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ITR filing: Government notifies form for filing updated income tax returns - The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals.
Finish these 5 things before Income Tax rules change on April 1 - Tax exemption provided to individuals who received funds for Covid treatment and money received by family members on death of a person due to corona.
India's collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments, mirroring sustained economic recovery in a year that witnessed two waves of coronavirus infections. Net collections of direct taxes until March 16, 2022, in the fiscal year that started on April 1, 2021, stood at Rs 13.63
The department said the CBDT issued refunds of over Rs 1,67,048 crore to more than 1.87 crore taxpayers.
A major dampener for the taxpayers is the requirement for the additional tax liability of filing the 'updated return'.