Page 20 - Latest Updates on Income tax
Use of multiple PAN cards for weddings, IVF under scrutiny of I-T officials
Transactions need greater scrutiny as the board has noticed rampant circumvention, according to CBDT's plan
 "Use of multiple PAN cards for weddings, IVF under scrutiny of I-T officials")
Over 40 mn ITRs filed for FY23 so far, 8 mn refund issued: CBDT chief
"This collection "surpassed" both the budget and revised estimates set by the government for revenue collections under the direct taxes category and this is a testament of the hard work of our cadre"
 "Over 40 mn ITRs filed for FY23 so far, 8 mn refund issued: CBDT chief")
100,000 tax notices to be disposed of by March: FM Nirmala Sitharaman
Notices served in past years for misreporting
 "100,000 tax notices to be disposed of by March: FM Nirmala Sitharaman")
74 mn ITRs filed in FY'23, over 51.6 mn declared zero tax liability: FM
As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase
 "74 mn ITRs filed in FY'23, over 51.6 mn declared zero tax liability: FM")
Changing face of direct taxes: Transformation over a decade
A paradigm shift has been brought in the way the income tax department has been dealing with the taxpayers
Over 30 mn income tax returns filed so far, 91% verified electronically
The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year
 "Over 30 mn income tax returns filed so far, 91% verified electronically")
Filing ITR? Don't forget to declare your income from other sources
Income from other sources includes earnings from freelance work, investments, rental properties, or any additional ventures.
 "Filing ITR? Don't forget to declare your income from other sources")
What is form 26AS and AIS? Which is more important in filing tax returns?
While they serve different purposes, understanding their differences and significance is crucial for accurate tax compliance.
Explained: How consultants and freelancers can file their ITR
There are less than two weeks for filing your income tax returns. If somebody is working as a consultant or a freelancer, then the process of ITR applied is different
 "Explained: How consultants and freelancers can file their ITR")
FM says no income tax up to Rs 7.27 lakh per annum under new tax regime
The skepticism was about what will happen to those earnings little more than Rs 7 lakh, she noted
 "FM says no income tax up to Rs 7.27 lakh per annum under new tax regime")
Filing ITR for crypto gains: Here's your guide on taxation for VDAs
All cryptocurrency purchases, sales, and transactions are subject to a 30% capital gains tax on profits, with no provisions for reduced rates or deductions under Section 115BBH.
Income tax return: What is NIL ITR? Who is eligible, what are the benefits
A Nil ITR refers to an income tax return where there is no tax liability on the taxpayer.
 "Income tax return: What is NIL ITR? Who is eligible, what are the benefits")
Over 2 cr income tax returns filed so far for assessment year 2023-24
Over 2 crore income tax returns (ITRs) have been filed so far this year for the assessment year 2023-24
 "Over 2 cr income tax returns filed so far for assessment year 2023-24")
I-T dept has taken many initiatives to ensure ease of compliance: Official
Principal Chief Commissioner of Income Tax, Andhra Pradesh and Telangana, Mita Madhusmita was addressing a press conference on the 'Issue of Suspicious Refunds' being claimed by certain Taxpayers'
Check Form 26AS, reconcile with Form 16 before you file your tax return
Claiming excess tax credit in your return could trigger a notice from the tax authorities
Everything you need to know about ITR refunds for AY 2022-2023
In order to seek tax refund, the assessee has to file ITR in the prescribed form for the relevant assessment year and refund (if any) will be automatically calculated.
I-T department lens on 50-60 reporting entities for non-compliance
SOP for reporting on overseas account holders in the works
 "I-T department lens on 50-60 reporting entities for non-compliance")
GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims
The chief of the Central Board of Indirect Taxes and Customs (CBIC) flagged that only 40 per cent of the corporate income taxpayer base is registered under Goods and Services Tax (GST)
 "GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims")
I-T dept finds discrepancies in SFT reports filed by certain banks
The Income Tax Department on Friday said it has found discrepancies in Statement of Specified Financial Transaction (SFT) reports filed by some banks with regard to high value financial transactions
I-T dept launches tax-evasion probe against social media influencers
The income-tax department has launched a probe against certain social media influencers and content creators on platforms like YouTube and Instagram for allegedly not showing their income and profits
 "I-T dept launches tax-evasion probe against social media influencers")