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Tag: Income Tax

Income Tax Return Filing
Net direct tax collection reaches highest-ever figure in FY 22

The net direct tax collections (income tax and corporate tax) reached an all time high of Rs 14.09 lakh crore in financial year 2021-22 against Rs 9.45 lakh crore collections in FY 2020-21, CBDT Chairman J.B. Mohapatra said on Tuesday.

Changes Effective From April 1 On PF, PAN-Aadhaar To Tax Rules And Covid Relaxations
Changes Effective From April 1 On PF, PAN-Aadhaar To Tax Rules And Covid Relaxations

April 1 marks the commencement of a new financial year and it brings several new regulations into effect in the country every year. This year too the government has also rolled out changes from tax rules, EPF to KYC norms, and Covid relaxations.

Income Tax
I-T Dept Relaxes Time Till Feb'2022 For Taxpayers To Complete Verification Of FY'20 ITRs

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.

IT Department Rolls Out Annual Information Statement; Tax Payers To Benefit In Numerous Ways
IT Department Rolls Out Annual Information Statement; Tax Payers To Benefit In Numerous Ways

The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions and foreign remittance information. The reported information has been processed to remove duplicate information. Taxpayer will be able to download AIS information in PDF, JSON, CSV formats.

Income Tax
Taxpayers To Now Get Details On Remittances, MF Dividend In IT Return Form

This information would be auto populated in the Form 26AS when the taxpayer is filing income tax return.

Govt Announces Tax Relief On Expenditure Towards Covid Treatment, Extends Deadlines

The exemption shall be allowed without any limit for the amount received from the employer, while the exemption shall be limited to Rs 10 lakh in aggregate for the amount received from any other person, a Finance Ministry statement said.

IB, CBI, Income Tax, CRPF Officers Debarred From Publishing Material Without Consent

Government servants having worked in any intelligence or security-related organisation have been directed through a notification not to make any publication without prior clearance from the competent authority.

Relief For Taxpayers: Govt Extends Tax Compliance Timelines In Light Of Pandemic

New Delhi: In view of the severe Covid-19 pandemic raging requests put forward by taxpayers, tax consultants and other stakeholders, the government has decided to provide further relief to taxpayers…

Budget 2021: No Change In Income Tax Slabs; Relief For Senior Citizens

Bhubaneswar: Finance Minister Nirmala Sitharaman on Monday presented the Union Budget for the coming financial year and promised a slew of measures to revive the economy which took a beating due to the COVID-19 induced lockdown last year. People across the nation heard in bated breath Sitharaman’s speech as they eagerly waited for announcements which […]

Alert: Income Tax Department Warns Users On Fake Links On Refunds

Bhubaneswar: The Income Tax department has warned tax payers of fake links which promises to give refunds. In a tweet, the Income Tax department has said that such links are phishing messages and not sent by the department. The IT department has further asked the tax payers/ users to be extra vigilant while coming across […]

Govt Proposes IT Profiling To Nab Fraudsters Claiming Fake GST Credits
Govt Proposes IT Profiling To Nab Fraudsters Claiming Fake GST Credits

New Delhi: The government proposes to match GST data mentioned in Form 26AS with the turnover numbers provided while filing income tax returns. The move is aimed at identifying unscrupulous persons who try to avail or pass on input tax credit fraudulently by generating fake invoices. In such cases, the revenue department had found that […]

Income Tax Department Issues Guidelines For Filing Tax Returns

New Delhi: The Income Tax Department has issued a lengthy instruction manual running into hundreds of pages for filling up the tax returns for the assessment year 2020-21. The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads. These instructions are guidelines to […]

Trump Paid $145K In Taxes To India, Made $2.3M From Projects: Report

New York: US President Donald Trump or his company paid $145,400 in taxes to India and received $2.3 million from projects there, according to The New York Times. The newspaper said the taxes were paid by him or his companies in 2017 and the $2.3 million in income came during Trump’s first two years in […]

New Form 26AS For Easier IT Return Filing, Obtaining Transaction Details

New Delhi: In a bid to prevent suppression of information by taxpayers, the income tax department will provide full details of their financial transactions such as sale and purchase of stocks, real estate transactions, payment details of credit card bills in the form of a statement in the new Form 26AS. #BREAKING New form 26AS […]

Taxpayers Asked To Verify ITRs For AYs 2015-16 To 2019-20 By September 30

New Delhi: The I-T Department on Monday gave a one-time relaxation to taxpayers who have not yet verified their e-filed tax returns for assessment years 2015-16 to 2019-20, and asked them to complete the verification process by September 30, 2020. A taxpayer filing Income Tax Returns (ITR) electronically without digital signature has to verify it […]

