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Taxpayers News

14 Nov 2024

Number Of ITRs For Incomes Above Rs 50 Lakh Surge 5-Fold In 10 Years

The percentage of income tax collection from taxpayers earning less than Rs 10 lakh has reduced, from 10.17 per cent of the total tax paid in 2014 to 6.22 per cent in 2024.

income tax refund

05 Sep 2023

Ensure Your Income Tax Refund: Check How To Validate Your Bank Account Now

The process of income tax refunds involves crediting the refund amount directly into the taxpayer's bank account. Therefore, it is necessary that taxpayers validate their bank account information on the e-filing portal. This ensures that the refunds are disbursed efficiently and securely.

22 Mar 2023

Good News For Taxpayers: I-T Dept Launches App To View TDS, Interest, More

Taxpayers can use the mobile app to view their information related to TDS/TCS, interest, dividends, share transactions, tax payments, Income Tax refunds, other information (GST Data, Foreign Remittances, etc.) as available in AIS/TIS.

income tax refund

20 Aug 2022

ITR Filing FY 2021-22: I-T Dept extends time to claim THIS credit; Check here

The I-T Dept has amended tax Rules providing relief to taxpayers in claiming Foreign Tax Credit (FTC). The FTC can now be claimed even when filing an updated Income return, provided Form - 67 is furnished before filing such return. It's big relief for tax payers and augment ease of doing business in India.

Income Tax returns

11 Jan 2022

Government extends ITR filing to Mar 15, pushes tax audit date to Feb 15

Taxpayers can file their income tax returns for FY 2020-21 by March 15. The deadline for filing tax audit reports was previously set for January 15, 2022. A penalty of Rs 5,000 was to be applied for submissions received after the deadline.

06 Mar 2021

Attention taxpayers! 5 tasks you need to complete before the March 31-deadline

Under the Income Tax Law of India, a person — except for senior citizens without any professional income — with a tax liability of over Rs 10,000 is liable to pay advance tax in four instalments -- before July 15, September 15, December 15 and March 15. The deadline for linking your PAN card with Aadhaar is March 31 and the PAN card may become defunct if it isn't linked with Aadhaar before the deadline. Under the Centre's Vivad se Vishwas scheme, the last date to make a declaration has been extended to March 31, 2021.

Central Board of Direct Taxes

18 Jul 2020

New Form 26AS is faceless hand-holding of taxpayers, says CBDT

Form 26AS for any taxpayer, from now onwards, will display in part E of the Form, different fields such as type of transaction, name of SFT filer, date of transaction. It will also display single/joint party transaction, number of parties, amount, mode of payment and remarks etc. This would help the honest taxpayers with updated financial transactions while filing their returns.

02 Feb 2020

Abolition of Dividend Distribution Tax will benefit taxpayers, says Centre

It is to be noted that under the corporate system of taxation, a corporate entity is considered a separate legal entity and is taxed in respect of its income. The shareholders are also taxed on dividend income received by them and this tax is called Dividend Distribution Tax (DDT).

01 Feb 2019

Budget 2019: FM Piyush Goyal thanks honest taxpayers for record collection

While he expressed gratitude for the taxpayers, the Finance Minister also said that the govt has taken steps towards transforming the income tax department to process returns as quickly as possible. Watch this video to know more.

17 Apr 2018

ITR-1 activated on e-filing portal of Income Tax Department

The last date for filing the ITR is July 31.

Income tax return

27 Mar 2018

Revised ITR filing: Income Tax office to remain open this weekend

Income Tax Department has fixed March 31, 2018 as the last date to file tax returns for AY 2016-2017 and 2017-2018.

18 Feb 2018

Taal Thok Ke: Do taxpayers pay tax for these scams? Special Debate

05 Dec 2017

Budget 2018: Trade unions pitch for Rs 5 lakh tax-free income

Currently, the income tax exemption limit for individual taxpayers is Rs 2.5 lakh, while the minimum EPF pension is Rs 1,000.

Income Tax department

18 Oct 2017

I-T dept launches 'online chat' to answer taxpayers queries

A window has been hosted on the main page of the department's website -- www.Incometaxindia.Gov.In/ -- with a prominent icon stating 'Live Chat Online- ask your query'.

07 Oct 2017

CBDT signs two more APAs with taxpayers

In fiscal 2017-18, 25 APAs (two bilateral and 23 unilateral) have been signed till date, the CBDT said in a statement.

23 Aug 2017

20 lakh biz pay GST so far, more to follow: GSTN Chairman

Till August 21, as much as Rs 42,000 crore had come in as taxes from 10 lakh businesses.

Finance Ministry

21 Aug 2017

Finance Ministry asks taxmen to submit note on high-pitched assessments

Last year, the Central Board of Direct Taxes (CBDT) had set up 'local committees' comprising senior officers in each region to dispose such grievance and complaint petitions within a short period of time.

21 Jun 2017

GST rollout: Govt launches webpage to facilitate IT, electronic goods taxpayers

In order to ensure preparedness for the Goods and Services Tax (GST) roll-out from July 1, the Ministry of Electronics & Information Technology has launched a dedicated webpage for facilitating taxpayers with regard to addressing issues related to IT services and electronic goods.

17 Jun 2017

Defer GST rollout as IT network not ready: Assocham to FM

Industry chamber Assocham on Saturday demanded postponing GST implementation, saying that taxpayers will find it difficult to comply with the provisions of the new indirect tax regime as the IT network is not yet ready.

Income Tax department

01 Jun 2017

How to link Aadhaar with PAN using SMS – Here's the guide for you

Here's how you can link your Aadhaar card with PAN using SMS.

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