Page 16 - Latest Updates on Income tax
I-T dept expands scope for officers filing appeals, includes TDS disputes
Currently, tax authorities can file appeals before ITAT, High Court and Supreme Court, if the disputed tax demand exceeds Rs 50 lakh, Rs 1 crore and Rs 2 cr respectively -- a threshold fixed in 2019
 "I-T dept expands scope for officers filing appeals, includes TDS disputes")
Income Tax department recovers Rs 73,500 cr in pending dues for FY24
Corporate tax made up Rs 56,000 crore, personal income tax constituted Rs 16,500 crore, and undisclosed income from foreign assets accounted for Rs 50 crore
 "Income Tax department recovers Rs 73,500 cr in pending dues for FY24")
Pay advance tax now: A guide on calculating, filing, and its importance
Have you paid the fourth installment of advance tax? If not, do it now. Here's why
 "Pay advance tax now: A guide on calculating, filing, and its importance")
Last-minute tax planning? Take a look at the best income tax saving schemes
Tax planning is your weapon to dodge tax bullets and boost your bank balance. The Income Tax Act offers numerous opportunities for your investments, savings, and expenses. Take a look at the schemes
 "Last-minute tax planning? Take a look at the best income tax saving schemes")
Tax dept finds inconsistencies in transaction report of market entity
"Hence, the data on AIS (Annual Information Statement) will be updated. Taxpayers are advised to wait for further updates on AIS based on the revised statement," the I-T department said
 "Tax dept finds inconsistencies in transaction report of market entity")
File updated ITR before Mar 31 to reduce risk of scrutiny, penalties
ITR-U can be filed under specific conditions; can't be used to reduce tax liability
 "File updated ITR before Mar 31 to reduce risk of scrutiny, penalties")
I-T dept gives institutions time till Mar 31 to file correct audit reports
Income of any fund or institution or trust or any university or other educational institution or any hospital is exempt from income tax subject to fulfilment of certain conditions
Metropolis Healthcare gets Rs 24 cr income tax demand from Mumbai officials
The actual demand for AY 2023-24 will come to Rs 24.19 crore after adjusting rectification of Rs 27 lakh pertaining to AY 2023-24, company said in a regulatory filing
 "Metropolis Healthcare gets Rs 24 cr income tax demand from Mumbai officials")
I-T dept asks taxpayers to file updated ITRs for AY 2021-22 by March 31
In cases where ITRs for A.Y. 2021-22 have not been filed and the department is in possession of information of specified high value financial transactions, the same also needs to be examined
CBDT identifies mismatches in ITRs, dividend income info from third party
The Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers
 "CBDT identifies mismatches in ITRs, dividend income info from third party")
I-T dept has withdrawn Rs 65 cr from banks 'undemocratically', alleges Cong
Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary
 "I-T dept has withdrawn Rs 65 cr from banks 'undemocratically', alleges Cong")
CBDT sets Rs 1 lakh limit for withdrawal of pending tax demands till AY16
The Central Board of Direct Taxes (CBDT) has issued an order giving effect to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman
Bihar Congress stages protest over freezing of party's bank accounts
Notably, electoral bonds, through which a lion's share of funds is said to have gone to the BJP, were struck down by the Supreme Court last week
 "Bihar Congress stages protest over freezing of party's bank accounts")
Supreme Court allows NewsClick to withdraw plea, approach ITAT for relief
A bench of Justices BV Nagarathna and Augustine George Masih said the ITAT is to hear the matter, including applications for early hearing and interim relief
 "Supreme Court allows NewsClick to withdraw plea, approach ITAT for relief")
On the cards: Automated reconciliation system to plug I-T mismatches
No documents needed; dept won't send notice
 "On the cards: Automated reconciliation system to plug I-T mismatches")
People reporting annual income over Rs 1 cr increase to 216,000 in AY24
Minister of State for Finance Pankaj Chaudhary gave assessment year-wise details of the number of individuals submitting ITR with income of more than Rs 1 crore
How to save money? Here are the 10 ways to save your tax in FY 2023-24
If you are a salaried employee and want to save your money, here are the 10 ways to save your financial tax under Income Tax, 1961
I-T dept collects over Rs 1,260 cr in TDS from online gaming, crypto trade
About Rs 1,080 crore in taxes (under the tax deduction at source head) has been collected from online gaming and around Rs 180 crore through TDS has been mopped up during 2023-24 fiscal
 "I-T dept collects over Rs 1,260 cr in TDS from online gaming, crypto trade")
Tax proposals a mixed bag
Unlike recent Budgets, this year most taxpayers are in for a pleasant surprise with rationalisation of rates and slabs, which reduce the effective tax burden. In balance, it's a mixed bag
Budget: Tax devolution to states seen at 32%, but lags 15th FC advice
The final report of the 15th Finance Commission had recommended the transfer of 41 per cent to the states after Jammu and Kashmir was carved out into two union territories
 "Budget: Tax devolution to states seen at 32%, but lags 15th FC advice")