Relief For Taxpayers: Income Tax Department Further Extends ITR Filing Deadline For FY 2019-20

New Delhi: The Income Tax Department on Saturday announced extension of the last date for filing Income Tax returns (ITR returns). In view of the challenges faced by the taxpayers amid the Coronavirus pandemic, the Income Tax Department’s announced that all Income Tax Returns can now be filed latest by November 30, 2020. “Understanding & […]

Markets Expect Relaxation On Long-Term Capital Gains Tax

Mumbai: Similar to expectations ahead of the Union Budget, Dalal Street has its eyes on a possible relaxation in taxes such as long-term capital gains tax (LTCG) and Dividend distribution tax (DDT) on February 1. The LTCG tax is applicable on profits arising from the sale of equity, mutual funds or gold held for a […]

Income Tax Recruitment 2018
IT Department Raids Share Brokers, Traders Across India

New Delhi: The Income Tax Department has said that on December 3, the department carried out search and survey operations on certain share-brokers and traders for being involved in facilitating accommodation of profit and loss through reversal trades in illiquid stock options. Raids took place in over 39 locations spread across Mumbai, Kolkata, Kanpur, Delhi, […]

income tax
I-T Raids Unearth Rs 1,000 Cr Worth Hawala Money In Delhi

New Delhi: In a massive search operation in Delhi, the Income Tax (I-T) department has unearthed hawala and other accommodation entries of more than Rs 1,000 crore. The tax department has also found links to money laundering involving the business group engaged in e-governance projects and financial services. “The search and seizure action has led […]

IMF Says Corporate Income Tax Cut Will Help Revive Investment In India

Washington: The International Monetary Fund on Friday supported India’s recent decision to reduce corporate income tax, saying it has a positive impact on investment. It, however, said India should address continued fiscal consolidation and secure long-term stability of the fiscal conditions. “We believe India still has limited fiscal space so they have to be careful. […]

Faceless e-assessment scheme for taxpayers launched

New Delhi: Dubbed as a major initiative in the direction of taxation reform, the Income-Tax Department on Monday launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer. To begin with, 58,322 income tax cases have been selected under the National e-Assessment Center (NeAC), officially launched by Revenue Secretary Ajay […]

Govt Notifies E-Assessment Process For Income-Tax Payers

New Delhi: The ambitious ‘e -assessment’ scheme, also called the faceless or nameless assessment, for income-tax payers has been notified by the Central government. The notification gazette was published by the Union Finance Ministry on Thursday. The scheme envisages creation of a national e-assessment centre. The centre will serve notices to the assessees specifying the […]

GST collections dip below Rs 1 lakh crore to Rs 98,202 cr in August

New Delhi: In an apparent sign of economic slowdown, India’s GST collections in August dropped to Rs 98,202 crore from over Rs 1.02 lakh crore in the previous month, the finance ministry said on Sunday. However, total Goods and Services Tax (GST) mop-up for August this year was 4.5 per cent higher than the Rs […]

Sitharaman gets thumbs up on steps to combat slowdown

New Delhi: Finance Minister Nirmala Sitharaman has got loads of support from the Union Cabinet and her party on the steps announced by her to combat the economic slowdown in the country. Prime Minister Narendra Modi gave a thumbs up to the announcements tweeting: “The measures announced by Finance Minister Nirmala Sitharaman will facilitate ease […]

Breaking! Deadline to file Income Tax Returns extended; Here's latest updates

Bhubaneswar: The Central Board of Direct Taxes (CBDT) today extended the ‘due date’ for filing of Income Tax Returns (ITR). As per the latest announcement, the deadline of filing ITR has been extended from July 31, 2019 to August 31, 2019 in respect of certain categories of taxpayers who were liable to file their Returns […]

Income Tax Return (ITR): Big announcement by CBDT

Bhubaneswar: The Central Board of Direct Taxes (CBDT) today clarified that no changes have been made in the Income Tax Return (ITR) forms including ITR-2 and ITR-3. In a release, CBDT stated that no changes have been made since the notification was made on April 1, 2019, the first day of the assessment year 2019-20. […]

New Changes In Income Tax Filing: All You Need To Know About Form 16 Revision

New Delhi: The Income Tax department has notified changes in Form 16 that requires more details about deductions under tax saving schemes, investment in tax saving schemes and income from other sources. The amended form will come into effect from May 12, 2019. The move is aimed at stricter scrutiny of claims made by assessees […]

