Income tax returns

New Delhi: Finance Minister Nirmala Sitharaman on Friday moved to withdraw the Income-Tax Bill, 2025, after the 31-member Select Committee had suggested a few changes to the legislation.The House approved the withdrawal of the Bill amid…

New Delhi: In the Budget 2025 that is to be presented on February 1, a hike in the basic exemption limit of income tax is likely to be increased to Rs 10 lakh. According to further reports, a new 25 percent tax slab under the new…

New Delhi: Income Tax Department has clarified that the notices under Section 80 P were sent to them by mistake, said reports on Tuesday.Days after several income tax payers had received notices for wrongly claiming tax deductions under…

New Delhi: The Income-tax Department appreciates the taxpayers and tax professionals for making compliances in time, leading to a surge in filing of Income-tax Returns (ITRs), resulting in a new record of ITRs filed.The total number of…

New Delhi: Almost six crore income tax returns (ITRs) have been filed till Sunday (July 30), the income tax department said.July 31, 2023 is the last day for filing income tax returns.As of now the government has not given any…

Income Tax Refund processing time has become so fast that you cannot imagine as one of the taxpayers, who happened to be a journalist, claimed that he received his tax refund within 12 hours.The scribe, who is identified as Nirnay…

It is not enough to just file the income tax return (ITR). It will be considered invalid unless and until you verify it within 120 days of the date you filed it.According to the Unique Identification Authority of India (UIDAI), the…

New Delhi: The central government had made it mandatory for all taxpayers to link their Permanent Account Number (PAN) with their Aadhaar card by June 30. If not, then the status of such a PAN will be considered inoperative from July 1 and…

In the current income tax filing month in India, it is important for tax payers to be well aware of the specific deadlines for submitting their Income Tax Returns (ITRs) based on their respective financial situations. To facilitate the…

Income Tax Department recently announced that it has transferred refunds worth Rs 1.67 lakh crores to bank accounts of over 1.87 crore taxpayers till February 7, 2022. The I-T Department made the anniuncement through a post on the…