Page 37 - Latest Updates on Income tax
Over 20 million I-T returns filed on new portal; many glitches rectified
Infosys has been asked to address issues linked to complex filings
 "Over 20 million I-T returns filed on new portal; many glitches rectified")
I-T dept detects Rs 550-cr hidden income after raids on Hetero pharma group
The searches have also resulted in seizure of unexplained cash amounting to Rs 142.87 cr
 "I-T dept detects Rs 550-cr hidden income after raids on Hetero pharma group")
I-T conducts raids against Maharashtra deputy CM Pawar's family, realtors
The Income Tax Department raided some businesses linked to family members of Maharashtra deputy chief minister Ajit Pawar and some real estate developers on charges of alleged tax evasion
 "I-T conducts raids against Maharashtra deputy CM Pawar's family, realtors")
Top headlines: IPO filing hits century, Grasim gets Rs 8,334 cr tax demand
Millennials becoming largest consumer group for hotels, the hurdles in Adani's green dreams, and other top headlines of the day
 "Top headlines: IPO filing hits century, Grasim gets Rs 8,334 cr tax demand")
Grasim Industries gets Rs 8,334-crore income tax demand
Grasim Industries Ltd on Friday said the income tax department has raised a demand of Rs 8,334 crore on the company as capital gains tax with regard to sale of shares in a group firm
 "Grasim Industries gets Rs 8,334-crore income tax demand")
Income tax refunds of Rs 80,086 cr issued during this fiscal: CBDT
This figure includes income tax refunds of Rs 19,699 crore in 47,53,254 cases and corporate tax refunds of Rs 60,387 crore in 1,63,021 cases
 "Income tax refunds of Rs 80,086 cr issued during this fiscal: CBDT")
Income tax dept detects blackmoney abroad after raids on textile group
The CBDT has claimed that the Income Tax Department has detected black money worth crores stashed abroad after it raided a leading business group involved in manufacture of textile and filament yarn.
 "Income tax dept detects blackmoney abroad after raids on textile group")
Every rupee in my foundation awaiting its turn to save a life: Sonu Sood
Every rupee in his foundation is awaiting its turn to be used to reach the needy and save precious lives, actor Sonu Sood said in a statement on Monday
 "Every rupee in my foundation awaiting its turn to save a life: Sonu Sood")
Chipping away at EPFO's benefits
If the Centre only enforces mobility between the EPFO and NPS, the subscribers will settle the argument by voting with their feet
 "Chipping away at EPFO's benefits")
Taxpayers still need to pay interest despite extension of filing dates
Taxpayers may still be required to pay additional interest at the rate of 1 per cent per month despite filing the return in the extended period in case the balance tax payable exceeds Rs 1 lakh
IT dept widens probe against actor Sonu Sood; searches multiple premises
The Income Tax Department has widened its tax evasion probe against actor Sonu Sood as it raided multiple premises in Mumbai, Nagpur and Jaipur on Friday, official sources said.
I-T portal continues to face glitches; deadline to Infosys draws to a close
The new income tax e-filing portal, which was unveiled with much fanfare, is not completely glitch-free even as the deadline set by the government for Infosys to fix the problems expired on Wednesday.
 "I-T portal continues to face glitches; deadline to Infosys draws to a close")
Loss-making PSUs more attractive for buyers after income tax tweak
Investor must retain at least 51% stake to take the benefit
 "Loss-making PSUs more attractive for buyers after income tax tweak")
ITR filing extension: No relief to taxpayers on interest liability
ITR filing has increased to 320,000 daily in September 2021
Things to keep in mind while filing your income tax return this year
Ensure you file your returns ahead of time, in case you need to make changes
 "Things to keep in mind while filing your income tax return this year")
Probe attempt to stifle independent journalism: Newslaundry, Newsclick
Online news platform Newslaundry on Saturday said it does business "honestly and with integrity"
 "Probe attempt to stifle independent journalism: Newslaundry, Newsclick")
Strategic divestment to get tax deduction for previous losses
However, this relaxation would cease to exist after the private company stops holding 51 per cent in the erstwhile public sector company after strategic disinvestment
 "Strategic divestment to get tax deduction for previous losses")
I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses
As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling
 "I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses")
Income tax portal's tech issues being progressively addressed: CBDT
The income tax department on Wednesday said a number of technical issues on the new ITR portal are being progressively addressed and 1.19 crore ITRs for 2020-21 fiscal year have been filed so far.
 "Income tax portal's tech issues being progressively addressed: CBDT")
Top headlines: Cairn makes peace with India; Sebi to speed up settlements
Business Standard brings you the top headlines of the day
 "Top headlines: Cairn makes peace with India; Sebi to speed up settlements")