Here's how much Amitabh Bachchan paid as tax for FY 2018-19

Mumbai: Megastar Amitabh Bachchan paid Rs 70 crore as tax for the financial year 2018-19. “Mr Bachchan has paid Rs 70 crore tax for the financial year 2018-19,” his spokesperson said in a statement. In the recent past, Big B also paid off loans of 2,084 farmers in Muzaffarpur, Bihar. He has also donated Rs […]

RTI activist misses target as BJP exposes 'sponsored' press meet

Bhubaneswar: Barely two days after former Parliamentarian Baijayant ‘Jay’ Panda joined the BJP, unwarranted attempts were made to defame the senior leader. Bhupendra Singh Patel, a self-proclaimed investigative journalist who also claims himself to be an RTI activist, today organised a press meet at the Odisha Press Club in Bhubaneswar and leveled allegations of money […]

Link your PAN with bank for refunds: I-T to taxpayers

New Delhi: The Income Tax Department will “only” issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication. The department said refunds will be sent to bank accounts as it will issue “only e-refunds from March 1, […]

Jay Panda on conspiracy and abhijit iyer row
Jay Panda refutes media report on Income Tax complaints

Bhubaneswar: Former Kendrapara MP Baijayant ‘Jay’ Panda today strongly refuted allegations of money laundering and tax evasion against him reported in a section of national media today. Some political parties see it as a vendetta politics against the former parliamentarian as he was targeted on several occasions in the past. Reacting to the report, Panda […]

IT dept seizes 20 sacks of coins illegally transported from Kolkata to Bhubaneswar

Bhubaneswar: The Income Tax sleuths on Tuesday seized as many as 20 sacks stuffed with coins of various denominations from two buses following raids in two different places in the capital city. The coins had reportedly been transported to Bhubaneswar from Kolkata. Acting on a tip-off about the transportation of goods including food and others […]

Changes proposed for online certificate for low I-T deduction

New Delhi: The government on Monday invited comments on proposed changes to income tax rules for rationalising the process of certificate issuance for no deduction of income-tax or deduction at lower rates, and to take it online. “In order to rationalise and make the process of issuance of certificate for no deduction of tax or […]

BJP, Congress spar over Chidambaram's 'undeclared' assets

New Delhi: The BJP on Sunday targeted former Union Finance Minister P. Chidambaram and his family’s “undeclared assets in foreign countries”, after which the Congress hit back by saying that the BJP had no moral right to ask questions and should instead give answers on various issues. The opposition party termed the Income Tax (I-T) […]

New method of filing GST returns to be rolled out in 6 months

  New Delhi: The GST Council on Friday decided to roll out a new method of filing monthly returns in six months and to take over ownership of the GST Network (GSTN), even as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments. Briefing reporters here following the 27th […]

IT Dept Warns Salaried Employees To Refrain From Filing Wrong Tax Returns

The Income Tax Department has warned salaried taxpayers to refrain from under-reporting their income or inflate deductions and exemptions while filing tax returns, warning that wrong claims would be treated as cases of tax evasion. In a single-page advisory issued on Wednesday, the department said such attempts aided and abetted by unscrupulous intermediaries have “been […]

Demonetisation, GST led to formalisation of economy: Jaitley

New Delhi: Finance Minister Arun Jaitley on Tuesday said demonetisation and the Goods and Services Tax (GST) led to higher formalisation of economy resulting in higher direct tax revenue and greater number of income tax return filings. “The impact of demonetisation and GST implementation has resulted into higher formalisation of economy. This is further substantiated […]

Mudslinging between BJD, BJP continues over Bargarh cash seizure

Bhubaneswar: War of words between BJP and BJD is continuing unabated over the seizure of Rs 40.50 lakh in Bargarh with senior leaders of both the parties accusing each other of trying to lure voters with money power ahead of the bypoll to Bijepur Assembly constituency. “I dare Bargarh SP to hand over the case […]

SBI jobs in June bank jobs
7th Pay Commission Impact: SBI to raise Income Tax limit to Rs 3 lakh

Bhubaneswar: With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs 50,000 to Rs 3 lakh, a SBI report said on Monday. The move will benefit around 75 lakh people, it said. The SBI’s Ecowrap report further said that if the exemption limit of […]

Rs 7,961-cr undisclosed income unearthed post note ban

New Delhi: Since demonestisation in November last year, the Income Tax Department unearthed undisclosed income of Rs 7,961 crore till March this year, Parliament was informed on Monday. Minister of State for Finance Pon Radhakrishnan told the Lok Sabha in a written reply that following searches conducted on around 900 groups during this period, incomethe […]