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Income Tax Returns 2024: If a taxpayer was unable to file the belated return within the specified deadline (December 31) due to valid reasons, they have the option to seek a condonation of delay from the Central Board of Direct Taxes (CBDT) under Section 119 of the Act.

The Income Tax Department has reminded taxpayers to file their income tax return by December 31, 2023, or face penalties

Ministry of finance posed on X, "Steady growth in Direct Tax collections! Net collection in FY 2023-24 (upto 30.11.2023) is 23.4 per cent higher Year-on-Year. 58.34 per cent of Budget Estimates for FY2023-24 already achieved. #ViksitBharat #FinMinReview2023"

Misreporting of income in ITR may lead to an interest payment at 12 per cent a year, penalty at 200 per cent of taxes, prosecution which may entail imprisonment

Revenue secretary said given the comparatively low tax-to-GDP ratio, the tax base has to widen before Centre can lower personal income tax rates

The number of income tax returns has increased in FY22 over the previous fiscal,Central Board of Direct Taxes Chairman Sangeeta Singh said on Saturday.

Number of Income Tax Returns, taxpayers increasing in 2022: CBDT Chairman

PANAJI, June 11: The number of Income Tax returns has increased in FY22 over the previous fiscal, Central Board of Direct Taxes Chairman Sangeeta Singh said on Saturday. Talking to PTI, Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth. “There is an increase in the base of taxpayers and the filing of revised returns,” she added. The Board is witnessing an increase in […]

The Board is witnessing an increase in tax collection, which usually happens if the country is showing an upward trend in economic growth, the chairman said, adding that "if the economic activities are going high, the purchases and sales will also increase".