Page 5 - Income Tax Collection

Tech flaws in I-T system target honest taxpayers, miss real evaders

The DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments

Lesser settlement amounts for those who file tax declaration by Dec 31

The Income Tax Department on Saturday said it has notified dispute resolution scheme Vivad Se Vishwas scheme 2.0 that provides for lesser settlement amounts for taxpayers who file declaration on or before December 31, 2024, in comparison to those who file thereafter. Finance Minister Nirmala Sitharaman in her budget speech, announced the Direct Tax Vivad Se Vishwas Scheme 2024 to resolve pending appeals in the case of income tax disputes. The scheme shall come into force with effect from October 1, 2024. Further, the Rules and Forms for enabling the Scheme have also been notified. The Scheme provides for lesser settlement amounts for a 'new appellant' in comparison to an 'old appellant'. The Scheme also provides for lesser settlement amounts for taxpayers who file declaration on or before 31.12.2024 in comparison to those who file thereafter, the Central Board of Direct Taxes (CBDT) said in a statement. Four separate Forms have been notified - Form-1: Form for filing declaration and

Explained: Are details of income-tax return filings confidential?

Experts cited that disclosing an individual's income tax returns constitutes a violation of their fundamental right to privacy as recognized by the Indian Constitution

Market regulator Sebi search-and-seizure operations jump 2x in FY24

Locations outside metros also see action in FY24

No need for tax clearance certificate for most travelling abroad: CBDT

Only specific cases are required Income-tax Clearance Certificate, clarifies the Central Board of Direct Taxes

Net direct tax collection rises 22.5% to Rs 6.93 trillion till Aug 11

Of the total direct tax mop-up, personal income tax (PIT) continues to outpace corporation income tax (CIT)

New income-tax regime: Small savings schemes likely to take a hit

Especially, PPF may see a sharp decline in inflows

Record 72.8 million ITRs filed till Jul 31 deadline, says I-T department

About 5.9 million were first-time filers, reflecting widening of the tax base

Filing belated ITR, balancing investment risk: Top personal finance stories

This week we write about how you can file tax returns after deadline and why investors must temper their market expectations

Last-minute tax filing: Follow this checklist to avoid errors, oversights

Here's a guide to help you complete your ITR on time

Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept

The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds. The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed, as of July 26. In a recent public communication, the Income Tax Department asked taxpayers to file their returns correctly to get timely refunds. "Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said. It cautioned ITR filing taxpayers to not claim "incorrect" Tax Deducted at So

People are opting, and seeing value in new tax regime: CBDT Chairman

In a conversation, the chief of the direct tax apex body said that extension of the 15 per cent concessional rate depend on how the companies utilising the benefit

End of angel tax to new I-T slabs: Budget 2024 is political but prudent

This Budget will further energise the aspirations of our neo-middle class. Unprecedented opportunities will be unleashed for our younger generation, says PM Modi

Cut in LPG prices to revision of tax slabs: Expectations from Budget 2024

All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy

In tax records, the marked rise of companies reporting zero income

Fewer than 1,000 firms have reported income of more than Rs 500 crore

Cipla receives additional Rs 773.44 crore tax demand from income tax office

Cipla's share price declined by 0.56 per cent, ending the day's trade at Rs 1,507.50 apiece on the BSE

GSTN rolls out form for tobacco manufacturers to report inputs, outputs

The GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers. "The second form namely Form GST SRM-II is also available on the portal. Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month," GSTN said in an update to its taxpayers on June 7. Moore Singhi Executive Director Rajat Mohan said the newly available Form GST SRM-II requires detailed monthly reporting of inputs and outputs. "This form aims to enhance transparency and accountability in the manufacturing process of Pan Masala and Tobacco products. Taxpayers must meticulously document their procurement and consumption of inputs to avoid any discrepancies and ensure accura

Income tax department imposes penalty of over Rs 4.68 crore on L&T

The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro Ltd, according to a regulatory filing. The department levied a penalty of Rs 4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary, which was merged with the company on April 1, 2021, L&T said in the filing on Saturday. "Pursuant to the income tax assessment of the company and consequent adjustment in the returned income for the Assessment Year 2020-21, a penalty is levied on such adjustment to the returned income," it said. However, the conglomerate said it will file an appeal against this order as it "does not agree with this levy" and expects a favourable outcome at the higher forum. L&T is a USD 27 billion Indian multinational enterprise engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services, operating across multiple geographies.

June brings new finance related rules: Key changes you should know

As June begins, several finance related changes are set to take place from tomorrow. Check latest updates on major changes and key deadlines on policies that may impact your finance journey

Link PAN with Aadhaar by May 31 to avoid higher TDS deduction: I-T dept

The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31. "Please link your PAN with Aadhaar before May 31, 2024, if you haven't already, in order to avoid tax deduction at a higher rate," the department posted on X. In a separate post, the I-T department asked reporting entities, including banks, forex dealers, to file SFT by May 31 to avoid penalties. "The deadline to file SFT (Statement of Specified Financial Transactions) is May 31, 2024. Avoid penalties by filing accurately and on time," the department said. The reporting entities which are required to file SFT return