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Tag: CBDT

I-T department working on pre-filled income tax return forms: CBDT

I-T department working on pre-filled income tax return forms: CBDT

Finance
NEW DELHI: Income tax payers will soon get pre-filled ITR forms that will make the process of filing returns easier, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has said. The tax department is working on the pre-filled income tax return (ITR) forms which would be based on tax deducted at source (TDS) details filed with the department by the employer or any other entity. "You will be getting a pre-filled return form on which we are working because your TDS is with us. So, we are moving towards that direction. "We want to make it (processing of return form) very fast, maybe in a day or a week. That system is also under preparation and it may take a year or so. So that you get a pre-filled form, and you can justify that form is correct. We will accept it," Chandra said. He sa...
CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

Finance
NEW DELHI: The government today extended by a fortnight till October 31 the deadline for filing Income Tax return (ITR) and audit report for financial year 2017-18. This is the second extension within a fortnight of the Central Board of Direct Taxes (CBDT), earlier extending the deadline for tax payers whose accounts have to be audited from September 30 to October 15. Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws, etc. Taxpayers with turnover exceeding Rs 1 crore in business (not opted for presumptive taxation scheme) or whose gross professional income is over Rs 50 lakh need to get a tax audit done. Tax audit report needs to be filed on or before the 30 September of the subse...