Page 3 - Income Tax Return

ITR filing deadline on July 31: Extension uncertain; all you need to know

ITR filing deadline: The income tax department, in a post on X, urged taxpayers to file ITR at the earliest to avoid last-minute rush

ITR filing: How to correct errors in your ITR using discard ITR feature

The Discard ITR option acts as a delete option for income tax returns that have been filed but are waiting for verification

I-T dept says changes in capital gains tax to promote ease of compliance

The income tax department on Wednesday issued a FAQ on changes in the capital gains tax saying the idea behind it was to simplify the tax structure and promote ease of compliance. The holding period for various asset classes for the purpose of short- and long-term capital gains tax has been rationalised. The holding period of all listed assets will be now one year for the purpose of long-term capital gains tax (LTCG). Therefore, for listed units of business trusts (ReITs, InVITs) holding period is reduced from 36 months to 12 months. The holding period of gold, unlisted securities (other than unlisted shares) is also reduced from 36 months to 24 months for calculating LTCG. The holding period of immovable property and unlisted shares remains the same as earlier i.e. 24 months. "Simplification of any tax structure has benefits of ease of compliance viz computation, filing, maintenance of records. This also removes the differential rates for various classes of assets," the income tax

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

Error-free tax return, luxury concierge firms: Top personal finance stories

This week we report about common mistakes people make in their tax filing and how India's richest use personalised concierge services

Income Tax return filing: Is dividend from shares or mutual fund taxed?

A resident individual receiving dividends whose estimated annual income is below the exemption limit can submit Form 15G paying dividend

How to obtain Form 16A: Your guide to downloading TDS certificates

Form 16A is issued by an employer or deductor in a financial year

Budget 2024: Standard deduction for salaried persons may rise to Rs 1 lakh

Budget 2024: Under the Indian taxation laws, the standard deduction is a provision for the salaried employees and taxpayers receiving a pension

Tax deadline: Who should file ITR early and not wait till May 31

Filing taxes closer to the deadline allows individuals to assess their financial situation more accurately

Taxpayers will need 100 yrs to match richest candidate's annual earnings

Income disparity seen across state and national figures

Zomato gets service tax demand and penalty order of Rs 184 cr

Online food delivery platform Zomato said it has received a service tax demand and penalty order aggregating over Rs 184 crore, and will file an appeal against it before an appropriate authority. The demand order has been received for non-payment of service tax for the period October 2014 to June 2017 determined on the basis of certain sales made by the foreign subsidiaries and branches of the company to its customers located outside India, the company said in a late night regulatory filing. The company also mentioned that in its response to the show cause notice it had clarified on the allegations along with supporting documents and judicial precedents, "which appears to not have been appreciated by the authorities while passing the order." Subsequently, the company said it received the order passed by the Delhi Central Tax Commissioner (Adjudication) on April 1. "The company has received an order for the period October 2014 to June 2017 passed by the Commissioner, Adjudication, .

'BJP engaging in tax terrorism': Congress on Rs 1,700 crore I-T notice

'The BJP is engaged in tax terrorism and efforts are being made to financially cripple the Congress,' Congress leader Jairam Ramesh on Friday

IFSCA may allow Indian listed firms to launch QIP, tax sops for listing

Suggests tax sops for direct listing

63% opted for old tax regime in FY24, PPF and ULIP top saving tools: survey

When asked about the reason for the choice of the old tax regime, 43 per cent of taxpayers cited lower tax liability as the primary reason

CBIC issues 33,000 notices for GST return discrepancies in FY18, FY19

Central tax officers have sent around 33,000 GST notices to businesses for discrepancies in returns filed and short payment of taxes in 2017-18 and 2018-19 financial years, a CBIC official said on Wednesday. The National Co-ordination Committee of the State and Central GST officers, chaired by the Revenue Secretary, is likely to be held by the end of this month or early January, which among other things would also sensitise tax officers regarding issuance of notices, the official said. Speaking at the Assocham National Conference on GST, Central Board of Indirect Taxes and Customs (CBIC) Member-GST Shashank Priya said the notices sent for 2017-18 and 2018-19 were a "small percentage" of the total returns filed for the two fiscal years. He said the bunching up of demand notices was also on account of extension in the deadline given to taxpayers for filing annual returns for the two years. Goods and Services Tax (GST) was rolled out on July 1, 2017. The last date for filing annual ..

Income Tax Calendar 2023: Important dates for taxpayers in November

There are some important dates for all the income taxpayers who need to remember these dates to avoid the potential consequences

Record number of over 7.85 cr I-T returns filed till Oct 31: CBDT data

The Income Tax Department appreciated taxpayers and tax professionals for on-time compliance, resulting in a record number of filing of Income Tax Returns (ITRs) till October 31

Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT

CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened

Income Tax Return (ITR) status: Steps to check IT Refund status online

There is no specific date for getting your Income tax refund. However, if the IT discovers any inconsistencies in your assessment, it may take longer than usual, anywhere from a week to 10 days

Don't forget to verify your income tax return in August: Here's the process

An ITR return needs to be verified within 120 days of filing of tax return.