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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 …

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 …

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