Page 22 - Latest Updates on Income tax
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
 "Over 60 mn ITR filings processed for assessment year 2023-24: CBDT")
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
 "Missed July 31 deadline for filing ITR? File belated return by December 31")
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
 "ITR filing last date today: Step-by-step guide to filing your returns here")
Last day to file returns: What happens if you miss your ITR deadline today
If you miss the deadline to file your tax returns today, you still have the option to file a belated return until December 31 but you will have to pay a late filing fee.
Weekend Bites: Confidence motion, corporation action, and a cage fight
In which we munch over the week's platter of news and views
 "Weekend Bites: Confidence motion, corporation action, and a cage fight")
Haier offices raided by income tax authorities at multiple locations
Haier India and Income Tax Raids; The raids, conducted on Friday, are in connection to suspected tax evasion case
 "Haier offices raided by income tax authorities at multiple locations")
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
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"
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")