Latest news with #IncomeTaxDepartment
India Today
4 hours ago
- Business
- India Today
ITR-U now open: Update your past ITR mistakes for AY 2021-22 and 2022-23
If you missed filing your tax return or made a mistake in it for the last few years, here's some good news. The government is now giving taxpayers more time to correct past income tax July 30, 2025, the Income Tax Department posted on X, 'Kind Attention Taxpayers! The facility for filing Updated Returns for AY 2021-22 and AY 2022-23 for ITR-1 and ITR-2 is now available.' advertisementIn other words, the Income Tax Department has now made it possible to file updated returns (ITR-U) for Assessment Years (AY) 2021-22 and 2022-23 using the ITR-1 and ITR-2 forms. This move aims to help people fix any errors or income details they may have missed earlier. This change is part of a larger plan to make tax filing more flexible and IS ITR-U?ITR-U stands for 'Updated Return'. It's a special return form that lets taxpayers fix their old income tax returns, be it for wrongly declared income, missed income, or even if the return wasn't filed at say you forgot to include some interest income or didn't file your return on time—you can now use ITR-U to sort that CHANGED IN 2025?The big change is the extra time you get to file ITR-U. Instead of two years, the government now gives you four years from the end of the relevant assessment example, for AY 2023-24, if you missed filing the return, you still have time from 1 January 2024 to 31 March 2026 to submit your CAN FILE?Any person can file an updated return if they missed filing their original or belated return within the is also useful for those who made mistakes while reporting their income or chose the wrong head of income, such as declaring salary income under business income by error. Taxpayers who wish to reduce unabsorbed depreciation or adjust tax credits from previous years can also make use of this if someone failed to report certain income earlier and now needs to pay extra tax, filing an updated return allows them to correct the record and stay compliant with tax TAX TO BE PAIDThere's a catch when it comes to filing an updated return, you'll need to pay additional tax on top of your normal the ITR-U is filed within 12 months from the end of the relevant assessment year, you'll have to pay 25% extra on the total tax and interest due. This rises to 50% if filed between 12 and 24 months, 60% if filed between 24 and 36 months, and 70% if the return is submitted between 36 and 48 extra charge is calculated on the combined amount of tax and interest owed, so the longer you wait, the more you THIS MATTERSThis move gives people a fair chance to correct past mistakes and avoid future trouble with the tax office. It's especially helpful for those who missed reporting small incomes or forgot to file returns if you realise you made an error in your return or skipped filing, take advantage of this extended window, file your ITR-U, and stay on the right side of the law.- Ends
India Today
16 hours ago
- Business
- India Today
ITR-3 Now Live: Are You Eligible?
ITR-3 Now Live: Are You Eligible? 30 Jul ,2025 Credit: Getty The Income Tax Department has enabled online filing for ITR-3 for AY 2025–26, easing the process for traders, professionals, and those with complex income sources. ITR-3 Online Filing Open It's meant for individuals earning from business, profession, capital gains, foreign assets, unlisted shares, or being a company director or firm partner. Who Should File ITR-3 Taxpayers must now report capital gains separately for transactions before and after July 23, 2024, due to changes from the Finance Act, 2024. Major Change in Capital Gains Reporting The asset and liability reporting threshold is raised to Rs 1 crore, reducing compliance burden for many taxpayers. Updated Asset Disclosure Rules New rules demand clearer details on deductions (like under Sections 80C, 10(13A)) and specific TDS codes; also introduces Section 44BBC for cruise operators. More Detailed Disclosures
The Hindu
19 hours ago
- Business
- The Hindu
I-T Dept. searches Energy Minister George's office, Bescom contractors linked to smart metres: sources
The Income Tax Department is learnt to have conducted search operations at the office of Karnataka's Energy Minister K.J. George at Embassy Golf Links, Domlur, in Bengaluru. Mr. George has been away in Japan on an official visit and was not present during the search operations, sources said. He was unavailable for a comment when The Hindu tried to reach him. The I-T sleuths have also searched offices of around seven contractors linked to procurement of smart meters by Bangalore Electricity Supply Company (Bescom), in Bengaluru and Davanagere, sources said. The Income Tax Department has not issued any statement and there is no clarity on whether the searches on Mr. George's office were also linked to smart meters. The searches were on for the past two days and reportedly concluded on Wednesday. BJP's allegation The Opposition Bharatiya Janata Party (BJP) has alleged a ₹7,500-crore scam in the procurement of smart meters, pointing out several lapses while awarding contracts for procurement leading to escalation of costs. The Energy Department and Mr. George have, however, denied all allegations. Three BJP MLAs— C. N. Ashwath Narayan, S.R. Vishwanath and Dheeraj Muniraj — lodged a complaint with the Lokayukta police seeking a probe in April, 2025. Recently, they approached the Lokayukta Special Court and filed a Private Complaint Report (PCR) citing delay by the Lokayukta Police to file an FIR. The court sought a status report on the complaint from the police on July 23.
