Page 22 - Income Tax

Switched jobs in 2022-23? Consolidate multiple Form 16s accurately

If you find any discrepancy in the Form 16 received from employer, request the latter to amend it

Delhi HC dismisses Gandhis' pleas against income tax assessment transfer

The Delhi High Court on Friday dismissed petitions by Congress leaders Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against the Income Tax department's decision to transfer their assessments to the Central Circle instead of an ordinary assessment in a matter related to arms dealer Sanjay Bhandari. The court also rejected separate petitions, which raised similar legal issues, by Sanjay Gandhi Memorial Trust, Jawahar Bhawan Trust, Rajiv Gandhi Foundation, Rajiv Gandhi Charitable Trust, Young Indian and the Aam Aadmi Party. Gandhis challenged the order issued by the Income Tax principal commissioner to transfer their cases for assessment year 2018-19 to the Central Circle. Central Circles are mandated with checking tax evasion. They take over the evidence gathered by investigation wing during searches. The assessment of petitioners have been transferred to the Central Circle in accordance with law. The present writ petitions are dismissed, said a bench of Justices Manmohan and

I-T searches underway at premises linked to TN Minister Senthil Balaji

Income Tax authorities on Friday launched coordinated searches across different locations in Tamil Nadu linked to state Electricity Minister V Senthil Balaji, police sources said, The searches were being held in cities including Karur and Coimbatore, at the premises of individuals allegedly linked to the minister, sources said without elaborating. Close relatives of the minister and some contractors were reportedly among those whose premises were being searched by the tax authorities. Balaji, a senior DMK leader from Karur, also holds the Prohibition and Excise portfolio.

I-T dept enables filing of income tax returns 1, 4 at e-filing portal

The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal. In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly. "ITR 1 and 4 for A.Y. 2023-24 are enabled for filing in online mode at e-filing portal," the department said in reply to a tweet by an individual. The last date for filing Income Tax returns for fiscal 2022-23 for people who do not need to get their accounts audited is July 31. ITR-1 is filed by individuals, including salaried class and senior citizens. ITR-2 is filed by businesses and professionals who have opted for presumptive taxation and those individuals whose annual income doesn't exceed Rs 50 lakh.

RBI may cancel licence of asset reconstruction companies after I-T report

The move follows a special audit conducted by the banking regulator after the income tax (I-T) department raided the premises of these ARCs in 2021

Link PAN-Aadhaar to avoid restrictions on NPS A/C: Step-by-step guide here

PAN-Aadhaar link: The deadline to link PAN and Aadhaar cards was extended to June 30 on March 28. The earlier deadline was March 31

Income Tax officials search Mankind Pharma's New Delhi office: Report

India's Income Tax Department is conducting searches at Mankind Pharma Ltd's office in New Delhi, a government source told Reuters on Thursday, days after the condom maker's successful public listing

I-T raids unearth Rs 15.3 cr cash, 10.14 kg gold in poll-bound Karnataka

The Income Tax department has seized cash of Rs 15.3 crore and 10.14 kg gold worth Rs 7.08 crore during raids at various places in Karnataka, which goes to polls on May 10, the office of the Chief Electoral Officer said on Saturday. According to a statement issued by the CEO's office, Rs 4.77 crore was seized from Shivajinagar, Rs 3.44 crore from Rajarajeshwari Nagar, Rs 3.35 crore from Malleshwaram, Rs 2.3 crore from Pulakeshinagar, Rs 63 lakh from Shanti Nagar, and Rs 55 lakh from Gandhi Nagar. The I-T officials seized 6.59 kg of gold worth Rs five crore from Hebbal, Shanti Nagar and Gandhi Nagar constituencies. Further, 3.55 kg gold worth Rs 2.08 crore and Rs 30 lakh cash were seized from Raichur. Cumulatively, the seizures totalled Rs 365 crore ever since the model code of conduct came into force on March 29, which comprised of Rs 138.55 crore cash, Rs 82.65 crore worth liquor, Rs 23 crore worth drugs and narcotics, 177.95 kg gold worth Rs 92.62 crore and 667 kg silver worth Rs

