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RBI appeals to pay Income Tax in advance

The Reserve Bank of India has appealed to public to avoid last minute rush and remit their Income-tax dues sufficiently in advance of the due date of September 30, 2013. It has also urged the assessees to take advantage of paying taxes at select branches of accredited agency banks which have been authorised to accept payments of Income Tax dues. Most of these banks also provide facilities for on-line payment of taxes, it has added.

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Gross Direct Tax collection up by 13.27 per cent

Gross direct tax collections during April-July of the Financial Year 2013-2014 is up by 13.27 percent at Rs. 1,57,169 crore as against Rs. 1,38,751crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.75 percent and stands at Rs. 92,115 crore during April-July in F.Y. 2013-2014 as […]

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Overwhelming response to e-filing of ITR

The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was extended by the Central Board of Direct Taxes(CBDT)from 31st July to 5th August, 2013 as there was an overwhelming response to e-filing from every corner of the country. 123.03 lakh returns have been e-filed till 5th […]

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number of e-filings declined

Even there is a mandatory requirement to e-filing of individuals whose total income exceeds Rs 5,00,000, total number of e-filings lags behind as compared with the financial year 2012-2013(21486807) with financial year 2013-2014(till 31st July) 10321775. When it comes to e-filing through ITR-1(salaried individuals), there is also a drop down of 628629 and it stands […]

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ITR e-filing exceeds 1 crore

Number of e-filing made exceeds 1 crore (10321775 as on 31st July, 2013),even there is a mandatory requirement to e-filing of individuals whose total income exceeds Rs 5,00,000, total number of e-filings lags behind as compared with the financial year 2012-2013(21486807). When it comes to e-filing through ITR-1(salaried individuals), there is also a drop down […]

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Overwhelming response for e-filing

The new rule making assesses having a total income of more than Rs 5,00,000 to file their return electronically(e-filing) results in an overwhelming increase of 40 % than the number of returns during the last year. More than 82 lakh returns have been e-filed till 29th July, 2013 out of which 6.23 lakh returns were e-filed on 30th July, 2013 till 6:00 P.M, as disclosed by income tax department.

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Due date extented for filing returns of income to 5th july,2013

Central board of direct tax has extended due date for filing returns of income from 31st July,2013 to 5th August, 2013. All assesses having a total income of more than Rs 5, 00,000 are compulsory required to file their return electronically.

There has been tremendous increase in number of e-returns till 31st July. It is assumed that extension of last date (due date) for filing return is meant to provide

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ITR-V-what,when,how?

ITR-V stands for ‘Income Tax Return – Verification’ form. This is issued as an acknowledgement to your returns filed online without a digital signature. It is meant to verify the authenticity of e-return filed.Upon receipt of ITR-V, income tax department will send an email informing the receipt of ITR-V (acknowledgement).

In order to complete the filing process you have to take a print out of ITR-V and have to put your signature and then sent it to the income tax department (CPC) within 120 days of e-return.

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