Page 20 - Income Tax

Tata Comm moves ITAT against Rs 228.49 cr TDS order by Income Tax Dept

Tata Communications has moved the Income Tax Appellate Tribunal against an income tax commissioner court order rejecting the company's appeal against a tax demand of Rs 228.49 crore, according to an exchange filing. The company in a late-night filing on Friday stated that the company had filed appeals before the Commissioner of Income-tax (Appeals), Mumbai, in respect of TDS orders alleging short deduction of tax at source for assessment years 2013-14 to 2018-19. The potential financial implications are Rs 228.49 crore on the company, it said. The Commissioner of Income-tax (Appeals), Mumbai, passed orders received by the company on September 07, 2023 deciding the appeals against the company. "The company has on September 08, 2023, filed an appeal against these orders before the Income Tax Appellate Tribunal," Tata Communications said.

Ashneer Grover calls out officials for asking for ITR of shareholders

Ashneer Grover asked the finance ministry to look into the Income Tax Department's practice of asking for details of the ITRs of shareholders

Over 60 mn ITR filings processed for assessment year 2023-24: CBDT

As many as 6.98 crore tax returns have been filed for income earned in 2022-23 fiscal and out of them, more than 6 crore filings have been processed, the Central Board of Direct Taxes (CBDT) said on Tuesday. The CBDT -- the apex decision making body in matters of income and corporate taxes -- said the department is not able to process certain Income Tax Returns (ITRs) for want of certain information/action on the part of taxpayers. Of the total ITRs filed, about 14 lakh are yet to be verified by taxpayers while the department has sought further information from another 12 lakh taxpayers, for which requisite communication has been sent through their e-filing accounts. Besides, certain ITR filers are yet to validate their bank accounts. "As on September 5, 6.98 crore ITRs for Assessment Year 2023-24 have been filed, of which 6.84 crore have been verified. Of these, more than 6 crore ITRs, or 88 per cent of the total verified ITRs, have been processed," the CBDT said in a ...

Around 500,000 taxpayers get I-T department alert for low advance tax

'Intimation' comes ahead of tax payment due date

CBDT signs 95 APAs in 2022-23, highest ever since launch in 2012

The Income Tax department has signed 95 advance pricing agreements (APA) in 2022-23 -- the highest ever in any financial year since its launch in 2012. "In FY 2022-23, CBDT recorded the highest ever APA signings in any financial year since the launch of the APA programme, signing a total of 95 APAs," the income tax department said in a statement. The APA programme of CBDT is one of its foremost initiatives for promoting an investor-friendly and non-adversarial tax regime in India. Since its commencement in July 2012, the Indian APA programme has contributed significantly to the Government of India's mission of promoting ease of doing business, it added. The Central Board of Direct Taxes (CBDT), which is the apex decision-making body in direct taxes, also signed 32 Bilateral Advance Pricing Agreements (BAPAs) in 2022-23 being the maximum number of BAPAs in any financial year till date. The BAPAs were signed as a consequence of entering into mutual agreements with India's treaty ...

Sec 54 benefit gets forfeited unless taxpayer meets multiple criteria

An ITAT ruling has clarified seller can commit to buy new house much before selling old one

Missed July 31 deadline for filing ITR? File belated return by December 31

But you will have to pay a late fee, interest, and won't be able to carry forward business and capital losses

Doing a second job? You may be under I-T department's lens for moonlighting

In the first phase, I-T department has sent notices to people with an average undeclared payment between Rs 5 lakh and Rs 10 lakh

Individuals reporting annual income of above Rs 1 cr doubles in 2 yrs

Individuals reporting annual total income of over Rs one crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22), 1,69,890 individuals have shown total income of above Rs 1 crore. This is higher than 1,14,446 individuals who had shown similar income in AY 2021-22. The number has doubled since AY 2020-21, wherein 81,653 individuals had declared an income of over Rs 1 crore. During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above Rs 1 crore. This includes filings by 66,397 companies, 25,262 firms, 3,059 trusts and 2,068 Association of Persons. In AY 2022-23, the total number of ITR filed stood at over 7.78 crore, higher than nearly 7.14 crore filed in AY 2021-22 and 7.39 crore filed in AY 2020-21. As regards the state-wise filing count for AY .

I-T dept to hire 50 young law, accountancy graduates for better litigation

The Income Tax Department has decided to temporarily hire 50 young law and chartered accountancy graduates who will aid and augment departmental officers in preparing legal cases being contested before the Income Tax Appellate Tribunal (ITAT). The candidates, not exceeding 35 years of age, will be hired at a monthly remuneration of Rs 40,000 at various field offices of the department as part of a recently notified 'young professional scheme, 2023'. The scheme is being brought to "augment departmental representation in the ITAT and it envisions engagement of young graduates in law and accountancy who are rich in domain knowledge", according to a policy paper issued by the I-T department. "Such resources would aid the departmental officers in preparation of the cases admitted for hearing in Tribunals (ITAT). In addition, they will also take up research/study work encompassing critical areas of tax litigation for effective litigation management," the paper said. The young professional

We changed perception tax paid by citizens is squandered in corruption: PM

Prime Minister Narendra Modi on Sunday asserted that his government has changed the perception that the tax paid by citizens is squandered in corruption and said the 16 per cent increase in the number of people filing income tax returns this year shows the growth of trust in the dispensation. Addressing an event at which he laid the foundation stone for the redevelopment of 508 railway stations across the country via video conferencing, Modi said that people used to think for a long time that the taxes that they pay amount to nothing and their hard-earned money is squandered in corruption. "But our government has changed that thinking, people today feel that their money is being used for nation-building," Modi said. He said facilities are increasing and so is the Ease of Living. "Day and night work is going on to ensure that the problems you faced are not faced by your children," the prime minister stressed. The trust in developmental works among tax paying people has increased and

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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