Page 33 - Income Tax

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

Rs 600 cr black income unearthed after raids on 2 Gurugram groups: CBDT

Unaccounted income of Rs 600 crore was detected after the Income Tax Department recently raided two business groups based in Gurugram in Haryana, the CBDT said on Monday. The searches were carried out on November 10 on the groups, one engaged in real estate and hospitality and the other a tools and equipment manufacturing group, it said in a statement. "The search action on these groups has led to the detection of estimated unaccounted income to the tune of Rs 600 crore," the Central Board of Direct Taxes (CBDT) said. Rs 3.54 crore in cash and jewellery worth Rs 5.15 crore were seized while 18 bank lockers have been placed under restraint, the policy-making body for the tax department said. "Various incriminating documents and electronic data relating to unaccounted investment in real estate, unaccounted sales and purchases, difference in stock, acquisition of shell companies, benami properties and transactions, bogus unsecured loans and share application money, evasion of capital

Taxpayers can access new annual IT info statement on e-filing portal

The Income Tax department on Sunday said taxpayers can now access the new Annual Information Statement (AIS), which includes additional categories of information like interest, dividends, securities and MF transactions, and remittances from abroad, on the e-filing portal. The I-T department had last month expanded the list of high-value financial transactions, which would be available to taxpayers in their Form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers. Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN). "AIS provides ease of access! It can be accessed now on the e-filing portal & downloaded easily in downloadable formats of PDF, CSV & JSON (machine-readable format). Click on link 'AIS' under 'Services' tab on http://incometax.gov.in," the I-T department tweeted. AIS enables a taxpayer to ..

Tribunal sets aside I-T order denying charitable entity status to BCCI

Rejects tax authorities' argument that IPL is a money-making exercise disguised as cricket promotion

Corporate affairs ministry to test new MCA21 portal's Version 3 soon

The main purpose of the portal is to facilitate seamless integration and data exchange among regulators.

TMS, Ep 37: 5 years of since demonetisation, Form 26AS, and blockchain tech

What do key indicators tell us about the Indian economy 5 years after demonetisation? How will tweaked Form 26AS make tax evasion harder? What is blockchain technology? Get all the answers here

New Annual Information Statement allows you to get mistakes rectified

Make sure the information in your income-tax return and in this statement match, or you could get a tax notice

I-T Dept enables tax audit utility form on its portal for FY20 and FY21

The income tax Department has enabled the tax audit utility form on its portal for financial year 2019-20 and 2020-21. Under the I-T Act, taxpayers are required to get their accounts audited if the sales, turnover or gross receipts of business exceed Rs 10 crore, while in case of professionals, the limit was over Rs 50 lakh in 2020-21 (AY 2021-22). The last date for filing the tax audit report for the 2020-21 fiscal is January 15, 2022. For fiscal 2019-20 i.e. AY 2020-21, limit was Rs 5 crore for businesses and Rs 50 lakh for professionals and due date for original tax audit report was January 15, 2021. However, companies can still file the revised tax audit report for that year to rectify errors. Nangia & Co LLP Director, Audit & Assurance, Shalu Kedia said the corporate assessees did not want to wait until due date which is falling in January for tax audit filing for AY 2021-22 can now proceed with their tax audit filings followed by corporate tax returns for Assessment Year

IT dept detects Rs 184-cr black money after raids on Mumbai realtor, others

The searches were launched on October 7 at 70 premises in Mumbai, Pune, Baramati, Goa and Jaipur

Over 20 million I-T returns filed on new portal; many glitches rectified

Infosys has been asked to address issues linked to complex filings

I-T dept detects Rs 550-cr hidden income after raids on Hetero pharma group

The searches have also resulted in seizure of unexplained cash amounting to Rs 142.87 cr