore ITRs filed for AY 2024-25, with 5.27 crore in the New Tax Regime. Over 69.92 lakh ITRs were filed on 31st July...
Income Tax : New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lak...
Income Tax : ICAI addresses issues with Form 26AS/TIS/AIS and ITR filing glitches, urging CBDT for timely resolution to aid taxpayers in meetin...
Income Tax : Discover comprehensive FAQs on filing ITR-4 (Sugam) for AY 2024-25. Learn eligibility criteria, tax regime options, documents need...
Income Tax : Supreme Court held that Section 206C of the Income Tax Act is not applicable in respect of Mysore Sales and that the liquor vendor...
Income Tax : ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the lo...
Income Tax : Delhi High Court dismisses Income Tax Department's appeal in PCIT Vs Satya Prakash Gupta case, finding no evidence of commission r...
Income Tax : Explore the Delhi High Court's judgment on ITSC's conclusive nature for AY, assessing reassessment under Section 148 of the Income...
Corporate Law : The Punjab & Haryana High Court orders a father to pay maintenance for his minor son despite his claim of unemployment, considerin...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Income Tax : Understand the time limit for income tax return verification after uploading. Learn the implications of late verification and the ...
Income Tax : Explore amendments in ITR form V & Acknowledgement for A.Y 2024-25 as per Income Tax Act, 1961 & Rules, 1962. Understand filing pr...
Income Tax : Learn how to initiate proceedings under section 147 of the IT Act in e-Verification cases. Detailed instructions for Assessing Off...
Income Tax : CBDT notifies ITR-7 [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 13...
Income Tax Department Government of India Central Board of Direct Taxes, e‑ Filing Project ITR 1 – Validation Rules for AY 2022-23 Version 1.0 19th April 2022 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor, Jhandewalan Extension New Delhi – 110055 Purpose The Income Tax Department has provided free return preparation software in […]
Chinna Ponnu Ammal Trust Vs DCIT (ITAT Chennai) After perusal of Form No.10B as placed on record, it could be seen that the assessee has applied an amount of Rs.5,55,57,015/- for the purpose of charitable trust. However, as per Explanation-3 to Sec.11(1), the disallowance of Rs.48,69,504/- u/s 40(a)(ia) would not be considered as application of […]
Income Tax Department Government of India Central Board of Direct Taxes, e-Filing Project ITR 4 – Validation Rules for AY 2022-23 Version 1.0 19th April 2022 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ITR 4 – Validation Rules for AY 2022-23 […]
CBDT has enabled the common offline utility for filing ITR-1 and ITR-4 for the Assessment Year 2022-23 and ITR 2 and ITR 3 will be enabled shortly. Taxpayers can download ITR Offline Utility through “Downloads” Menu option, fill and file the ITR through the same. ITR-1 is required to be filed by For individuals being […]
Learn about the updated provision of filing an income tax return under the Income Tax Act. Find out how to file an updated return within two years from the end of the assessment year.
Discover the key changes in income tax returns (ITRs) for AY 2022-23. Stay updated with the latest amendments and understand the impact on your taxes.
ITR-1 For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand. Link to Download Schema for ITR-1 for A.Y. 2022-23/FY 21-22 ITR-2 For Individuals and HUFs not having income from profits and […]
CBDT notifies Form ITR-7 for Assessment Year 2022-13 / Financial Year 2021-22 vide Notification No. 23/2022-Income Tax Dated: 1st April, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st April, 2022 Notification No. 23/2022-Income Tax G.S.R. 252(E).—In exercise of the powers conferred by section 139 read with […]
CBDT notifies ITR Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, ITR-6, ITR-V and ITR- Ack for Assessment Year 2022-23/Financial Year 2021-22 vide Notification No. 21/2022 Dated 30th March, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 21/2022-Income Tax | Dated: 30th March, 2022 G.S.R 231(E).—In exercise […]
Processing of filed ITRs is done by Centralized Processing Centre (CPC) Bengaluru as a separate process. Duly verified valid ITRs are processed by CPC for determining the tax payable and amount of refund due, if any, to the taxpayer, and an electronic intimation is sent by e-mail to this effect. For AY 2021-22, CPC has processed more than 5.17 crore ITRs out of the 6.01 crore verified ITRs on the new system.
