Thursday, June 12, 2025

Income Tax Refund: 'Good News' For Taxpayers! CBDT Issues Refunds

The Central Board of Direct Taxes (CBDT) on Thursday said it has issued returns worth over Rs 1,54,302 crore.

"From 1st April 2021 to 10th January 2022, CBDT has issued refunds of over Rs 1,54,302 crore to 1.59 crore taxpayers," the CBDT said. In addition, income tax of Rs 53,689 crore was refunded in 1,56,57,444 cases and corporate tax of Rs 1,00,612 crore in 2,21,976 cases, the department said.

What number of ITRs have been recorded till 31st December?

Till December 31, around 5.89 crore Income Tax Returns (ITRs) have been filed in the new e-filing portal for the financial year 2020-21 (ending March 2021). Out of this, over 46.11 lakh ITRs were recorded on December 31.

"As of 31st December 2021, around 5.89 crore Income Tax Returns (ITRs) have been recorded in the new e-documenting entrance of Income Tax Department," the CBDT said.

Of the 5.89 crores, ITRs submitted for the assessment year 2021-22 (Financial Year 2020-21), 49.6 percent ITR1 (2.92 crores), 9.3 percent ITR2 (54.8 lakh), 12.1 percent ITR3 (71.725 lakh), 2. ITR4 ( 1.60 crores), 1.3 percent ITR5 (7.66 lakh). Also 2.58 lakh ITR-6 and 0.67 lakh ITR-7 have been filed.

What if I have not paid ITR yet?

If you cannot file your ITR by 31st December 2021, then you now have 31st March 2022. Notwithstanding, for this, you should suffer a consequence. Late filers will have to pay a fine for the delay.

Chargemaster Balwant Jain says that assuming your pay is more than Rs 5 lakh, then, at that point, you should suffer a consequence of Rs 5,000 while documenting ITR and if the income is less than Rs 5 lakh then the penalty fee will be one. thousands of rupees

Thursday, March 6, 2025

Understanding the Indian Income Tax Act, 1961

Understanding the Indian Income Tax Act, 1961: A Comprehensive Guide

Taxes might not be the most exciting topic, but they play a crucial role in our financial lives. Whether you are a salaried individual, a business owner, an investor, or even a student planning for the future, understanding the Income Tax Act, 1961 is essential. It governs how we pay taxes, defines taxable income, outlines tax slabs & rates, and provides avenues for tax savings.

In this guide, I will break down the complexities of the Income Tax Act, 1961 in a simple and approachable manner. By the end, you’ll have a clear understanding of your tax obligations and benefits under the law.

The Importance of Filing Income Tax Returns (ITR): Why It Matters for Everyone

Taxes can feel like a burden, but they play a crucial role in shaping the economy and our financial well-being. Whether you are a salaried professional, a freelancer, a business owner, or even a student stepping into the world of finance, filing an Income Tax Return (ITR) is something you should never ignore.

In this blog, I will break down the importance of tax filing, how it benefits you, and why it’s not just a legal formality but a smart financial move. Let’s dive into it!

Different Types of Taxes in India: A Comprehensive Guide

Taxes are an unavoidable part of life, but let’s be honest—most of us don’t really understand how they work. If you’ve ever looked at your paycheck and wondered why a chunk of it disappears before it even reaches your hands, or if you’ve been confused about GST while shopping, this blog is for you.

Whether you’re an individual taxpayer, a business owner, a student, an investor, or even a policymaker, understanding the India tax system is crucial. In this post, I’ll break down the different types of taxes in India in a friendly and approachable way. Let's dive in!

Who Needs to Pay Income Tax in India

Who Needs to Pay Income Tax in India? A Friendly Guide

Income tax is a crucial part of financial planning for every earning individual and entity in India. But who exactly needs to pay income tax? Whether you're a salaried individual, a freelancer, a business owner, an investor, or even an NRI, understanding your tax liability is essential to ensure tax compliance and avoid penalties. In this blog, I'll walk you through everything you need to know about who needs to pay income tax in India in a simple and approachable way.

What is Income Tax in India? A Friendly Guide for Everyone

Income tax is something we all have to deal with at some point in our lives. Whether you're a salaried employee, a freelancer, a business owner, or even a student trying to understand how taxation works in India, this guide is for you. I'll break down everything in simple terms so that you can confidently navigate the world of taxes without feeling overwhelmed.

Let's dive into the essentials of Income Tax in India, why we pay it, and how it affects different types of taxpayers.