The Central Board of Direct Taxes (CBDT) described the new Income Tax Act, 2025 as a significant step towards Viksit Bharat. Key changes include the introduction of a single "tax year" system, streamlined legislation, and provisions allowing taxpayers to claim TDS refunds even after filing delays.
The ITR-1 and ITR-4 forms are filed by individuals, HUFs and entities with total income up to Rs 50 lakh a year and who do not have to get their accounts audited
The returns filed by individual taxpayers have increased from 3.36 crore in Assessment Year (AY) 2013-14 to 6.37 crore in AY 2021-22, registering an overall increase of 90 per cent.
There are about 12 lakh verified ITRs in which further information has been sought by the income tax department, for which requisite communication has been sent to the taxpayers through their registered e-filing accounts.
The last date for filing income tax returns for the previous year by salaried class and those who do not have to get their accounts audited is July 31.
Hyderabad: The Hyderabad Central Crime Station officials arrested one Sashidhar Reddy (29) from Visakhapatnam on charges of fraudulently claiming Income Tax Returns on Friday. Officials said the suspect got the PAN and Aadhar card details of NRIs from different sources and opened fake accounts on their names and claimed ITRs, thereby cheating the IT Department […]
