Page 28 - Latest Updates on Income tax
Adani open offer for additional stake in NDTV starts Oct 17: JM Financial
Open offer for acquiring up to 1.67 crore equity shares will amount to Rs 492.81 crore, if fully subscribed
 "Adani open offer for additional stake in NDTV starts Oct 17: JM Financial")
Address cause of tax refund failure, then request reissuance: Experts
Failure to verify return, incorrect bank address are key reasons for not receiving timely refund
 "Address cause of tax refund failure, then request reissuance: Experts")
Dellhi: I-T Dept conducts survey on Centre for Policy Research
Income Tax sources said that the search is being carried out based on 'credible information' about tax evasion
 "Dellhi: I-T Dept conducts survey on Centre for Policy Research")
Low rate regime: Why corporation tax is a hit but not personal tax?
While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response
 "Low rate regime: Why corporation tax is a hit but not personal tax?")
Experts raise several red flags around section 194R of the Income Tax Act
The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges
 "Experts raise several red flags around section 194R of the Income Tax Act")
Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts
This applies even to transactions with close relatives; penalty can be up to 100% of amount received
 "Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts")
Sometimes, tax is payable on deemed income from unoccupied house
A house owner can claim only up to two properties as self-occupied
Direct tax collection grows 40% driven by personal income tax from Apr-Jul
Personal income tax collection posted a growth of 52% YoY at Rs 2.67 trillion, while corporation tax collection stood at Rs 45,000 crore
 "Direct tax collection grows 40% driven by personal income tax from Apr-Jul")
Top Headlines: BEML to list land holding firm, 5G phones at Rs 10k next yr
BEML will soon list its land holding company on the exchanges after receiving the corporate ministry's approval
 "Top Headlines: BEML to list land holding firm, 5G phones at Rs 10k next yr")
Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt
Social security scheme should reach the poor and underprivileged, says official
 "Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt")
Tax payers can no longer be a part of the Atal Pension Yojana: FinMin
A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money
 "Tax payers can no longer be a part of the Atal Pension Yojana: FinMin")
What is belated ITR filing?
Most of us must have filed the tax return for all our earnings. The last date for filing tax return was July 31. But what if you have missed it? Find out your options now
India's tally of crorepatis at 131,000 as 6,000 new ones added in FY22
There was also a significant rise in number of people who declared their income between Rs 10 lakh and Rs 1 crore, data from the Finance Ministry showed
ITR Filing AY 2022-23: What if you missed the ITR?
Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?
 "ITR Filing AY 2022-23: What if you missed the ITR?")
Over 6.3 mn returns filed till 10 pm on last day: Income Tax department
Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for filing ITR for the 2021-22 fiscal by salaried individuals, the Income Tax department said.
ITR 2021-22: What do you lose if you file a belated income tax return?
Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and filing a belated ITR
ITR 2021-22: Everything you need to know about updated income tax return
In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year
ITR 2021-22: How does a belated income tax return differ from regular one?
Filing your income tax return on time is always the best option. We explain what happens when you file it late
 "ITR 2021-22: How does a belated income tax return differ from regular one?")
Kotak Mahindra Bank completes tech integration with new e-filing portal
With this, Kotak Mahindra Bank becomes one of the first private banks to be fully integrated with the new Income Tax department portal
 "Kotak Mahindra Bank completes tech integration with new e-filing portal")
ITR: 5 common mistakes you should avoid while filing your income tax return
In ITR, taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen