As the cryptocurrency market continues to grow, industry experts feel the upcoming Budget should bring in regulations and clarity on at least the taxation of cryptocurrencies.
Infosys, in 2019, was given the contract to develop the new portal. It was launched in June last year and stakeholders had reported glitches and difficulties in the functioning of the portal.
The decision has been taken due to the Covid-19 impact and after several taxpayers including chartered accountants complained about technical glitches in filing the ITRs through e-portal.
Income tax refunds of Rs 51,194 crore have been issued in 1.46 crore cases and corporate tax refunds of Rs 99,213 crore have been issued in over 2.19 lakh cases.
If you don’t file your income tax return (ITR) by the deadline of December 31, 2021, there could be repercussions. However, there is an option to file belated ITR too.
Taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru.
This comprises over 2.41 crore ITR-1 and 1.09 crore ITR-4 getting filed for FY2020-21 (The assessment Year 2021-22) till December 25, 2021.
Remember to declare the trading gains made on the stock market while filling your income tax return (ITR). Choose the ITR form accordingly.
If you are still waiting to file your ITR and are confused about how to go about it, read our step-by-step guide on how to e-file your ITR.
As per an Economic Times report, the government is considering altering the tax laws such that Indians trading or investing in the unregulated asset could be bought under the tax ambit.
Two things one should keep in mind while filling tax declaration to avail tax exemption and deduction. Failing to declare the investments and expenses may lead to high TDS.
In September, the deadline for filing the income tax return was extended to December 31. This was the second instance when the deadline was extended.
While the new tax regime offers lower slab rates to taxpayers, it allows no exemptions or deductions. Calculate your tax liability under both before choosing one.
CBDT has issued IT refunds of over Rs. 1,19,093 crore to more than 1.02 crore taxpayers from April 1,2021 to November 15,2021. This includes 67.99 lakh refunds of AY 2021-22 amounting to Rs. 13,140.94 crore.
The Income Tax Department has rolled out a new Annual Information Statement (AIS) to simplify the income tax return filing process for the taxpayers.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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