« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  SC refuses to stay AS-22... Court case for directors not filing e-returns... » People scramble to file tax-returns July, 31st 2007 With July coming to an end, taxpayers across the country have joined queues to beat the last date for filing returns. This year the last date for filing income tax returns for the Assessment Year 2007-08 for salaried and non-audit business cases is July 31. Income tax centres in parts of the country announced that they had made arrangements to receive "returns" even on the last weekend. The Income Tax Department's website incometaxindiaefiling.gov.in also now allows for the electronic filing of returns. This site offers a 'return preparation software' that is downloadable, and the chance to "e-file your income-tax returns anytime, anywhere", says the department. Varying forms - ITR-1, ITR-2, ITR-3 and ITR-4 -- have been made available to individuals and Hindu undivided families of diverse categories. "In India, the system of direct taxation as it is known today, has been in force in one form or another even from ancient times," says the Income Tax Department, citing examples from the ancient Indian texts of the Manu Smriti and the Arthasashtra. India's Income Tax Department's history began in 1922, with a law being passed to give a specific nomenclature to various tax authorities. In 1924, Central Board of Revenue Act constituted the board as a statutory body with functional responsibilities for the administration of the then new Income Tax Act. World War II brought unusual profits to businessmen, and from 1940 to 1947, Excess Profits Tax and Business Profits Tax were introduced. In 1953, the Indian Revenue Service was constituted. Over the past few years, tax reforms in India have focussed on lowering of tax rates; withdrawing or reducing major incentives; introducing measures for presumptive taxation; simplification of tax laws (particularly on capital gains) and "widening the tax base".