Latest news with #ITR
Time of India
3 hours ago
- Business
- Time of India
Telangana sees sharp rise in number of high-income taxpayers in last five years
1 2 3 4 Hyderabad: Be it the pandemic or layoffs across industries, nothing seems to have slowed the growth of employees in Telangana, as the number of individuals earning over Rs 25 lakh per annum increased by over 140% in the last five years, records show. While the total number of ITRs declaring a total income between Rs 25 lakh and Rs 50 lakh stood at 25,216 during the assessment year (AY) 2020-21, the figure shot up to 60,830 in AY 2024-25. In fact, the state saw a steady increase in the last five years when it comes to people earning over Rs 25 lakh per annum (LPA). "For me, the pandemic came as a boon. From hardly Rs 10 LPA, my package increased to over Rs 25 lakh as I switched jobs four times in five years," said Sai K, a software professional. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad Giving a peek into the trend, Jitender Reddy, a senior service delivery manager at an IT firm, said that people earning between Rs 2 lakh and Rs 5 lakh and Rs 5 lakh and Rs 8 lakh benefited the most. "This comes as no surprise as many IT employees switched companies during the pandemic with at least a 30% hike. With year-on-year hikes afterwards, their package would easily cross the Rs 25 lakh mark," he added. A few pointed out that there are quite a few who moonlighted during Covid-19 as they were working remotely and added that they are continuing to file inflated returns to ensure that there is no mismatch in their income in the last few years. Along with IT professionals, people from other sectors such as pharma also received good hikes in the last few years. An increase in risk appetite post-pandemic, awareness about investment opportunities, and an increase in real estate prices, among others, are also attributed as other factors that contributed to the increase in the income of individuals. "Definitely, real estate would be a factor that contributed to the increase in income. Also, many are starting their own businesses as they are willing to take risks and are running successful businesses. This could be because of an increase in risk appetite and also an increase in the number of districts," said K Laxminarayana, an economics professor, adding that those in the health and education sectors have also started earning good money in the last few years. As per the data tabled in Lok Sabha, the increase was about 100% in the same category as the ITR filers in the said bracket increased from 4,03,363 in 2020 to 8,42,147 in 2025 across the country. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Mint
6 hours ago
- Business
- Mint
Income Tax: Top 10 things first time taxpayers must keep in mind while filing ITR
Income-tax returns: From what documents are required, to which forms is the one to fill, and what is the last date of filing — we look at the top 10 important things to remember for first time taxpayers filing their income tax returns (ITR). Notably, while the e-filing process has become quicker and easier over the years, the process can be daunting for for first-time filers. Salaried individuals overwhelmed by the process can use this simple checklist to ensure that they are properly prepared before filing ITR. Who must file ITR? Notably, all Indian residents are required to file their ITR for income tax purpose: If the aggregate of your income or salary exceeds the prescribed limits. If they hold assets in India or abroad; If they have investments in markets, shares, or ESOPs; If they have bank deposits exceeding ₹ 50 lakh combined; If they have savings or current account exceeding ₹ 1 crore total; If they have paid electricity bill over ₹ 1 lakh annually; or If they have travelled internationally with expenditure over ₹ 2 lakh; and If the value of their sales (irrespective of income) exceeds ₹ 60 lakh. What is total taxable income? Your total taxable income is calculated as the gross earnings from salary and other sources (bank fixed deposits and shares, etc.), minus any tax-saving deductions you may have made. Such deductions include investment in public provident fund (PPF), national pension scheme (NPS), insurance, or payments towards loans and rent. Your total taxable income is calculated as the gross earnings from salary and other sources (bank fixed deposits and shares, etc.), minus any tax-saving deductions you may have made. Such deductions include investment in public provident fund (PPF), national pension scheme (NPS), insurance, or payments towards loans and rent. Should I opt for old regime or new regime? The answer to the new vs. old tax regime debate depends completely on how much you earn and what deductable investments you can show. You can use online tax calculators to determine which option minimises your tax liability, or consult with a financial planner or your chartered accountant (CA), for the best course of action. What is the last date of filing ITR for FY24-25 (AY25-26)? The deadline for filing your ITR without incurring penalties for delayed returns this year is September 15, 2025. You can still file a delayed ITR till December 31, 2025, but this would cost you upwards of ₹ 1,000 to ₹ 10,000 depending on the duration of the delay and your taxable amount. The deadline for filing your ITR without incurring penalties for delayed returns this