Hindustan Times
20 hours ago
- Business
- Hindustan Times
ITR-3 filing open: who can file, how to file, key rules for AY 2025-26
The Income Tax Department has activated the option to file ITR-3 online for the Assessment Year 2025-26 (Financial Year 2024-25). This is now available on the department's e-filing website. ITR-3 filing announcement was made on 30 July 2025 through a public notice, and is now is now available on the department's e-filing website.(Pexels) The announcement was made on Wednesday, July 30, through a public notice that said, "Kind Attention Taxpayers! Income Tax Return Form of ITR-3 is now enabled for filing through online mode." Who can file ITR-3 ? ITR-3 applies to individuals and Hindu Undivided Families (HUFs) who earn income from: • Running a business or profession • Share trading, including futures and options • Being a partner in a firm • Investing in unlisted equity shares • Earning capital gains or income from abroad • Having income from more than one source, such as salary, property, pension, and business • Having total income above ₹50 lakh and also business income • Being a company director This form is not for companies, LLPs, or firms. It is meant only for individuals and HUFs with business or professional income. Also Read: ITR filing 2025 last date extended | All you need to know How to file ITR-3 ? A taxpayer must file ITR 3 online. It can be done in the following ways: • File the return using a digital signature • Submit the return online and then send the signed ITR V form as verification If you file it using a digital signature, the acknowledgement will be sent to your registered email address. You can also download the ITR V form from the income tax website, sign it, and post it to the Income Tax Department's CPC office in Bangalore. It must reach them within 30 days of filing, according to Cleartax report. Also Read: ITR filing 2025: What happens if you miss filing return before deadline? Key updates in ITR-3 for AY 2025-26 Some major changes highlighted by tax experts while filing this year's ITR-3 include: • Mandatory confirmation for the new tax regime using Form 10-IEA • Capital gains to be reported separately for periods before and after 23 July 2024 • Resident taxpayers need to give separate indexation details • Assets and liabilities must be reported if their total value is ₹1 crore or more • A new section, 44BBC, applies to cruise operators • Dividend income has to be reported in detail • Capital loss from share buybacks has to be shown separately The deadline to file ITR-3 without late fees is expected to follow the regular due dates, unless extended.
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Business Standard
a day ago
- Business
- Business Standard
Man, 75, gets I-T notice for a 10-year-old return: here's what law says
A Reddit user recently posted that his 75-year-old father received an income tax demand linked to a return filed for Assessment Year (AY) 2014, over a decade ago. 'Although it shows demand raised in 2015, the communication was just shared yesterday,' the user wrote, adding, 'Now my father has no idea about the Form 16 and other documents that were submitted 10 years ago.' So can the Income Tax Department reopen old tax filings long after they were settled? What the law says about reopening old ITRs Ritika Nayyar, partner at Singhania & Co, says that under Section 148, reassessment notices can typically be issued within three years. However, 'in cases where the Assessing Officer has evidence of income escaping assessment exceeding Rs 50 lakh, this period extends up to 10 years,' she says. For foreign assets, the period can go up to 16 years, she added. Sonu Jain, chartered accountant and chief risk and compliance officer at 9Point Capital, adds that cases 'involving foreign assets under the Black Money Act can extend even beyond 10 years,' although such instances are rare. Nayyar said that such notices require strict internal approvals and must follow due process, including a show-cause notice. These are not issued routinely and are generally aimed at high-value tax evasion cases. No records? Here is what to do For most taxpayers, accessing decade-old documents like Form 16 can be difficult. Both experts suggest using digital trails like Form 26AS, AIS or even contacting old employers. 'Immediately request the reasons recorded for the reassessment and point out that the demand is time-barred if income doesn't exceed ~50 lakh,' says Nayyar. 'If the officer proceeds, a writ petition in the High Court can be considered.' Jain suggests taxpayers 'ask the I-T department to retrieve records from banks or employers under Section 133(6) if they're unavailable.' Are senior citizens treated differently? While the law doesn't offer specific immunity for senior citizens in such cases, authorities are expected to act with empathy. They may also seek help from Aaykar Seva Kendras, authorised tax representatives, or even request in-person support from local tax offices. If age or health limits digital access, this should be documented clearly when responding to the department. 'Elderly taxpayers can authorise a representative or seek in-person help from local I-T offices,' says Jain. 'Though the law applies uniformly, the department may be more supportive when senior citizens genuinely struggle to retrieve data,' Nayyar adds. Bottom line: Old tax ghosts can return, but you're not powerless. Understand your rights, know the timelines, and respond promptly, especially if the demand lacks justification.
