The return filed could be treated as defective, invalid, or even be considered as not filed at all.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
'Bringing it back will help prevent reassessments of the income already disclosed.'
A speeding Lamborghini, allegedly driven by the son of a tobacco trader, injured at least six people in Kanpur after hitting pedestrians and two-wheelers.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
ITRs with zero tax liability have increased to 55.7 million in FY25.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
The time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
July 31 is still a fortnight away. Here are answers to top 10 questions often asked about filing tax returns.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
A relatively muted tax filing growth will create further headwinds in an already stressed fiscal space, the report said, adding the commitment of cash transfers in the budget can take the fiscal math on a "slippery slope" unless there is expenditure rationalisation.
The Centre is considering amendments to the Recovery of Debt and Bankruptcy Act in the Budget to allow some Debt Recovery Tribunals to focus only on high-value cases.
Deductions missed in Form 16 can still be claimed while filing ITR.
CBDT is the apex policy making body of the IT department.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Prepare your replies with expert help, if necessary. Keep relevant documents ready to support your replies.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
The income tax department on Saturday extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25. In a circular, the Central Board of Direct Taxes (CBDT) said the deadline will be extended from the earlier target date of October 31. The new deadline for Assessment Year 2024-25 (for furnishing tax returns for fiscal 2023-24) is November 15.
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
If not, an assessee might be charged interest for not paying TDS on time.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Maharashtra has topped the list of states with the most favourable ecosystem for the growth of Farmer Producer Organisations (FPOs), replacing Madhya Pradesh, which has slipped to second place, according to the latest Ease of Doing Business for FPOs (EoDBF) ranking.
Companies may foot less of the tax bill for some time yet. The corporate share of net direct tax collections has been lower in 2024-25 than in previous years. The corporate segment accounted for 45.6 per cent of total net direct tax collections as of March 16, compared to 48.1 per cent on the same date in 2023-24 (FY24).
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Captain Pradeep Shoury Arya is an Income-Tax officer whose mission against terrorists in J&K won him the Shaurya Chakra.
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
The Income Tax Department has slapped a penalty of Rs 944.20 crore on IndiGo, which said it will contest the order that is "erroneous and frivolous". The order was received by InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Saturday.
'There is no retrospective changing of the law, only its simplification.'
rediffGURU T S Khurana answers readers' personal income tax queries.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday gave its approval to Vedanta Limited's demerger proposal, clearing the way for the group to reorganise its operations into five distinct, sector-specific entities.
Income Tax department have released different tools to help you file your ITR-3 form easily.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
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