Page 2 - Tax Filing

Cipla receives additional Rs 773.44 crore tax demand from income tax office

Cipla's share price declined by 0.56 per cent, ending the day's trade at Rs 1,507.50 apiece on the BSE

Fortis Healthcare subsidiary receives a tax demand of Rs 89.53 crore

Fortis Healthcare Ltd on Friday said one of its subsidiaries has received a tax demand of Rs 89.53 crore, including interest for the assessment year 2022-23. Fortis Hospitals Ltd, a material subsidiary of the company has received an Income tax assessment order dated March 21, 2024, wherein a demand of Rs 89.53 crore, including interest of Rs 9.54 crore has been raised, Fortis Healthcare said in a regulatory filing. "The company is evaluating the said order and will take appropriate actions in due course," it added. The expected financial implication on Fortis Hospitals Ltd is Rs 89.53 crore, the company said.

Statsguru: Record tax filings indicate potential growth challenges ahead

Gross total income has gone up 229 per cent since AY13 and was nearing Rs 70 trillion as of AY22. Tax payable was nearing Rs 10 trillion

Income Tax dept notifies ITR forms 1, 4 for assessment year 2024-25

The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25. Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year. Usually, ITR forms for a particular financial year are notified by the end of March or early April. But last year, the forms were notified in February. However, this year, ITR forms are notified in December itself, to enable taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. The I-T Department notified the forms on Friday. Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house ...

Tax filing for AY24 touches all-time high, surpasses 67.7 million

On 31 July, the final day for filing, the number of ITRs peaked with over 6.433 million ITRs submitted in a single day, the I-T department reported

Verify data in pre-filled forms carefully before filing your tax return

Keep all relevant documents handy to to cross-check the data and weed out inaccuracies

Budget 2023-24: Centre mulls increasing tax-free slab to Rs 5 lakh

Only 10-12% assessees opted for new regime introduced in 2020

US tax-filing websites sending users' financial data to FB: Report

Major tax-filing websites such as H&R Block, TaxAct and TaxSlayer in the US are reportedly sending sensitive financial information to Facebook.

Presumptive tax scheme can reduce compliance burden, return filing

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

Common ITR form will make tax-filing easier, reduce time taken, say experts

Its success, however, will hinge on the quality of online utilities launched along with it

ITR 2022-23: How to fill your income tax return for this assessment year?

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

I-T dept relaxes time till Feb'2022 to complete verification of FY'20 ITRs

Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru. If the verification process, which is done through ITR-V form, is not complete, then it is considered that the return has not been filed. The Central Board of Direct Taxes (CBDT) in a circular dated December 28, said a large number of electronically filed ITRs for the Assessment Year 2020-21, still remain pending with the Income Tax department for want of receipt of a valid ITR-V Form at CPC,

Tax portal 2.0 to integrate with bourses to track trade transactions

Will take stock of discrepancies in assessee disclosures in ITR

Delhi Assembly passes GST Amendment Bill to smoothen tax filing process

The Delhi Assembly on Friday passed the 'Delhi Goods and Services Tax (Amendment) Bill, 2021' to smoothen the GST filing process and to prevent tax evasion, amid opposition from the BJP

File past year returns, avoid higher taxes as new tax provisions kick in

Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in

Rectifying mismatch between 26AS, Form 16 crucial before filing returns

Taking excess credit during ITR filing could lead to notice from tax dept

Income-tax portal 2.0 likely to allow payments by UPI, credit cards

More pvt lenders set to be given authorisation for providing services

Tax portal glitches: FinMin to hold a meeting with Infosys on June 22

After the much publicised e-filing portal went live on June 7, many IT filers faced technical hiccups

FM Nirmala Sitharaman told to extend ITRs, tax audit and AGM time frame

The Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman for extension of date of furnishing of tax audit report under section 44AB to February 28

Donald Trump paying $750 in income tax shows why he's a billionaire

His net worth is based chiefly on the value of his office and commercial property holdings, minus debts that were already known