As per the current income tax laws, an individual below 60 years of age is required to file ITR if his/her gross total income exceeds Rs 2.5 lakh in a financial year. This is irrespective of the income tax regime (old vs new) chosen by him. Read on to know if you have to file ITR.
It's important for taxpayers to understand that the ITR that is currently being filed is for the financial year 2021-22, i.e., for the income earned between April 1, 2021, and March 31, 2022.
All registered taxpayers on the e-Filing portal (post-login) who have a valid PAN and a valid bank account can use the My Bank Account service.
Under the income tax law, an individual is considered as a senior citizen or super senior citizen provided, he/she has crossed the specific age in the financial year.
It's important to note that ITR-2 is much more complex form then ITR-1; ITR-1 is also known as Sahaj because it is a simple ITR form that does not require much information as compared to ITR-2.
The top 10 frequently asked questions concerning filing income tax returns have been released by the income tax department to help clear up some of the confusion.
If an individual missed the deadline to file an income tax return (ITR), then a late filing fee of up to Rs 5,000 is levied. However, there are certain individuals who can file their ITR without paying a penalty even after the expiry of the deadline. Let us take a look at who will not have to face penal consequences for missing the ITR filing deadline.
Last week, the revenue secretary clarified that the government has no plans of extending the due date for the ITR filing deadline of July 31. However, many chartered accountants and tax experts are complaining about the issues on the new income tax portal. The login issues, and unable to access Form 26AS make the case for an extension of the due date.
Taxpayers who have concerns that are not being resolved can file a complaint on the income tax portal.Here's how to make a complaint regarding e-filing on the income tax department's website.