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Over 22% of verified ITRs processed on same day, Rs 2.24 lakh cr refunds issued in FY22

The finance ministry on Friday said over 22 per cent of the verified returns were processed on the same day, while the overall average processing time was only 26 days for ITR assessments in the last fiscal year. The ministry said that during 2021-22, over 5.70 crore income tax returns (ITRs) were processed. Over 1.28 …

About 27 lakh I-T Returns filed on December 30, total FY21 filings cross 5.36 crore: Income Tax Department

The total ITR count further increased to 5.36 crore till 9 pm with the addition of 2,58,176 more filing in the last one hour, a senior tax official said. Over 5.36 crore income tax returns for the financial year March 2021 have been filed so far, with about 27 lakh returns filed on Thursday alone …

Advance tax collection rises 54% to Rs 4.60 lakh crore in FY22, says Finance Ministry

The finance ministry on Friday said advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over …

Got an income tax intimation notice after ITR filing? Here’s what you need to check in it first

Representative image How to read an Income Tax notice? After processing the income tax returns filed by taxpayers, the income tax department sends an intimation notice to them under Section 143(1) of the Income Tax Act, 1961. The tax department sends this intimation notice to the taxpayer’s registered email ID. An SMS is also sent …

Salaried or earning from business and profession? Not everyone can change Income Tax regimes every year

Representative image New vs old Income Tax regime Change Rules: Taxpayers, now have the option to choose between the New and Old Tax Regimes for filing ITR. Both the Tax Regimes come with certain benefits. Under the Income Tax rules, salaried persons, who do not have any income from business or profession, can opt for …

TDS certificate in Form 16 to statement of quarterly deductions: All Income Tax due dates ending in July

Representative image Income Tax due Dates 2021: The Union Government recently extended the due dates of several tax-related works for the benefit of taxpayers. The due dates were extended for providing relief to taxpayers hit by the second wave of the Covid-19 pandemic and the subsequent lockdowns in states. “In view of the impact of …

Will families pay Income Tax on money received from employer or others after Covid death? Check new rule

Representative image The Central Government on Friday (June 25) announced tax relief for families of those who have lost their lives due to Covid-19 since FY 2019-20. The Government has decided to provide income tax exemption on any amount received by the family of an employee from the employer. Also, exemption up to Rs 10 …

Income Tax for non-residents: Stranded in India & facing double taxation? New CBDT circular explained for you

Representative image Income Tax for non-residents: Due to the coronavirus outbreak and subsequent lockdown last year (2020), many non-residents were stuck in India due to the stringent travel restrictions. The CBDT had issued a circular (No. 11 of 2020) to provide relief to such non-resident individuals who came to India on a visit before 22 …

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