Page 30 - Income Tax

Businessman Piyush Jain sold perfume compounds to 50 countries

Financial intelligence teams probing the recovery of around Rs 200 crore during raids in Kanpur-Kannuj have now found that perfume and compound businessman Piyush Jain has links across 50 countries

I-T dept detects tax evasion worth crores after raids on Maharashtra groups

The searches were carried out on December 22 at over 25 premises of the unidentified groups in Nandurbar, Dhule and Nashik districts of the state

Income Tax refunds of over Rs 1.49 trillion issued so far this fiscal

This includes 1.07 crore refunds of AY 2021-22 (fiscal ended March 31, 2021), amounting to Rs 21,021 crore

Over 46.7 mn ITRs filed for FY21 so far, 1.54 mn alone in single day

The last date for filing ITRs for 2020-21 fiscal ended March 31, 2021, by individual taxpayers is December 31

Over 45 million income tax returns for FY21 filed till December 26

The extended deadline for filing ITRs by individual taxpayers is December 31, 2021. The original deadline was July 31, 2021

Things to remember as you rush to file your return ahead of December 31

To avoid any last-minute errors, one must remember to use the correct ITR form, collate all relevant income and expense documents for quick referral

Over 44.3 mn income tax returns filed till December 25 for 2020-21

Over 4.43 crore income tax returns (ITRs) for the 2020-21 fiscal have been filed, which includes over 1.16 mn returns filed on December 25, the I-T department said

Income tax refunds of over Rs 1.44 trillion issued so far this fiscal

Income tax refunds of over Rs 1.44 lakh crore have been issued to 1.38 crore taxpayers so far this fiscal, the I-T department said

Over 40 mn income tax returns e-filed for FY21 so far, says I-T dept

More than 4 crore ITRs for the last fiscal have been efiled, with around 8.7 lakh returns being filed on December 21 alone, the I-T department said on Wednesday. With December 31 being the last date for filing FY'21 income tax returns (ITRs) for individual taxpayers, there has been surge in e-filing and 46.77 lakh returns were filed in the last seven days. "Over 4 crore Income Tax Returns filed! 46.77 lakh #ITRs filed in last 7 days & over 8.7 lakh #ITRs filed on 21st December, 2021," the I-T department tweeted. The department has been reminding taxpayers to file their returns for fiscal year 2020-21 (ended March 31,2021) by sending SMS and emails to those who have not filed yet. The last date of filing ITR has been extended till December 31, from July 31.

Tepid private consumption holding back investments: Ficci president Mehta

India needs 'virtuous cycle' of demand prompting capital spending that will lead to job creation, he says in an interview.

Budget 2022-23: No major surprise expected in income-tax slabs

Discussion on tax announcements is ongoing in the finance ministry

Infosys sets up dedicated war room as deadline for ITR filings nears

Of the e-verified ITRs, more than 23.8 million ITRs have been processed and over 909.5 million refunds for AY 2021-22 have been issued

Inadequate disclosures in income tax returns can have dire consequences

In the worst case, the taxpayer could end up paying a heavy penalty and even suffer a jail term

Best of BS Opinion: Taxing investments, rookie investor's mistake, and more

Here is the best of Business Standard's opinion pieces for Tuesday

I=T dept detects black income of Rs 100 crore after raids on Kolkata group

The Income Tax Department has detected unaccounted income of about Rs 100 crore after it recently raided a Kolkata-based group engaged in manufacture of TMT bars and construction material

Over 30 million income tax returns for current fiscal year filed: FinMin

The finance ministry said over three crore income tax returns have been filed for the financial year 2020-21 so far and advised taxpayers who are yet to file their return to do so at the earliest.

FM Sitharaman bats for expanding tax net, ramping up collections

Revenue secy says I-T portal working fine, 300,000 returns being filed daily

Faceless assessment: Taxpayers seek redress from courts over thorny issues

Experts says that the system is a mixed bag of experiences for the taxpayer, but agree that it largely circumvents the principle of natural justice

IT refunds of Rs 1.19 trillion issued so far this fiscal: IT department

Income Tax refunds of over Rs 1.19 lakh crore have been issued to over 1.02 crore taxpayers between April 1 to November 15, the I-T department said on Thursday. This includes 67.99 lakh refunds of AY 2021-22, amounting to Rs 13,140.94 crore. "CBDT (Central Board of Direct Taxes) issues refunds of over Rs 1,19,093 crore to more than 1.02 crore taxpayers from 1st April 2021 to 15th November 2021. Income tax refunds of Rs 38,034 crore have been issued in 1,00,42,619 cases & corporate tax refunds of Rs 81,059 crore have been issued in 1,80,407 cases," the I-T department tweeted.

No income tax NOC/NDC required for voluntary liquidations, says IBBI

Section 178 of the Income-tax Act, 1961 obligates a liquidator to fulfil certain income tax related requirements