Page 11 - Latest Updates on Income tax
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")
FM says no income tax up to Rs 7.27 lakh per annum under new tax regime
The skepticism was about what will happen to those earnings little more than Rs 7 lakh, she noted
 "FM says no income tax up to Rs 7.27 lakh per annum under new tax regime")
Filing ITR for crypto gains: Here's your guide on taxation for VDAs
All cryptocurrency purchases, sales, and transactions are subject to a 30% capital gains tax on profits, with no provisions for reduced rates or deductions under Section 115BBH.
 "Filing ITR for crypto gains: Here's your guide on taxation for VDAs")
Income tax return: What is NIL ITR? Who is eligible, what are the benefits
A Nil ITR refers to an income tax return where there is no tax liability on the taxpayer.
 "Income tax return: What is NIL ITR? Who is eligible, what are the benefits")
Over 2 cr income tax returns filed so far for assessment year 2023-24
Over 2 crore income tax returns (ITRs) have been filed so far this year for the assessment year 2023-24
 "Over 2 cr income tax returns filed so far for assessment year 2023-24")
I-T dept has taken many initiatives to ensure ease of compliance: Official
Principal Chief Commissioner of Income Tax, Andhra Pradesh and Telangana, Mita Madhusmita was addressing a press conference on the 'Issue of Suspicious Refunds' being claimed by certain Taxpayers'
 "I-T dept has taken many initiatives to ensure ease of compliance: Official")
Check Form 26AS, reconcile with Form 16 before you file your tax return
Claiming excess tax credit in your return could trigger a notice from the tax authorities
Everything you need to know about ITR refunds for AY 2022-2023
In order to seek tax refund, the assessee has to file ITR in the prescribed form for the relevant assessment year and refund (if any) will be automatically calculated.
I-T department lens on 50-60 reporting entities for non-compliance
SOP for reporting on overseas account holders in the works
 "I-T department lens on 50-60 reporting entities for non-compliance")
GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims
The chief of the Central Board of Indirect Taxes and Customs (CBIC) flagged that only 40 per cent of the corporate income taxpayer base is registered under Goods and Services Tax (GST)
 "GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims")
I-T dept finds discrepancies in SFT reports filed by certain banks
The Income Tax Department on Friday said it has found discrepancies in Statement of Specified Financial Transaction (SFT) reports filed by some banks with regard to high value financial transactions
I-T dept launches tax-evasion probe against social media influencers
The income-tax department has launched a probe against certain social media influencers and content creators on platforms like YouTube and Instagram for allegedly not showing their income and profits
 "I-T dept launches tax-evasion probe against social media influencers")
I-T dept issues notices to 15 social media influencers over low tax payment
The social media influencers came under the radar of the I-T department after posting their travel to exotic locations and luxury shopping on social media platforms
 "I-T dept issues notices to 15 social media influencers over low tax payment")
Filing tax returns for the first time? Make sure you read these handy tips
Collect essential documents like Form-16 / 16A bank statements, investment proofs, and receipts for deductions
ITR 2022-23: Three key changes to keep in mind while filing your return
Those filing ITR themselves this year need to keep in mind a few key things
 "ITR 2022-23: Three key changes to keep in mind while filing your return")
I-T dept tweaks exemption norms for charitable institutions, seeks details
As per amendments to the Income Tax Rules, which will come into effect from October 1, charitable institutions will have to now disclose whether the activities undertaken by them are charitable
Respond to I-T notice on time or risk refund adjustment against tax demand
If AO doesn't respond within 21 days, CPC may release refund, or adjust it partially based on taxpayer's consent
 "Respond to I-T notice on time or risk refund adjustment against tax demand")
10 things taxpayers should keep in mind before filing income tax return
Form 16 contains all the salary details that need to be entered while filing income tax returns
 "10 things taxpayers should keep in mind before filing income tax return")
AIADMK asks ED, I-T dept to probe corruption charges against Udayanidhi
In an audio tape allegedly of then Tamil Nadu finance minister, P Thiagarajan (PTR), there were allegations against Udayanidhi and Sabareesan
 "AIADMK asks ED, I-T dept to probe corruption charges against Udayanidhi")
Ten Sports sale to Sony: I-T dept to appeal ITAT's capital gains tax ruling
The Income Tax Appellate Tribunal (ITAT) had claimed that the IT's contribution to play-out facilities was an afterthought
 "Ten Sports sale to Sony: I-T dept to appeal ITAT's capital gains tax ruling")
