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The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and this form is a part of the filing process as specified by the Government of India. The due date for filing return with the Income Tax Department of India is 31 July every year.
Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws. On 22 November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961. Arbind Modi, Member, Central Board of Direct Taxes (CBDT), will lead a six-member panel.
FY2021-22 was an uneventful year for the New Tax Regime as no new changes were announced except the relaxation of Income Tax filing for senior citizens over 75 years. [26] The government's tax policy for the near future was clearly outlined which indicated that all tax breaks will be gradually eliminated while maintaining a low tax rate.
January 14: The IRS Free File opened to the public on this date, when taxpayers began filing their returns through the third-party partners of the IRS Free File program. Tax returns would only ...
For taxpayers this year filing their 2022 tax returns, any charitable contributions must be itemized using the Schedule A form to get a deduction. That’s a big change from the last two years ...
However, in 2022, the IRS pushed back the deadline for filing 2021 tax returns and for paying taxes owed because of the Emancipation Day holiday in Washington, D.C.
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