ITR 2
ITR refund status FY2023-24: 4 different income tax refund statuses; 8 reasons for refund failure
ITR refund status:If you have paid an excess of tax for a specific financial year, you should anticipate receiving a refund on your income tax after submitting your income tax return (ITR). Nonetheless, the refund will only be granted once the tax department has processed your ITR and issued a notice confirming it.
Sent more than Rs 6 lakh abroad? You may get a tax notice by December 31, 2024
Income tax notice: You may get a income tax notice by December 31, 2024 if the tax department found you have income which escaped assessment. This is because tax officials are analysing Form 15CC data to find out who has sent more than Rs 6 lakh abroad and there is a mismatch between the amount sent abroad and the amount declared as income in ITR.
The government is estimated to have earned up to Rs 627 crore from late ITR filing fee till August 22, 2024
Belated ITR fees: The government may have earned up to Rs 627 crore from collection of late ITR filing fees till August 22, 2024. As per rules a late filing fee of Rs 5,000 or Rs 1000 or nil is levied for filing a belated ITR after the due date. There were about 14 lakh ITRs filed between August 1, 2024 and August 22, 2024.
26% ITRs yet to be processed after 22 days of the deadline, will your ITR come under scrutiny?
ITR filing: As per data from the ITR portal 73.71% of all the verified ITRs have been processed already. This means about 26% ITRs are yet to be processed. Could it be because these 26% ITRs need additional scrutiny or others? Read the story to know more about ITR filing.
How many days for ITR processing: Tax department could take approximately 18 days to process your ITR; here’s why
ITR processing time: Tax experts advise that usually, it takes an average of 15-45 days from the date of e-verification of the ITR for income tax returns to be processed. As per the regulation, income tax returns must be processed within nine months of the end of the fiscal year after you file them.
More taxpayers getting defective ITR notice from tax dept this year; How to rectify the defect
Defective ITR: Chartered accountants report that many of thier clients have received defective ITR notices this year. As per Amit Bansal, Partner - Direct Tax, Singhania & Co, Yes, there has been a noticeable increase in defective ITR notices and invalid returns this year." Know what to do incase you get a defective tax return notice under section 139(9).
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These ITR filers have only 10 days left to verify their ITRs else ITR invalid
ITR refund: You won't get tax refund without verifying the filled up and submitted income tax return (ITR). As per CA Twinkle Jain, "If an ITR is not verified within this (the 30 day) period, it is considered invalid. This means that any tax refund claims associated with these ITRs will not be processed & the taxpayer may have to file the ITR again, resulting in a delay in the tax refund process."
What to do if intimation under section 143 (1) is received after filing ITR: How do I reply to income tax notice under section 143 (1)?
How to read income tax intimation notice under section 143 (1): The intimation notice under section 143(1) of the Income Tax Act, 1961, will be sent to the taxpayer's registered email address with the tax department. Additionally, the taxpayer will receive an SMS on their registered mobile number to notify them that the communication has been sent to the registered email address.
ITR Refunds for FY2023-24 (AY2024-25): Who will receive tax refunds quicker, filers of ITR-1, ITR-2 or ITR-3?
Income tax refund status: If you have filed your income tax returns for fiscal year 2023-24 and are eligible for a refund, you may not have received the funds in your bank account yet. If you've submitted ITR-2 or ITR-3 for that fiscal year, it is possible that you haven't received your tax refund. Your refund is issued after the Income Tax Department processes your verified ITR.
Deadline for reassessment of these old ITRs approaching; Know who can get tax notice u/s 148 by August 31, 2024
Income tax notice: The income tax department may send you a tax notice for AY 2018-19 (FY 2017-18) by August 31, 2024 if there is exists any income of Rs 50 lakh or more which escaped assessment. Budget 2024 amended the tax provisions to now reduce the time limit to send a section 148 notice.
Taxpayers getting faster refunds this year? FM says ITR processing time reduced to 10 days from 93 days
Income tax refund: You can expect faster tax refund this year, however not everybody will benefit from this. Cetain complicated income tax return (ITR) forms like ITR-3 and even ITR-2 takes time to process. However experts say when compared to earlier times, the ITR processing times have indeed come down.
E-verification of ITR: Penalty, consequences for not verifying income tax return before 30-day deadline
ITR e-verification: Starting August 1, 2022, the Income Tax Department has shortened the deadline for e-verification or hard copy submission of ITR-V to 30 days, as per a notification issued on July 29. This implies that taxpayers must now verify their returns within 30 days from the filing date to finalize the process.
Tax refund status: How to check ITR refund status online using PAN number on e-filing portal, NSDL website
How to check tax refund status: Here is a detailed step-by-step guide that outlines the process for checking your income tax refund status online. You can do this by visiting the e-filing portal or the National Securities Depository (NSDL) website.