year is September 15, 2025. You can still file a delayed ITR till December 31, 2025, but this would cost you upwards of 1,000 to 10,000 depending on the duration of the delay and your taxable amount. What documents do I need to file ITR? Before filing your ITR keep the following documents ready as applicable: Form 16 (from current employer and former employer if you changed jobs mid-year), PAN Card, Aadhaar Card (PAN-Aadhaar must be linked), and investment proofs (including bank deposits, PPF deposits, etc.), home loan interest certificate, and insurance premium payment receipts. What is Form 16? This TDS certificate provided by your employer details your salary, deductions claimed, and exemptions availed, which are essential for filing your ITR. This TDS certificate provided by your employer details your salary, deductions claimed, and exemptions availed, which are essential for filing your ITR. What is review Form 26AS? This document summarises income on which TDS has been deducted, which is crucial for accurate tax filing. This document summarises income on which TDS has been deducted, which is crucial for accurate tax filing. What is Annual Information Statement (AIS)? Includes details like interest income, dividends, securities transactions, and foreign remittances, pre-filled in your ITR form for ease. What is e-verification? Is it mandatory? The Income-Tax (I-T) Department has noted that when filing your returns all assessees must complete the process by completing e-verification of their ITR filing. If not done within 30 days, it may result in your ITR refund getting delayed due to 'invalid' or 'incomplete' process. This can be done via the e-filing portal using Aadhaar OTP, net banking, or electronic verification code (EVC). The Income-Tax (I-T) Department has noted that when filing your returns all assessees must complete the process by completing e-verification of their ITR filing. If not done within 30 days, it may result in your ITR refund getting delayed due to 'invalid' or 'incomplete' process. This can be done via the e-filing portal using Aadhaar OTP, net banking, or electronic verification code (EVC). Which ITR form should you choose? Choose the form as per your eligibility mentioned below: Choose ITR-1 form: If you are an individual with income from salary, one house property, and other sources. Choose ITR-2 form: If you are an individual or Hindu Undivided Family (HUF) without business income. Choose ITR-3 form: If you are an individual or HUF with income from business or profession. Choose ITR-4 form: If you have presumptive income from business or profession.
&w=3840&q=100)
Business Standard
8 hours ago
- Business
- Business Standard
Net direct tax collection down 4% to nearly ₹6.63 trillion till August 11
Net direct tax collection contracted nearly 4 per cent to about ₹6.63 trillion as on August 11 2025-26 due to a 21.2 per cent surge in corporation-tax refunds, the data released by the Central Board of Direct Taxes (CBDT) showed. Gross direct tax collection too contracted 1.87 per cent to ₹7.99 trillion so far in FY26. For FY26, the Centre has projected direct tax receipts at ₹25.2 trillion. In FY25, net direct tax collection rose 13.57 per cent to ₹22.26 trillion, surpassing the initial Budget estimate of ₹22.07 trillion. 'Gross receipts might have declined as the majority of the taxpayers have shifted to the new tax regime. Also, after the government announced a rebate for an income up to ₹12 lakh per annum and revised the tax slabs, it might have collected less tax deducted at source, leading to low revenue from personal income tax,' a government official said. Net non-corporation tax, which includes taxes paid by individuals, Hindu undivided families, firms, bodies of individuals, associations of persons, local authorities, and artificial juridical persons, decreased 7.45 per cent on a yearly basis to ₹4.12 trillion during the same period. Net corporation-tax collection grew around 3 per cent year-on-year to ₹2.28 trillion. Securities transaction tax (STT) collection also rose 3.5 per cent to ₹22,362 crore during the same period. Refunds released as of August 11 stood at ₹1.34 trillion, of which a major chunk, ₹1.03 trillion, went to companies. Direct-tax refunds increased by 9.8 per cent. According to experts, the tepid performance of direct-tax collection so far has been significantly affected by the high volume of refunds, particularly in corporation tax. According to Hitesh Sawhney, partner with PwC, this trend highlights the dynamic nature of tax administration and the impact of refund outflows on the government's net revenue position in the early part of the financial year. The decline in non-corporation tax collection may indicate stress in the formal sector, he said. Aditi Nayar, chief economist, Icra, said extending the last date for filing income-tax return (ITR) was a reason for subdued growth in personal income tax collection. The Centre had extended the deadline for ITR filing from July 30 to September 15. 'The data on advance tax collection suggests that the government's personal income-tax and corporation-tax collection is required to record high double-digit growth in the remaining part of FY26, to meet their respective FY26 targets. While this may seem challenging, the growth rates in net tax collection are likely to improve as the year progresses, and the base normalises,' Nayar stated.
