Page 8 - Income Tax Filing

Tax law on assets abroad; heat shield at home: Top personal finance stories

This week we write about how to file tax returns for investments or income in foreign countries

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.

Fix mismatches between Form 26AS and 16 before income tax filing

Form 26AS is a consolidated tax statement showing taxes deducted, tax credits, income sources, and tax deducted at source (TDS) and tax collected at source (TCS)

Zero electricity bill, tax tweaks: Govt's 100-day agenda, budget wish list

From a long-term perspective, however, the focus, Mirae Asset said, would be on infrastructure development, farm laws, skill development, and creating employment

ITR-3 2024: New online, offline & Excel utilities! Step-by-step guide

The Income Tax department has made filing your ITR-3 easier than ever by offering three ways to do it! This gives you the flexibility to choose the method that best suits your needs.

Don't fall for fake notices! How to verify your income tax communication

Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.

WATCH: Sitharaman's viral reply on broker's tough question on tax burden

During a BSE event held in Mumbai on Tuesday, Finance Minister Nirmala Sitharaman faced tough questions from a stockbroker on the heavy taxation regime in India

Explained: Taxpayers now have access to a new AIS feature for info tracking

Previously, there was limited transparency regarding whether the information reported by these institutions was accurate and accepted by the Income Tax department. This new feature bridges that gap.

Deposited over Rs 10 lakh in cash in your account? You can get I-T notice

Cash deposits or withdrawals exceeding Rs 10 lakh (1 million) in a year in a savings account (except current accounts and fixed deposits) require reporting to the Income Tax department.

CBDT issues FY25 interim action plan to ensure quick disposal of appeals

The income tax department has come out with an interim action plan for 2024-25 fiscal year, which include identification of potential cases of prosecution, wherein there is short-payment of TDS and faster disposal of appeals. The action plan also stipulates timeline for approval of refunds, identification of cases where seized assets are due for release and release the same by June 30, 2024. It also called for finalisation of compounding proposals pending as on March 31, 2024, and disposal of at least 150 appeals by June 30. Priority should be given to disposal of the appeals filed prior to April 1, 2020, followed by disposal of appeals filed after April 1, 2020, it said. AKM Global, Partner- Tax, Sandeep Sehgal said the Central Board of Direct Taxes (CBDT) has unveiled its interim action plan for FY 2024-25, marking a significant stride towards enhancing tax administration efficiency. Immediate measures have been initiated to address grievances through e-Nivaran and CPGRAM platfo

Factor in income, deductions, investments when deciding tax regime

If you have significant deductible investments, the old regime could save you more money, but crunch the numbers

Think beyond 80C: Last-minute tax-saving hacks for you

Repaying the principal amount on your home loan comes with tax benefits. Every rupee you pay towards the principal reduces your taxable income.

Income tax allowances, deductions allowed for individuals in old tax regime

From house rent to donation to a political party, individuals can claim tax saving through several options

Exemptions to rebates: Differences between old and new tax regime

Taxpayers are given a choice to choose between the old and new tax regimes

ITR-1, Sahaj: A simple guide to filing tax form for a financial year

Eligible taxpayers filing using this form typically derive income from various sources, including salary

Form 12BB: Know the rules for investment declaration tool used to save tax

Form 12BB plays a crucial role in streamlining the process of claiming tax deductions for employees

Use ITR 2 or 3? Be prepared to make more disclosures while filing return

Contributed funds to a political party? Have gains from cryptos? The taxman wants more details

5.6 mn updated ITRs filed, Rs 4,600 cr taxes mopped up in 2 yrs: CBDT

The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that," Gupta said. The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. Gupta said the move would ..

Budget 2024: Here's what FM Nirmala Sitharaman said about income tax

Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year

SC to see if nuns, priests working as teachers entitled for I-T exemption

The Supreme Court has agreed to examine an important legal question whether nuns and priests, working as teachers in government-aided Christian missionary schools, are entitled to income tax exemption. A bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra on Thursday took note of the submissions of senior advocate Arvind Datar that the plea of several dioceses and congregations from Tamil Nadu and Kerala on the issue needed an urgent hearing. The bench agreed to consider listing the plea, which raised the issue whether the income of nuns and priests, working as teachers, can be subjected to income tax. In December, 2014, the Income Tax department asked the educational authorities to effect TDS (tax deducted at source) from persons working as teachers. The appeals have been filed in the top court after the high courts did not agree to the challenge raised by nearly 100 dioceses and congregations from Tamil Nadu and Kerala. The plea said the inco