Page 19 - Latest Updates on Income tax
Income tax officers visit factory, Bengaluru office of China's Lenovo
The officials inspected laptops of Lenovo employees during the visit, one of the sources said. They also tried to contact Lenovo's senior management during and after the visit as part of the inquirY
 "Income tax officers visit factory, Bengaluru office of China's Lenovo")
I-T dept extends ITR filing deadline for charitable trusts till Nov 30
Also, the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended
 "I-T dept extends ITR filing deadline for charitable trusts till Nov 30")
Govt extends deadline for filing tax returns by companies, audit reports
The due date for furnishing audit reports by companies who need to get their accounts audited has been extended by one month till October 31
 "Govt extends deadline for filing tax returns by companies, audit reports")
IDFC First Bank's MD and CEO V Vaidyanathan to raise stake in bank
GQG Partners acquires shares of IDFC First Bank through block deal
 "IDFC First Bank's MD and CEO V Vaidyanathan to raise stake in bank")
Tata Comm moves ITAT against Rs 228.49 cr TDS order by Income Tax Dept
The Commissioner of Income-tax (Appeals), Mumbai, passed orders received by the company on September 07, 2023 deciding the appeals against the company
 "Tata Comm moves ITAT against Rs 228.49 cr TDS order by Income Tax Dept")
Ashneer Grover calls out officials for asking for ITR of shareholders
Ashneer Grover asked the finance ministry to look into the Income Tax Department's practice of asking for details of the ITRs of shareholders
 "Ashneer Grover calls out officials for asking for ITR of shareholders")
Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT
CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened
 "Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT")
Over 60 mn ITR filings processed for assessment year 2023-24: CBDT
Of the total ITRs filed, about 14 lakh are yet to be verified by taxpayers while the department has sought further information from another 12 lakh taxpayers
Around 500,000 taxpayers get I-T department alert for low advance tax
'Intimation' comes ahead of tax payment due date
 "Around 500,000 taxpayers get I-T department alert for low advance tax")
CBDT signs 95 APAs in 2022-23, highest ever since launch in 2012
The Income Tax department has signed 95 advance pricing agreements (APA) in 2022-23 -- the highest ever in any financial year since its launch in 2012
 "CBDT signs 95 APAs in 2022-23, highest ever since launch in 2012")
Sec 54 benefit gets forfeited unless taxpayer meets multiple criteria
An ITAT ruling has clarified seller can commit to buy new house much before selling old one
 "Sec 54 benefit gets forfeited unless taxpayer meets multiple criteria")
Explained: How to structure your salary to reduce your tax burden
When an employer when employees a person, he specifies his cost to the company (C.T.C). It means that the organization is going to spend that much amount per year to employ that person
 "Explained: How to structure your salary to reduce your tax burden")
Missed July 31 deadline for filing ITR? File belated return by December 31
But you will have to pay a late fee, interest, and won't be able to carry forward business and capital losses
Doing a second job? You may be under I-T department's lens for moonlighting
In the first phase, I-T department has sent notices to people with an average undeclared payment between Rs 5 lakh and Rs 10 lakh
 "Doing a second job? You may be under I-T department's lens for moonlighting")
Individuals reporting annual income of above Rs 1 cr doubles in 2 yrs
Individuals reporting annual total income of over Rs one crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed
 "Individuals reporting annual income of above Rs 1 cr doubles in 2 yrs")
I-T dept to hire 50 young law, accountancy graduates for better litigation
The Income Tax Department has decided to temporarily hire 50 young law and chartered accountancy graduates who will aid and augment departmental officers
 "I-T dept to hire 50 young law, accountancy graduates for better litigation")
We changed perception tax paid by citizens is squandered in corruption: PM
PM Modi asserted that his govt has changed the perception that the tax paid by citizens is squandered in corruption and said the 16 per cent increase in the number of people filing income tax returns
 "We changed perception tax paid by citizens is squandered in corruption: PM")
Top headlines: Fitch cuts US credit rating, corporation tax mop-up slips
Business Standard brings you the top headlines at this hour
 "Top headlines: Fitch cuts US credit rating, corporation tax mop-up slips")
Record 67.7 million ITRs for AY 2023-24 filed till July 31: I-T department
July 31 was the last date for filing income tax returns by salaried taxpayers
 "Record 67.7 million ITRs for AY 2023-24 filed till July 31: I-T department")
ITR filing last date today: Step-by-step guide to filing your returns here
Today is the last day to file your ITR for FY23 or AY24. Check how to file it here and what happens if you fail to meet the deadline