Tag: income tax returns

Income Tax Audit Report: Govt extends deadline for filing IT audit report to October 7

September 30, 2024 admin

Income Tax Department extends audit report filing deadline to October 7, 2024 due to technical difficulties faced by taxpayers. File | Photo Credit: S. Siva Saravanan The Income Tax (I-T) Department has extended the date for filing audit report for 2023-24 by seven days till October 7. In a circular, the I-T Department said considering…

Business

72% of Income Tax assessees opted for new regime in 2023-24

August 2, 2024 admin

Nearly 58.6 lakh returns were filed by first-time filers, a fair indication of widening of tax base, the Income Tax department has said. File | Photo Credit: The Hindu Most of India’s personal income taxpayers have moved to the simpler new tax regime in this assessment year, with 72% of those who had filed their…

Business

Why People In This Indian Hill Paradise Need Not Pay Income Tax

August 1, 2024 admin

Prior to its accession to India, Sikkim had its own tax system (Representational) As the rest of India scrambled to meet the July 31 deadline for filing Income Tax Returns (ITR), one state remained blissfully exempt from the tax frenzy – Sikkim. Thanks to a special provision under Section 10 (26AAA) of the Indian Income…

Nation

Income Tax portal ramped up; July 31 I-T returns deadline may stay

July 25, 2024 admin

The I-T department has seen a substantial rise in number of transactions. Photo: incometax.gov.in The July 31 deadline for filing Income Tax (I-T) returns is unlikely to be extended. The Central Board of Direct Taxes (CBDT) has intervened to fix recent glitches and downtimes reported on the I-T portal by ramping up its back-end capacity…

Business

FM withdraws all outstanding direct tax demands upto Rs 25,000, will benefit 1 cr taxpayers

February 1, 2024 admin

Image used for representative purpose. File | Photo Credit: MURALI KUMAR K Resolving long-pending tax dispute, Finance Minister Nirmala Sitharaman on Thursday, proposed withdrawing all outstanding direct tax demands upto ₹25,000 from 1962 to 2009-10. In her interim budget speech, she noted that a large number of petty or disputed direct tax demands were burdening…

Business

‘Super rich’ incomes’ share ebbing amid upward mobility for middle class: CBDT

October 26, 2023 admin

Tax payers file their income-tax returns. As many as 7.41 crore I-T returns have been filed so far this year, which include 53 lakh first-time tax filers. File | Photo Credit: The Hindu India’s tax base has widened sharply since 2013-14, with individuals moving up the income ladder and the proportion of super-rich taxpayers’ incomes…

Business

Over six crore Income Tax Returns filed in a new milestone, says Income Tax Department

July 30, 2023 admin

Over six crore taxpayers had filed their income tax returns (ITRs) by Sunday evening, a day before the filing deadline, which the Income Tax Department termed a “new milestone” as this is significantly higher than the total returns filed by July 31, 2022. Nearly 26.8 lakh taxpayers filed their tax returns by 6:30 p.m. on…

Business