Page 33 - Income Tax

I-T Dept to refund late fee paid while filing FY21 ITR due to s/w error

The last date for filing ITR for last financial year has been extended till September 30, 2021, from July 31 to give taxpayers compliance relief during the pandemic.

I-T dept issues 3 email IDs for grievances under faceless assessment scheme

The Income Tax (I-T) department on Saturday notified three official email IDs for taxpayers to register grievances under the faceless or e-assessment scheme.

Retrospective tax was indefensible; burying it shows pragmatism

Institutional arrogance in taxation has cost India dearly in terms of its image as a business-friendly, rule-driven country

Defer income-tax filing if you have to pay a penalty, say analysts

Do so once the glitches on the new tax portal have been ironed out

Don't forget mandatory disclosures while filing your income-tax returns

Failure to do so might render the ITR (Income-Tax Returns) defective and invite an income tax notice and penalties

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan

Income Tax refunds worth Rs 43,991 crore issued till July 26

The Income Tax Department on Friday said it has issued refunds worth over Rs 43,991 crore till July 26 in the current fiscal. It comprises personal income tax refunds of Rs 13,341 crore and corporate tax refunds of Rs 30,651 crore. "CBDT issues refunds of over Rs 43,991 crore to more than 21.03 lakh taxpayers between 1st April, 2021 to 26th July, 2021. Income tax refunds of Rs 13,341 crore have been issued in 19,89,912 cases & corporate tax refunds of Rs 30,651 crore have been issued in 1,12,567 cases," the I-T department tweeted.

Issues with new income tax portal to be resolved soon, says FM

Sitharaman said Infosys had done trial runs before the June 7 launch but users faced technical issues in accessing the portal.

I-T Dept denies making editorial decisions during search at Dainik Bhaskar

The Income Tax Department has clarified that no such act was carried out by its officials during the raid.

Centre mulls Ordinance for past tax assessment as litigation mounts

Many assessees have challenged reassessment notices under old law

Haven't been issued Form 16? Here is how you can still file your tax return

The last date for issuing Form 16 extended till July 31

Fuel price surge: What India can learn from Biden and Sunak's tax policies

When the times change, policy has to adapt. Why then is New Delhi so determined to not raise rates on under-taxed forms of income and wealth, questions T N Ninan

Infosys says income tax portal functioning 'single largest priority'

Infosys said it is focused on "expeditiously" resolving issues related to the new income tax portal and termed it as the "single largest priority" for the company at the moment.

Quess Corp counters I-T dept, denies 'concealing' income of Rs 880 cr

Manpower outsourcing company Quess Corp has denied concealing any income after the IT department claimed that it has revealed undisclosed income of around Rs 880 crore

Over 400 top-level posts lie vacant in the Income Tax department

Seventy-three of the 91 chief commissioner positions are lying vacant, with some of them for more than a year

40,000 ITRs being filed daily on new portal, CBDT says as it fixes glitches

The corrective measures are being taken based on feedback from taxpayers, tax professionals and representatives of ICAI to provide taxpayers with a smooth e-filing experience, it said

I-T dept issues Rs 37,050 cr refunds to 1.7 mn taxpayers from Apr 1-Jul 5

The income tax department has issued refunds worth Rs 37,050 crore to more than 17.92 lakh taxpayers between April 1 to July 5. Of this, personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore. "CBDT issues refunds of over Rs 37,050 crore to more than 17.92 lakh taxpayers between 1st April 2021 to 05th July 2021. Income tax refunds of Rs 10,408 crore have been issued in 16,89,063 cases & corporate tax refunds of Rs 26,642 crore have been issued in 1,03,088 cases," the I-T department tweeted.

Officials, Infosys working to resolve glitches in I-T portal: Anurag Thakur

Earlier today, senior Congress leader Shashi Tharoor had slammed the Centre over the reported glitches in the new Income Tax portal

Govt has created a 'mess': Shashi Tharoor on new income tax portal

Senior Congress leader Shashi Tharoor on alleged that even after spending Rs 4,200 crore on IT portal, the government had "failed" to make it user-friendly and created a "mess" instead

30 years of economic reforms: Here's a look at the broad contours of change

The pace of changes in the first 100 days of a minority govt remains unparalleled till today