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ICAI seeks waiver of penalty till March 31 for filing tax audit reports

ICAI has requested that penalty and other consequences should be waived for filing tax audit reports and other reports/certificates for AY (Assessment Year) 2021-22 till March 31, 2022. Chartered accountants’ apex body ICAI has sought time till March 31 for filing tax audit reports without penalties, citing the coronavirus pandemic situation and “consistent technical glitches” …

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 …

Income Tax Return: How to enter LTCG details on multiple SIP transactions quickly

After redeeming their investments, equity MF investors face a daunting task of entering investment-wise details of long-term capital gain in their ITR. Making investment through Systematic Investment Plans (SIPs) in equity mutual funds (MFs) is considered as a comparatively less-risky route for making long-term investments in equities. However, after redeeming their investments, such investors face …

Daily ITR filings almost double in a week

A record 7.38 crore ITRs were filed in the previous assessment year (AY2020-21 or fiscal year 2019-20). With the December 31 deadline for the filing of income tax returns (ITRs) for the last fiscal approaching, the number of daily ITR filing has nearly doubled to 15.5 lakh from a week ago. With this, the total …

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 …

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