Page 3 - Income Tax Return

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.

Record 65 mn ITRs for 2022-23 filed, filing to go on till midnight

Over 6.13 crore tax returns for income earned in 2022-23 has been filed so far, as the last date for ITR filing by salaried persons and entities which are not required to get their accounts audited ends Monday midnight. "6.13 crore #ITRs have been filed till yesterday (30th July). 11.03 lakh ITRs have been filed upto 12 noon today (31st July)," the Income Tax department tweeted. Last year, about 5.83 crore income tax returns were filed till July 31. The I-T department asked filers to connect on orm@cpc.incometax.gov.in if they need any assistance.

Don't agree with a tax notice? You should respond through I-T portal

Act promptly or else the tax department could confirm the tax due and impose an additional penalty

Last day to file returns: What happens if you miss your ITR deadline today

If you miss the deadline to file your tax returns today, you still have the option to file a belated return until December 31 but you will have to pay a late filing fee.

Over 50 million income tax returns filed till July 27; 88% e-verified

The department reached the milestone of 50 million ITRs on July 27, three days earlier this year, compared to the preceding year

Filing ITR? Don't forget to declare your income from other sources

Income from other sources includes earnings from freelance work, investments, rental properties, or any additional ventures.

Freelancer or Consultant? Here's how to file Income Tax Return in India

Are you a consultant or freelancer? If so, hope you're aware that your process of filing an income tax return is different from that of a salaried employee. >

What is form 26AS and AIS? Which is more important in filing tax returns?

While they serve different purposes, understanding their differences and significance is crucial for accurate tax compliance.

Explained: How consultants and freelancers can file their ITR

There are less than two weeks for filing your income tax returns. If somebody is working as a consultant or a freelancer, then the process of ITR applied is different

Filing ITR for crypto gains: Here's your guide on taxation for VDAs

All cryptocurrency purchases, sales, and transactions are subject to a 30% capital gains tax on profits, with no provisions for reduced rates or deductions under Section 115BBH.