Page 10 - Latest Updates on Income tax
Missed July 31 deadline for filing ITR? File belated return by December 31
But you will have to pay a late fee, interest, and won't be able to carry forward business and capital losses
 "Missed July 31 deadline for filing ITR? File belated return by December 31")
Doing a second job? You may be under I-T department's lens for moonlighting
In the first phase, I-T department has sent notices to people with an average undeclared payment between Rs 5 lakh and Rs 10 lakh
 "Doing a second job? You may be under I-T department's lens for moonlighting")
Individuals reporting annual income of above Rs 1 cr doubles in 2 yrs
Individuals reporting annual total income of over Rs one crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed
 "Individuals reporting annual income of above Rs 1 cr doubles in 2 yrs")
I-T dept to hire 50 young law, accountancy graduates for better litigation
The Income Tax Department has decided to temporarily hire 50 young law and chartered accountancy graduates who will aid and augment departmental officers
 "I-T dept to hire 50 young law, accountancy graduates for better litigation")
We changed perception tax paid by citizens is squandered in corruption: PM
PM Modi asserted that his govt has changed the perception that the tax paid by citizens is squandered in corruption and said the 16 per cent increase in the number of people filing income tax returns
 "We changed perception tax paid by citizens is squandered in corruption: PM")
Top headlines: Fitch cuts US credit rating, corporation tax mop-up slips
Business Standard brings you the top headlines at this hour
 "Top headlines: Fitch cuts US credit rating, corporation tax mop-up slips")
Record 67.7 million ITRs for AY 2023-24 filed till July 31: I-T department
July 31 was the last date for filing income tax returns by salaried taxpayers
 "Record 67.7 million ITRs for AY 2023-24 filed till July 31: I-T department")
Last day to file returns: What happens if you miss your ITR deadline today
If you miss the deadline to file your tax returns today, you still have the option to file a belated return until December 31 but you will have to pay a late filing fee.
ITR filing last date today: Step-by-step guide to filing your returns here
Today is the last day to file your ITR for FY23 or AY24. Check how to file it here and what happens if you fail to meet the deadline
 "ITR filing last date today: Step-by-step guide to filing your returns here")
Weekend Bites: Confidence motion, corporation action, and a cage fight
In which we munch over the week's platter of news and views
 "Weekend Bites: Confidence motion, corporation action, and a cage fight")
Haier offices raided by income tax authorities at multiple locations
Haier India and Income Tax Raids; The raids, conducted on Friday, are in connection to suspected tax evasion case
 "Haier offices raided by income tax authorities at multiple locations")
Use of multiple PAN cards for weddings, IVF under scrutiny of I-T officials
Transactions need greater scrutiny as the board has noticed rampant circumvention, according to CBDT's plan
Over 40 mn ITRs filed for FY23 so far, 8 mn refund issued: CBDT chief
"This collection "surpassed" both the budget and revised estimates set by the government for revenue collections under the direct taxes category and this is a testament of the hard work of our cadre"
100,000 tax notices to be disposed of by March: FM Nirmala Sitharaman
Notices served in past years for misreporting
 "100,000 tax notices to be disposed of by March: FM Nirmala Sitharaman")
74 mn ITRs filed in FY'23, over 51.6 mn declared zero tax liability: FM
As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase
 "74 mn ITRs filed in FY'23, over 51.6 mn declared zero tax liability: FM")
Changing face of direct taxes: Transformation over a decade
A paradigm shift has been brought in the way the income tax department has been dealing with the taxpayers
Over 30 mn income tax returns filed so far, 91% verified electronically
The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year
Filing ITR? Don't forget to declare your income from other sources
Income from other sources includes earnings from freelance work, investments, rental properties, or any additional ventures.
 "Filing ITR? Don't forget to declare your income from other sources")
What is form 26AS and AIS? Which is more important in filing tax returns?
While they serve different purposes, understanding their differences and significance is crucial for accurate tax compliance.
Explained: How consultants and freelancers can file their ITR
There are less than two weeks for filing your income tax returns. If somebody is working as a consultant or a freelancer, then the process of ITR applied is different
 "Explained: How consultants and freelancers can file their ITR")
