Page 19 - Income Tax

Record 67.7 million ITRs for AY 2023-24 filed till July 31: I-T department

July 31 was the last date for filing income tax returns by salaried taxpayers

Avoid these common errors in self-assessment tax calculation

Calculating self-assessment tax accurately is crucial when filing your Income Tax Return. Watch the video to know what common errors to avoid during the process.

ITR filing last date today: Step-by-step guide to filing your returns here

Today is the last day to file your ITR for FY23 or AY24. Check how to file it here and what happens if you fail to meet the deadline

Weekend Bites: Confidence motion, corporation action, and a cage fight

In which we munch over the week's platter of news and views

Use of multiple PAN cards for weddings, IVF under scrutiny of I-T officials

Transactions need greater scrutiny as the board has noticed rampant circumvention, according to CBDT's plan

Over 40 mn ITRs filed for FY23 so far, 8 mn refund issued: CBDT chief

More than four crore income tax returns (ITRs) have been filed so far for fiscal 2022-23 and more than half of them have been processed leading to issuance of 80 lakh refunds, CBDT chairperson Nitin Gupta said on Monday. Gupta also said that the "shortage of manpower (in the department) at every level was impeding our efforts to give even better results" as he urged the Union finance minister for a "quick approval" of the department's cadre restructuring proposal. He was speaking at an event held here to mark the 164th Income Tax Day. The Central Board of Direct Taxes (CBDT) is the administrative authority for the I-T department. Gupta said the direct tax collection, that includes personal income tax and corporate tax among others, has been making "remarkable" strides as the department collected more than Rs 16.61 lakh crore in taxes during 2022-23 fiscal and this was 17.67 per cent higher as compared to the preceding year. This collection "surpassed" both the budget and revised .

100,000 tax notices to be disposed of by March: FM Nirmala Sitharaman

Notices served in past years for misreporting, non-filing of returns for income above Rs 50 lakh

74 mn ITRs filed in FY'23, over 51.6 mn declared zero tax liability: FM

Number of entities, including individuals, who filed income tax returns increased by 6.18 per cent in 2022-23 to over 7.40 crore, of which about 5.16 crore declared zero tax liability, Finance Minister Nirmala Sitharaman said on Monday. "There has been a 6.18 per cent increase in the number of persons filing Income Tax Returns in F.Y. 2022-23 as compared to persons in F.Y. 2021-22," she said in the Lok Sabha. India's gross direct tax collection grew 20.33 per cent to over Rs 19.68 lakh crore in 2022-23 fiscal. As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase. Over 7.40 crore ITRs were filed in 2022-23, of which over 5.16 crore had zero tax liability. Similarly, for 2021-22 fiscal, over 6.94 crore ITRs were filed, of which over 5.05 crore had zero tax liability. Over 6.72 crore and 6.47 crore ITRs were filed in 2020-21 and 2019-20 fiscal years. Of this, over 4.84 crore and 2.90

Changing face of direct taxes: Transformation over a decade

A paradigm shift has been brought in the way the income tax department has been dealing with the taxpayers

Over 30 mn income tax returns filed so far, 91% verified electronically

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed," the I-T department tweeted. The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year.

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. >

FM says no income tax up to Rs 7.27 lakh per annum under new tax regime

Finance Minister Nirmala Sitharaman on Friday said the Narendra Modi government has provided several tax benefits to middle class people, including income tax exemption for those earnings up to Rs 7.27 lakh per annum. Asserting that no section of the society has been left out by the government, she mentioned about skepticism in certain quarters when it was decided to provide income tax exemption for those earnings up to Rs 7 lakh in the Union Budget for 2023-24. The skepticism was about what will happen to those earnings little more than Rs 7 lakh, she noted. "So, we sat as a team and went into the details (to find out) at what stage you pay tax for every additional Re 1 you earn... (for instance) for Rs 7.27 lakh, you don't pay any tax now. It is only at Rs 27,000 that the break even comes. After that you start paying tax. "You have a standard deduction of Rs 50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now. We have brought

Over 2 cr income tax returns filed so far for assessment year 2023-24

Over 2 crore income tax returns (ITRs) have been filed so far this year for the assessment year 2023-24. In a tweet Income Tax department said over 2 crore ITRs for AY 2023-24 have already been filed till July 11, this year, as compared to 2 crore ITRs filed till July 20, last year. "...taxpayers have helped us reach the 2 crore milestone 9 days early this year, compared to the corresponding period in the preceding year..." the I-T department tweeted. The tax department also urged those, who haven't filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush.

