Page 35 - Income Tax

Grasim Industries gets Rs 8,334-crore income tax demand

Grasim Industries Ltd on Friday said the income tax department has raised a demand of Rs 8,334 crore on the company as capital gains tax with regard to sale of shares in a group firm

Income tax refunds of Rs 80,086 cr issued during this fiscal: CBDT

This figure includes income tax refunds of Rs 19,699 crore in 47,53,254 cases and corporate tax refunds of Rs 60,387 crore in 1,63,021 cases

Income tax dept detects blackmoney abroad after raids on textile group

The CBDT has claimed that the Income Tax Department has detected black money worth crores stashed abroad after it raided a leading business group involved in manufacture of textile and filament yarn.

Every rupee in my foundation awaiting its turn to save a life: Sonu Sood

Every rupee in his foundation is awaiting its turn to be used to reach the needy and save precious lives, actor Sonu Sood said in a statement on Monday

Chipping away at EPFO's benefits

If the Centre only enforces mobility between the EPFO and NPS, the subscribers will settle the argument by voting with their feet

Taxpayers still need to pay interest despite extension of filing dates

Taxpayers may still be required to pay additional interest at the rate of 1 per cent per month despite filing the return in the extended period in case the balance tax payable exceeds Rs 1 lakh

IT dept widens probe against actor Sonu Sood; searches multiple premises

The Income Tax Department has widened its tax evasion probe against actor Sonu Sood as it raided multiple premises in Mumbai, Nagpur and Jaipur on Friday, official sources said. The department had launched the action against the 48-year-old actor and some people linked to him on Wednesday and the action continued. The searches have now been extended to more locations in Mumbai, Nagpur and Jaipur, they said. On Wednesday, the action was carried out in at least half a dozen locations in the metropolitan city and Lucknow. A real estate deal and some other financial transactions linked to Sood are under the scanner of the department, official sources had said. The actor grabbed the national spotlight for helping migrants reach their home states during the nationwide lockdown clamped last year in the wake of the COVID-19 pandemic. The Delhi government, led by Chief Minister Arvind Kejriwal, had recently declared that Sood will be the brand ambassador of the Aam Aadmi Party government'

I-T portal continues to face glitches; deadline to Infosys draws to a close

The new income tax e-filing portal, which was unveiled with much fanfare, is not completely glitch-free even as the deadline set by the government for Infosys to fix the problems expired on Wednesday.

Loss-making PSUs more attractive for buyers after income tax tweak

Investor must retain at least 51% stake to take the benefit

ITR filing extension: No relief to taxpayers on interest liability

ITR filing has increased to 320,000 daily in September 2021

Probe attempt to stifle independent journalism: Newslaundry, Newsclick

Online news platform Newslaundry on Saturday said it does business "honestly and with integrity"

Strategic divestment to get tax deduction for previous losses

However, this relaxation would cease to exist after the private company stops holding 51 per cent in the erstwhile public sector company after strategic disinvestment

I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses

As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling

Income tax portal's tech issues being progressively addressed: CBDT

The income tax department on Wednesday said a number of technical issues on the new ITR portal are being progressively addressed and 1.19 crore ITRs for 2020-21 fiscal year have been filed so far.

Top headlines: Cairn makes peace with India; Sebi to speed up settlements

Business Standard brings you the top headlines of the day

Tax portal 2.0 to integrate with bourses to track trade transactions

Will take stock of discrepancies in assessee disclosures in ITR

Taxpayers can file settlement claims till September 30: Check details here

This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1

Faceless assessment: Rules for authentication of e-records submission eased

The finance ministry on Tuesday said electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by EVC

FinMin notifies rules for calculating taxable interest in PF account

The finance ministry has notified rules for calculation of taxable interest on employee contributions to provident fund of over Rs 2.5 lakh per annum. In her Budget for 2021-22, Sitharaman had capped the tax-free interest earned on provident fund contribution by employees and employers together to a maximum of Rs 2.5 lakh in a year in an attempt to dissuade high earners from parking their surplus in what is supposed to be the common man's retirement fund. The Central Board of Direct Taxes (CBDT) on Wednesday notified rules for calculating taxable interest in provident fund. It said for the sake of calculation, separate accounts within the provident fund account shall be maintained beginning 2021-22 for taxable and non-taxable contributions made by a person. Nangia & Co LLP Partner Shailesh Kumar said the notification issued by CBDT has finally put to end the ambiguity which arose with the introduction of taxation of interest on provident funds with contribution above the specified

FM urges young tax officers to give ideas to amplify tech use in I-T dept

Finance Minister Nirmala Sitharaman on Tuesday urged young tax officers to give new ideas to amplify use of technology in the functioning of the Income Tax Department.