&w=3840&q=100)
Business Standard
9 hours ago
- Business
- Business Standard
Net direct tax collection down 4% to ₹6.63 trillion till August 11
Net direct tax collection contracted nearly 4 per cent to about ₹6.63 trillion as on August 11 2025-26 due to a 21.2 per cent surge in corporation-tax refunds, the data released by the Central Board of Direct Taxes (CBDT) showed. Gross direct tax collection too contracted 1.87 per cent to ₹7.99 trillion so far in FY26. For FY26, the Centre has projected direct tax receipts at ₹25.2 trillion. In FY25, net direct tax collection rose 13.57 per cent to ₹22.26 trillion, surpassing the initial Budget estimate of ₹22.07 trillion. 'Gross receipts might have declined as the majority of the taxpayers have shifted to the new tax regime. Also, after the government announced a rebate for an income up to ₹12 lakh per annum and revised the tax slabs, it might have collected less tax deducted at source, leading to low revenue from personal income tax,' a government official said. Net non-corporation tax, which includes taxes paid by individuals, Hindu undivided families, firms, bodies of individuals, associations of persons, local authorities, and artificial juridical persons, decreased 7.45 per cent on a yearly basis to ₹4.12 trillion during the same period. Net corporation-tax collection grew around 3 per cent year-on-year to ₹2.28 trillion. Securities transaction tax (STT) collection also rose 3.5 per cent to ₹22,362 crore during the same period. Refunds released as of August 11 stood at ₹1.34 trillion, of which a major chunk, ₹1.03 trillion, went to companies. Direct-tax refunds increased by 9.8 per cent. According to experts, the tepid performance of direct-tax collection so far has been significantly affected by the high volume of refunds, particularly in corporation tax. According to Hitesh Sawhney, partner with PwC, this trend highlights the dynamic nature of tax administration and the impact of refund outflows on the government's net revenue position in the early part of the financial year. The decline in non-corporation tax collection may indicate stress in the formal sector, he said. Aditi Nayar, chief economist, Icra, said extending the last date for filing income-tax return (ITR) was a reason for subdued growth in personal income tax collection. The Centre had extended the deadline for ITR filing from July 30 to September 15. 'The data on advance tax collection suggests that the government's personal income-tax and corporation-tax collection is required to record high double-digit growth in the remaining part of FY26, to meet their respective FY26 targets. While this may seem challenging, the growth rates in net tax collection are likely to improve as the year progresses, and the base normalises,' Nayar stated.