I-T dept has taken many initiatives to ensure ease of compliance: Official

Principal Chief Commissioner of Income Tax, Andhra Pradesh and Telangana, Mita Madhusmita was addressing a press conference on the 'Issue of Suspicious Refunds' being claimed by certain Taxpayers'

Check Form 26AS, reconcile with Form 16 before you file your tax return

Claiming excess tax credit in your return could trigger a notice from the tax authorities

I-T department lens on 50-60 reporting entities for non-compliance

SOP for reporting on overseas account holders in the works

GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims

GST officers have busted 304 syndicates involving 9,000 fake GSTINs and input tax credit (ITC) claims of Rs 25,000 crore in the ongoing drive against bogus firms, CBIC chairman Vivek Johri said on Saturday. The chief of the Central Board of Indirect Taxes and Customs (CBIC) flagged that only 40 per cent of the corporate income taxpayer base is registered under Goods and Services Tax (GST). Currently, 1.39 lakh businesses are registered under GST, launched 6 years ago on July 1, 2017. Speaking at the GST Day 2023 event here, Johri appealed to the business to get registered under GST and said the department is conducting an outreach programme to make businesses aware of the benefits of GST. The Centre and state tax officers are conducting a special two-month drive to identify fake businesses registered under GST for the purpose of claiming ITC fraudulently and defrauding the exchequer. In the ongoing drive, officers have identified 304 syndicates involving 9,000 fake GSTINs (GST ...

I-T dept finds discrepancies in SFT reports filed by certain banks

The Income Tax Department on Friday said it has found discrepancies in Statement of Specified Financial Transaction (SFT) reports filed by some banks with regard to high value financial transactions. Under SFT, specified institutions are required to furnish the details of certain financial transactions or any reportable account maintained by them during the year. The last date for filing an SFT for a fiscal is May 31 of the subsequent fiscal. The reporting entities which are required to file SFT returns with tax authorities include forex dealers, banks, sub-registrar, NBFC, post offices, issuer of bonds/debentures, mutual fund trustees, company paying dividend or buying back shares. In a statement, the Central Board of Direct Taxes (CBDT) said, recently the department carried out "verification" of a Tamil Nadu-based "prominent bank" to address Reporting Entity compliance issues. "In the recent past too, verification was conducted by the department on 2 cooperative banks in Uttarak

I-T dept launches tax-evasion probe against social media influencers

The income-tax department has launched a probe against certain social media influencers and content creators on platforms like YouTube and Instagram for allegedly not showing their income and profits commensurate with their earnings, official sources said on Thursday. The department initiated the action last week after it searched about 10 YouTubers and other social media influencers -- mostly young artistes and actors -- in Kerala. The sources said a "data analytics" investigation undertaken by the department found out that these social media influencers and online content creators are making "substantial" earnings but either not showing or under-reporting it in their income tax returns (ITRs) or filings, largely due to ignorance of tax laws. Social media influencers and online content creators are those who have the power to address online and affect their audiences' purchasing decisions or opinions about a product, service, brand or experience because of their authority, knowledg

I-T dept tweaks exemption norms for charitable institutions, seeks details

The income tax department has tweaked disclosure norms for charitable institutions claiming I-T exemption by seeking additional details. As per amendments to the Income Tax Rules, which will come into effect from October 1, charitable institutions will have to now disclose whether the activities undertaken by them are charitable, religious or religious cum charitable. The amendment also includes a declaration under which the charitable institution will have to give details of donations received from a person in excess of Rs 2 lakh in a single day. The details to be furnished include the name of the payer, address, amount of payment and PAN (if available). Nangia Andersen LLP Partner Vishwas Panjiar said the government had recently revamped the registration requirement applicable for charitable organisations for claiming tax exemption or obtaining an 80G certificate under the Act. "The government have now made consequential amendments in the Income-tax Rules (Rule 2C, 11AA and 17A)