Tag: income tax return

Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year
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Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year

The low number of ITRs filed by assessees has been one of the major concerns of the revenue authorities, which is gradually being addressed Record 81.8 million income tax returns (ITRs) were filed till December 31 for the assessment year 2023-24, up nine per cent over 75.1 million in the corresponding period of 2022-23. According to the income tax site, 79.9 million returns have been verified and 77.7 million processed during the period. The low number of ITRs filed by assessees has been one of the major concerns of the revenue authorities, which is gradually being addressed. For instance, 58.7 million returns were filed by income tax assessees during the assessment year 2018-19, which rose to 66.9 million the next year. The Covid-hit 2020-21 year saw a decline to 63.9...
IFSCA may allow Indian listed firms to launch QIP, tax sops for listing
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IFSCA may allow Indian listed firms to launch QIP, tax sops for listing

Listed Indian companies could be allowed to launch qualified institutional placement (QIP) of shares through exchanges at International Financial Service Centres (IFSCs) using an abridged prospectus, according to a working group report.   The working group, comprising representatives from the market regulator, the IFSC Authority (Ifsca), ministry officials, bankers, and exchange officials, submitted its report on direct listing in IFSC exchanges last week.   “International exchanges at the IFSC can act as a driver to attract foreign capital into Indian companies through QIP issuances to select large institutional investors, particularly considering the benefits in terms of transactions in foreign currency, exemptions to eligible foreign investors ...
Income Tax Department: Discard Income Tax return: 5 things to keep in mind before exercising new option by Income Tax Department
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Income Tax Department: Discard Income Tax return: 5 things to keep in mind before exercising new option by Income Tax Department

Filing an income tax return (ITR) is an annual compliance obligation of the taxpayers. With the increase in the number of tax returns being filed, awareness regarding the steps to be followed by them to complete the ITRfiling process is a must. To start with, you login to your e-filing account on the income tax portal, select the applicable tax return form and provide the required information.Post validating the online filled form, you will submit it and the ITR will be uploaded and an acknowledgement of filing - ITR V is generated. But is this the last step of the process? The answer is NO. An important stage of the e-filing process is verification of the uploaded ITR. Without verifying, your return will not be construed as ‘filed’ and hence, the post filing step is a prerequisite to ens...
Income Tax: Explained: What is the new Discard Income Tax Return option? Benefits for taxpayers & all FAQs answered
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Income Tax: Explained: What is the new Discard Income Tax Return option? Benefits for taxpayers & all FAQs answered

Discard Income Tax Return explained: The Income Tax Department, in an attempt to streamline the process of filing income tax returns further, has this year come up with a new feature called “Discard return”. As the name suggests, the new option allows an income tax payer to “discard” their IT return, instead of filing a revised one in case of any error.However, there is a catch! You can only avail the “Discard” ITR option if you have not verified your income tax return for the assessment year 2023-24.Let’s understand this better:What is the “Discard” ITR option?If you “discard” your tax return on the income tax return filing website, www.incometax.gov.in, it will be deleted from the records of the Income Tax Department forever and there is no way of retrieving it by the taxpayer. The proc...
Why moonlighting professionals have come under Income Tax Department’s scanner
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Why moonlighting professionals have come under Income Tax Department’s scanner

Have you been moonlighting? Did you earn additional income from a job apart from your regular employment but did not disclose it in your tax return? The Income-Tax Department has been sending notices to numerous professionals who failed to report additional earnings beyond their regular salaries in their tax returns, according to an ET report. A substantial volume of notifications pertained to the financial years 2019-2020 and 2020-2021, according to informed sources quoted in the report. Moonlighting gained traction during the pandemic, especially within the IT sector, as remote workers sought supplementary employment alongside their primary jobs.In various instances, income earned from supplementary employment – often referred to as moonlighting – was higher than the salary from the pri...
Record 6.77 Cr ITRs for AY 2023-24 Filed Till July 31: Income Tax Department
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Record 6.77 Cr ITRs for AY 2023-24 Filed Till July 31: Income Tax Department

Published By: Kavya MishraLast Updated: August 01, 2023, 20:48 ISTThe deadline to file your ITR for the financial year 2022-2023 was July 31.July 31 was the last date for filing income tax returns by salaried taxpayers and those who do not need to get their accounts audited for income earned in the 2022-23 fiscal yearThe income tax department on Monday said a record 6.77 crore income tax returns for the assessment year 2023-24 were filed till July 31, including 53.67 lakh first-time filers.“The total number of ITRs for AY 2023-24 filed till 31st July 2023 are more than 6.77 crore, which is 16.1 per cent more than the total ITRs for AY 2022-23 (5.83 crore) filed till 31st July 2022," the income tax department said in a statement.July 31 was the last date for filing income tax returns by s...
Income Tax Dept’s Big Swift Action: 1 Lakh Notice Scrutiny Set To Wrap Up By Mar 2024
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Income Tax Dept’s Big Swift Action: 1 Lakh Notice Scrutiny Set To Wrap Up By Mar 2024

Notices have been sent to non-filers of tax returns. Under income tax law, officers can reopen past assessments of up to six years. (Representative image) The last date to file ITR for the financial year 2022-23 (assessment year 2023-24) is July 31, 2023. There will be no further extension of the deadline.The income tax department by March 2024 will complete the assessment of one lakh income tax notices sent for mismatch in disclosed income and information available with the department, Finance Minister Nirmala Sitharaman recently said. The tax department has sent about 1 lakh notices to individuals with income above Rs 50 lakh for a mismatch in income disclosed in ITR versus information available with the department.Also, notices have been sent to non-filers of tax returns. Under income...