Page 21 - Income Tax

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

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