Page 32 - Income Tax

Budget with BS, Ep 5: Privatisation, direct tax mop-up, and Pronab Sen Q&A

Will privatisation in non-strategic sectors get a push in Budget 2022? What does Pronab Sen see as biggest Budget challenges for FM? Will FY22 direct tax collections exceed BE? Get all answers here

Record number of searches in FY22 as tax offences get money laundering tint

With three months still to go for the year to end, total 'undisclosed income' is about Rs 32,000 cr, far eclipsing the FY19 level of Rs 18,600 cr

Deadline to file corporate income-tax returns, audit extended

Assessment Year 2021-22 is for income earned in the financial year 2020-21

How the Centre plans to use tax data to settle social justice issues

The govt committee on EWS might have set the template for future; EWS limits and income tax exemption limits are now twinned, if the Supreme Court accepts the panel's report

I-T refunds of Rs 1.50 trn issued till January 3 this fiscal year

This includes 1.1 crore refunds of Assessment Year 2021-22 amounting to Rs 21,323.55 crore

IT raids on 2 cellphone firms find Rs 1,400-crore understating of profit

Evidence has emerged that the two companies could be under-stating taxable profit by more than Rs 1,400 crore.

Cryptocurrency exchange WazirX under lens for evading Rs 40 crore in taxes

According to the CBIC, the matter relates to WazirX launching its own currency, but not paying GST on it.

No extension of ITR filing deadline; over 56 mn FY21 returns filed so far

Revenue Secretary Tarun Bajaj said ITR filing is going on 'very smoothly'

Just 3 days left for filing ITR, what happens if you miss the deadline

The due date for ITR filing for the fin ancial year 2020-21 (the assessment year 2021-22) has been extended twice

Tax department move to tax goodwill could expand in the next Budget

While the new tax is not retrospective in nature, it will impact foreign companies buying into Indian companies going ahead

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.