I-T dept to release draft rules for foreign investment in unlisted firms

The Income Tax department will come out with draft rules within the next 8-10 days to specify the class of investors and norms of valuation of foreign investment in unlisted companies, an official said on Tuesday. The Finance Act, 2023, has amended Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, except DPIIT-recognised startups, under the tax net. The I-T department will notify the final rules on the so-called angel tax after seeking stakeholder comments on the draft rules, the official said. "The draft rules are expected in the next 8-10 days. Preliminary stakeholder consultation on the subject has been done," the official said. The draft valuation rules would provide for ascertaining the fair market value (FMV) of shares of unlisted companies to levy tax on non-resident investments, an official said. The modification in valuation rules is needed as I-T Act and FEMA provide different methodologies for calculating the FM

IT major TCS advances generation of income tax Form 16 documents by 45 days

India's largest private sector employer, TCS, has advanced the generation of Form 16 documents for its staff by 45 days to help its over 6 lakh employees file their income tax returns in time. The forms were issued by April 27 and all the present and past employees have received their Form 16 documents, its deputy chief financial officer Lakshminarayanan G S said. He said the initiative -- which includes wide ranging usage of technology to do away with any manual intervention, has been done as part of improving the employee experience at the largest IT services export company. Planning for this exercise started in September 2022, and the company could advance the Form 16 generation by 45 days, its head of global employee services in the corporate finance department, Ashwini Kennedy, said. There a total of 18 lakh digital signatures - each form requires three - that had to be done after finishing the tax deducted at source (TDS) requirements on April 10, she said. Lakshminarayanan

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Income tax collection in West Bengal rises 2.4% at Rs 56,422 cr in FY23

Income tax collection in West Bengal increased 2.4 per cent at Rs 56,422 crore during financial year 2022-23 over previous fiscal, an official of the department said on Thursday. The target collection for the current fiscal 2023-24 stands at Rs 64,700 crore, principal chief commissioner of Income Tax for West Bengal and Sikkim, Smita Srivastava said. She said that tax collection from West Bengal has increased as overall industrial scenario has improved in the state. Residents of Sikkim are exempted from paying income tax, but not for those who have gone there from other places. Srivastava said that steel and cement sectors have not fared well. According to her, compliance has improved while TDS collection during the last fiscal has improved. The other aspect which contributed to the rise in collection is formalisation of the large informal sector. Srivastava launched a book 'Income Tax Pleading and Practice' written jointly by Narayan Jain and Dilip Loyalka.

I-T dept conducts searches at premises of pvt firm with alleged DMK links

The Income Tax (IT) department is conducting searches at multiple locations in Tamil Nadu

Top headlines: I-T scanner on Angel investments, Tata-Wistron deal & more

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No proposal before govt on capital gains tax, says Income Tax dept

A media report earlier in the day said India is preparing an overhaul of its direct tax law, including changes in capital gains taxes

CBSE exempted from paying tax with retrospective effect from FY'21 to FY'25

The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others. The I-T exemption has been given retrospectively from the financial year 2020-2021 (for the period from June 1, 2020 to March 31, 2021) and for fiscal year 2021-22, and 2022-23. The exemption will continue in the current fiscal and the next financial year (2024-25). In a notification, the Central Board of Direct Taxes (CBDT) said the government has notified the Central Board of Secondary Education, Delhi, a Board constituted by the Central government, under section 10 (46) of the I-T Act and exempted it from paying income tax on specified income. Such income include examination fees; affiliation fees; sale of text books & publications; registration fees, sports fees, training fees and other academic receipts. Also, receipts from CBSE projects/programmes; interest on income tax refunds; and .

Begin tax planning at start of financial year to avoid cash crunch later

Consider both income level and deductions you can avail of when choosing between old and new tax regime

TMS Ep401: Income tax, brand India, mutual funds, UPI payments

How will new income tax rules affect you from April 1? How can India create a global brand? Where will MFs invest when markets bottom out? Will your UPI payments not be free anymore? Answers here

How to reset password on Income Tax e-filing portal? Step by step guide

The income tax department gives you different options to reset your Income Tax e-filing portal password. Check out the step by step guide below

Removal of LTCG tax benefits on debt MFs pushes corporate bond yields

Following govt's latest move, tax would be computed on based the investor's tax bracket; levy could be as high as 30%; Centre's step puts the tax for MF units at parity with that for bank FD