Pit Returns News Today

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property).

The Congress party has received a fresh notice of Rs 1,700 crore from the Income Tax department for discrepancies in tax returns for previous years. The fresh notice was received earlier this week.

Here are the key numbers from the Interim Budget 2024 presented by Finance Mininster Nirmala Sitharaman.

India Business News: The tax department has seen a significant increase in the number of taxpayers, thanks to rising compliance and the use of technology. The total number

New tax rules 2023: One of the significant announcements regarding personal taxation was the declaration of the New Income Tax Regime as the default tax regime.

Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in the number of returns filed in the last five years. The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21. The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal.

The new residential house is to be purchased either one year before or two years after the transfer of the original property that was sold. Or it should be constructed within three years from the date of sale of the original property. The time limit that is available for investment under section 54, is longer than the due date of filing the I-T return.

In financial year 2021-22, State’s share was around 5.74%, and in the latest financial year 2022-23, it stood at around 5.75%

India Business News: The income tax department announced that individual taxpayers have increased by 90% in the past 8 years, with 6.37 crore returns filed in AY 2021-22.

If you are a tax resident of India and have foreign assets, remember to disclose them in your income tax returns. Recently, a taxpayer learnt this the hard way after a penalty of Rs 30 lakh was imposed on her for failure to do so. In a conversation with Moneycontrol, Preeti Sharma, Partner, Global Employer Services at BDO India talks about how to disclose your foreign assets and how to rectify past non-reporting or misreporting of such assets.