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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 …

New TDS rule, IFSC Codes, Cash Withdrawal to Cheque book charges: What’s changing from tomorrow?

Representative image/Pixabay A number of changes for several bank account holders and taxpayers are coming into effect from tomorrow (1st July 2021). There are some significant changes for account holders of State Bank of India, Andhra Bank, Canara Bank and Syndicate Bank. For taxpayers, new provisions related to TDS and TCS are also coming into …

Salaried employee working from home? Check Income Tax rules for e-filing ITR on new portal

New e-filing portal to have a free ITR preparation software with interactive questions to help taxpayers to file ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with. Representative image Income Tax Return (ITR) filing for salaried employees during work from home 2021: The Income Tax filing season has started. This year, …

Not filing Income Tax Return? You may have to pay double TDS from next month – Here’s why

Representative image New Tax Deducted At Source (TDS), TCS Rates for Non-filers from July 1: Higher TDS/TCS rate would be applicable for Income Tax Return (ITR) non-filers from July 1, according to the Finance Act, 2021. The Finance Act has broadened the scope for collection of tax from the very source to ensure proper income …

ITR due date extension: Income Tax Return filing dates for AY 2021-22 extended. Check details

Representative image Income Tax Return Due Dates Extended for AY 2021-22: The Government has extended the due date of filing ITR for Assessment Year 2021-22 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) also extended the ITR filing deadline for companies by a month till November 30. According …

Income Tax Alert! Employees Provident Fund, LTC to ITR Filing rules – 10 big changes to know before April 1

Representative image/Pixabay March 31 is an important date for income taxpayers in India as a number of changes are going to kick in from April 1. While some of these changes are according to the announcements made by Finance Minister Nirmala Sitharaman in Union Budget 2021, some others are important tasks that taxpayers should complete …

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