Filed ITR but didn't get tax refund yet? You may need to request reissuance of tax refund in these cases
Income tax refund: Even if you file your income tax return (ITR) before the deadline, there is no guarantee that the tax refund will come in your bank account soon. It is only after the ITR is processed, then tax refund comes. Know how 'refund re-issue' feature can help you in this case to get tax refund.
Waiting for income tax refund? ITR-2, ITR-3 refunds may take longer, check when ITR refund will be credited
Income tax refund: You may have to wait a big longer if you have filed the complicated income tax return (ITR) forms like ITR-2 or ITR-3. "Generally, it is observed that simpler forms like ITR-1 are processed more quickly as compared to complex forms like ITR-3," says CA Muskkan Kukreja, Assistant Director and Program Coordinator -Accounting and Finance, S K Somaiya College.
Despite being NRI you will be taxed as Indian resident if your income in India is above this; Know what else NRIs need to watch out while filing ITR
ITR for Non-resident Indians (NRIs): While filing income tax return (ITR) NRIs need to keep a close watch whether deemed residency status have been applied on them or not. As per Mudit Vijayvergiya, Founder, SBNRI, "Under the purview of Income Tax law, NRIs must obtain a Tax Residency Certificate (TRC) to claim DTAA benefits in India."
What is the penalty for filing ITR after the deadline of July 31, 2024?
Penalty for missing ITR filing deadline: The penalty for late filing of the Income Tax Return (ITR) applies to individuals who fail to meet the July 31, 2024 deadline. A belated ITR refers to an income tax return filed after the designated due date.
No penalty for missing ITR filing deadline of July 31, 2024 for these people
ITR filing: You don't have to pay the penalty of Rs 5000 or Rs 1000 for filing the ITR after deadline, if you are filing a tax return voluntarily or have income below the basic exemption or the ITR filing deadline for you is October 31, 2024. Read on to find more about belated ITR filing.
Old tax regime ITR filers must file income tax return by July 31 deadline or lose deductions, exemptions for FY 2023-24 (AY 2024-25)
ITR filing last date: The last date to file income tax return for FY 2023-24 (AY 2024-25) is July 31, 2024. Apart from not paying penalty of Rs 5,000, it is important to file ITR before the deadline expires to get the option to file income tax return using old tax regime.
ITR 3 applicability: Who can file income tax return using ITR 3 form for FY2023-24
ITR 3 form applicability: Depending on the origin of your income and the type of taxpayer you are, you need to choose one of these forms when you file your income tax returns. For non-audit cases, the deadline to submit ITR 3 forms for the relevant assessment year is July 31, and for audited accounts, if applicable, the deadline is October 31.
Which ITR form should salaried person use to file income tax return for FY 2023-24 (AY 2024-25)?
ITR form for salaried: Beginning in AY 2024-25, the new tax regime will be the default choice. Each year, you will need to choose between the old and new tax regimes for that specific Assessment year. Failing to meet the ITR filing deadline has both financial and non-financial consequences.
Made a mistake in your filed income tax return? Check the revised ITR filing last date, what are the charges
Revised ITR filing last date: The option to file a revised Income Tax return (ITR) is offered by the Income Tax Department for such cases. The revised return will replace the original ITR and will be considered as if it was filed on the original filing date.
While filing ITR, don’t forget to claim these four deductions to reduce your total tax outgo
ITR filing: Reduce tax while filing income tax return (ITR) by claiming these deductions. However if you forget to claim the deductions in your ITR for FY 2023-24 (AY 2024-25) for investments made before March 31, 2024 then you can't claim it again in the next financial year. So double check and file ITR now.
No need to file revised ITR in case of errors: You can 'discard' filed ITR and refile but only if it has not been verified
Discard ITR: Now you can discard a duly filled up income tax return (ITR) and file a fresh ITR only if the original ITR which is discarded now has not been verified. Earlier if you needed to make any corrections in a submitted ITR, you could only file a revised ITR.
CBDT goes for major overhaul of IT system with Taxnet 2.0: How soon users' experience expected to improve in filing ITR?
ITR filing: The Central Board of Direct Taxes (CBDT) has awarded Airtel to provide telecommunications service and internet solutions to the income tax department. Experts believe this will help improve theincome tax portal and make the pages on the income tax portal load faster. The name of this project is Taxnet 2.0 and it is believed to be more reliable.
How to file ITR-2 form: 10 documents you need to file ITR-2
How to file ITR-2 form: ITR-2 can be filed using the income tax department's Excel or Java programs, or online through the e-filing portal. Let's look closer at who should file ITR-2 and the important documentation required for filing.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?
ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.
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