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After finding a disparity of more than Rs 50,000 between tax deductions claimed in returns and departmental statistics, the department sent around 12,000 of these notices to salaried taxpayers.
Updated : Sep 07, 2023

I-T Department sends out 22,000 intimation notices for mismatch ITRs filed for 2023-24: Report

According to a report, All these intimation notices were sent for the tax returns filed for the assessment year 2023-24, and all the notices were sent in the last 15 days.

If you are liable to pay Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) then due date for depositing of TDS for the month of August is 7th September.
Updated : Sep 01, 2023

Tax calendar for September 2023: Don’t miss these important dates

From advance tax to depositing TDS and TCS, avoid these important deadlines at your own peril

One should understand that receiving a tax notice should not necessarily be a cause for panic or worry.
Updated : Aug 29, 2023

ITR filing: Can you revise your return after receiving a tax notice from the income tax department?

Contrary to popular belief, the tax department allows taxpayers to revise their tax returns after receiving a tax notice

If any past tax demands are still outstanding, the assessing officer has the power to adjust the refund due to the assessee against the past due after due intimation.
Updated : Aug 28, 2023

Why you haven’t received your tax refund for FY23: Common causes explained

A common reason for not receiving refunds promptly is incorrect or incomplete information in the ITR form

Notice Mitra’s expert team, along with partnered CAs, conduct a meticulous analysis of the received notice.
Updated : Aug 24, 2023

Received income tax notices after filing ITR? This platform identifies reasons behind I-T notices using AI

Notice Mitra leverages a robust algorithm to scrutinise taxpayers’ data, providing insights into the potential causes behind a notice

The sum payable in any year during the duration of any insurance policy shall not exceed 10 per cent of the actual capital sum assured by the policy.
Updated : Aug 18, 2023

Here’s all you need to know about the taxability of life insurance policies from April 1

Yeeshu Sehgal, Head of Tax Market at AKM Global, talks to BT about the taxability of non-unit-linked life insurance policies

The sum received under a life insurance policy, issued on or after April, 1, 2023, shall not be exempt if the amount of premium payable for any of the previous years during the term of such policy exceeds Rs 5 lakh.
Updated : Aug 17, 2023

CBDT notifies new rules to calculate policy maturity proceeds, no exemptions under 10(10D) for high-premium life insurance

In a significant move, the regulatory body has ordained that Section 10 (10) of the Income Tax Act will not apply to policies with a premium above Rs 5 lakh. The clause is effective from April 1, 2023.

Taxpayers need not run around to check ITR refund status.
Updated : Aug 10, 2023

Income Tax Refund Status: Here’s a step-by-step guide to check the status of your ITR refund

You don’t need to run around to check ITR refund status anymore; just visit the official income tax website

Detecting these undisclosed incomes was made possible through careful scrutiny of data, as most payments were made online, including some received from overseas accounts.
Updated : Aug 08, 2023

Filed ITR? Income tax department lens on income obtained through moonlighting

Over 1,100 notices were sent for income earned in financial years 2019-20 and 2020-21

Among the total number of taxpayers filing ITR, 70% were male and 30% were female.
Updated : Aug 07, 2023

Old income tax regime with higher deductions remains more attractive for taxpayers than the new one

Per a report, a whopping 85 per cent of taxpayers chose to continue with the old regime

Taxpayers are eligible to get interest on the refund claimed in the Income-tax return.
Updated : Aug 05, 2023

Wondering why you haven't received interest on your Income Tax refund? Find out the reason

If a taxpayer has paid more taxes than their actual tax liability, they can claim the excess amount as a refund.

Calling the messages fake, PIB Fact Check said Income Tax department has not sent this message to anyone.
Updated : Aug 03, 2023

ITR refund status: Centre issues scam alert on fraudulent messages

The Income Tax department has said that taxpayers should not click on such fake messages or open any attachments.

From August 1, 2022, the income tax (I-T) department had mandated that taxpayers must verify their returns within 30 days from the date of filing to complete the process of return filing from the taxpayer’s end.
Updated : Aug 02, 2023

Filed ITR before July 31? Missing the verification deadline can cost you Rs 5,000

The deadline for verification has been reduced from 120 days to 30 days. If the ITR is not verified within this period, it will be assumed that the taxpayer has not filed the ITR

Record 6.77 crore ITRs filed for FY23 till July 31: Income Tax Dept
Updated : Aug 01, 2023

Record 6.77 crore ITRs filed for FY23 till July 31: Income Tax Dept

The total number of ITRs for AY 2023-24 filed till July 31, 2023 are 16.1% more than the total ITRs for AY 2022-23 (5.83 crore) filed till July 31, 2022, says I-T Dept

The belated ITR is an income-tax return filed after the prescribed due date for the original return, along with a late filing fee of Rs 5,000 (Rs 1,000 in case total taxable income is below Rs 5 lakh).
Updated : Aug 01, 2023

Income Tax Return: If you haven’t filed your ITR by July 31, don’t worry. Here’s how you can file a belated ITR

You can follow this step-by-step guide to file your ITR after the deadline

'Rs 5,000 fee to CA to file ITR is too much': Viral tweet leaves internet divided
Updated : Jul 31, 2023

'Rs 5,000 fee to CA to file ITR is too much': Viral tweet leaves internet divided

While some X users said having a CA to file the ITR saves a 'lot of time and effort', others said ITR filing has been automated a lot in the recent years, which made CAs' work a lot less tedious

Section 115BBH was inserted in the Income Tax Act, 1961, outlining the taxation rules for income generated from the transfer of virtual digital assets (VDAs).
Updated : Jul 31, 2023

ITR Filing: How to calculate the cost of acquiring cryptocurrency for income tax?

ITR Filing: How to calculate the cost of acquiring cryptocurrency for income tax?

Filing your taxes late can lead to penalties, depending on your total income.
Updated : Jul 31, 2023

Over 60 million ITRs already filed! You'll have to pay this penalty if you don’t file tax returns today

From late fee to issues with tax refunds, these are the consequences of filing returns after the deadline

Failure to file ITR by the due date may lead to the loss of certain tax benefits and exemptions, and it can also result in increased tax liability.
Updated : Jul 31, 2023

Last date to file ITR! All you need to know about tax filing, from the right ITR form to late fees

Seeking professional advice can help you maximise benefits while minimising risks

The Centre has clarified in recent weeks that it is not contemplating any extension of the due date
Updated : Jul 29, 2023

Will the I-T department extend the last date of ITR filing? Here's what we know so far

So far, over 5 crore tax returns have been filed for income earned in the 2022-23 fiscal, as per government data.

As per I-T rules, 50% of the employee's salary is eligible for HRA tax exemption if they live in any of the metro cities of India.
Updated : Jul 29, 2023

ITR filing 2023: My spouse and I shared rental income for FY 2022-23. Can we both claim tax exemption while filing ITR?

In this edition of Ask Money Today, find out how can you claim HRA exemption on rented accommodation.