Economic Times
11 hours ago
- Business
- Economic Times
10 friendly moves taken by government for small taxpayers: Know how these will simplify ITR and GST
ET Online 10 friendly moves taken by government for small taxpayers: Know how these will simplify ITR and GST The Ministry of Finance has said in a written reply to Lok Sabha that the government has implemented various measures about income tax and GST laws that aim to make the process simpler for small taxpayers. Some of the simplification measures undertaken in income tax laws include availability of income tax return (ITR) filing through online, offline and excel utilities, updated Form 26AS, AIS, others. With regard to GST, the ministry said that an auto-generated return with editing facility is being provided to the taxpayers on the portal based on details of the outward supplies furnished by the taxpayers and their suppliers. Pankaj Chaudhary, Minister of State, Finance, provided this information in Lok Sabha on Monday (August 11, 2025) in reply to a starred question No 3651 from Dharambir Singh, member of Parliament (MP) from the Bhiwani-Mahendragarh Lok Sabha constituency in Haryana. ET Wealth Online tells you about the 10 prominent moves that the government claims to have taken in the interest of the small taxpayers made in ITR filing for small taxpayers The minister said that the Income Tax Department has provided a pre-fill of relevant income and tax-related information in ITR to simplify tax filing procedure for small taxpayers. Also Read : Online ITR filing charges across six tax filing websites compared for AY 2025-26 Information Statement and Form 26AS He said that the I-T Department has also provided the Annual Information Statement, Form 26AS and Taxpayer Information Statement to the taxpayers to help them know their transactions for the purpose of preparing and filing of the ITR from the e-filing portal. 3. E-filing mode available in online, offline and excel utilities Chaudhary also said that the I-T Department has also made e-filing mode available in online, offline and excel utilities, giving more choice to the users. 4. Step by step guide to taxpayers for ITR filing: 'The Department has released videos which provide step by step guide to taxpayers with respect to the filing of ITR and associated queries. These videos are available in Youtube from the e-filing portal,' said the minister. 5. Simplifications made in GST filing for small taxpayers When asked how the government is facilitating small taxpayers regarding GST filing, Chaudhary said that to facilitate small taxpayers in making supply of goods through e-commerce operators (ECOs), the requirement of mandatory registration for intra-state supply of goods through ECOs has been conditionally waived off with effect from 01.10.2023. 6. Auto-generated return The minister said that to facilitate, and ease return filing process, an auto-generated return with editing facility is being provided to the taxpayers on the portal based on details of the outward supplies furnished by the taxpayers and their suppliers. He said, 'A new option has been provided to allow the amendment of outward supplies of goods or services for current tax period.' 7. Threshold limit for supply of goods The minister of state said that the threshold limit of annual turnover for supply of goods under composition scheme has been increased to Rs. 1.5 crore (other than some special category States) effective from 1st April 2019, which was initially Rs. 75 lakhs. 8. GST payment through UPI and IMPS Speaking about the additional features provided to taxpayers for GST payment, he said that UPI & IMPS have been provided as an additional mode for payment of GST to facilitate taxpayers and to further encourage digital payment. He said that the I-T department is making expeditious approval within seven working days where the applicant undergoes authentication of Aadhaar number while submitting the said application, and approval within 30 days where the applicant fails to undergo authentication of Aadhaar number or does not opt for the same. 9. District-level help desk for GST, tax-related queries Singh also asked whether the government has set up district-level helpdesks for GST and income tax queries. Chaudhary replied that Aaykar Seva Kendras (ASKs) at various locations in the country have been established on a requirement basis. Also Read: GST Amnesty Scheme update: Now you can file appeal against GST Amnesty Scheme order issued in SPL 07 form 'As on date, 457 ASKs centres have been established in different Income Tax Offices spread all over India. CGST Commissionerate across the country have fully operational GST Seva Kendras or helpdesks in their respective jurisdictions which extend help/guidance and address the grievances of taxpayers/citizens.' 10. Small trader tax-compliance training Asked whether the government is providing regular training to small traders and rural entrepreneurs regarding tax compliance, Chaudhary said that Taxpayers' Hubs are regularly conducted in Tier II and Tier III cities with the objective of enhancing tax awareness and promoting voluntary compliance. The Department also brings out Taxpayer Information Series Brochures every year to educate all taxpayers including small traders and rural entrepreneurs. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As 50% US tariff looms, 6 key steps that can safeguard Indian economy As big fat Indian wedding slims to budget, Manyavar loses lustre Why are mid-cap stocks fizzling out? It's not just about Trump tariffs. The airport lounge war has begun — and DreamFolks is losing Stock Radar: UNO Minda eyeing fresh 52-week high in next few weeks; check target and stop loss for long positions Buy, Sell or Hold: Antique recommends buy on Siemens; Avendus upgrades SBI to Buy post June quarter results Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 25% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
