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Latest from income tax return

1.14 lakh crore refunds issued to taxpayers, says income tax department

A total of 5.83 crore income tax returns were filled till July 31, the deadline for filing the returns. A record 72.42 lakh returns were filed on the last day on July 31

The Income-tax department said it has collected around <span class='webrupee'>₹</span>28 crore in taxes after about 1 lakh returns were filed by taxpayers under the newly introduced return filing form called ITR-U.(Representative Image)
The Income-tax department said it has collected around 28 crore in taxes after about 1 lakh returns were filed by taxpayers under the newly introduced return filing form called ITR-U.(Representative Image)
Published on Sep 03, 2022 05:03 PM IST
By | Edited by Aryan Prakash

CBDT reviewing its ‘faceless’ tax assessment scheme: Report

According to the report, the review was prompted by a recent order of the Allahabad high court in which it imposed a penalty of ₹50 lakh on erring tax officials.

Representative Image
Representative Image
Published on Aug 23, 2022 03:40 PM IST
By, New Delhi

You can be fined even if you file your income tax return before deadline

The Central Board of Direct Tax has cut the time limit for electronically verifying the ITRs to 30 days from the previous 120 days w.e.f August 1, 2022. The date when a taxpayer e-verifies the income tax return will be considered the date for filing an ITR.

You need to verify your income tax return to escape fine.(Representative Image)
You need to verify your income tax return to escape fine.(Representative Image)
Published on Aug 16, 2022 09:55 AM IST

Income tax payers barred from enrolling in Atal Pension Yojana from Oct 1

The government introduced Atal Pension Yojana on June 1, 2015, to provide social security to workers mainly in the unorganised sector. Subscribers of the scheme get a minimum guaranteed pension of ₹1,000 to ₹5,000 per month after attaining 60 years of age depending on their contributions.

In case a subscriber, who joined on or after October 1, 2022, is subsequently found to have been an income tax payer on or before the date of application, the Atal Pension Yojana account shall be closed and the accumulated pension wealth till date would be given to the subscriber.
In case a subscriber, who joined on or after October 1, 2022, is subsequently found to have been an income tax payer on or before the date of application, the Atal Pension Yojana account shall be closed and the accumulated pension wealth till date would be given to the subscriber.
Updated on Aug 13, 2022 12:28 PM IST
PTI |

Income Tax Return: After rectifying details, check request status. Read here

If incorrect information is entered, taxpayers, besides receiving notice from the IT department, also stand to lose their tax refunds.

Representative Image
Representative Image
Published on Aug 10, 2022 07:51 AM IST
By, New Delhi
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