Page 9 - Latest Updates on Income tax
Rising economic activities lead to surge in personal income tax in H1FY24
Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now
 "Rising economic activities lead to surge in personal income tax in H1FY24")
Karnataka raids: Rs 94 cr cash seized after I-T searches govt contractors
The searches were launched on October 12 and 55 premises were covered by the department in Bengaluru and some cities in neighbouring Telangana and Andhra Pradesh as well as in Delhi
 "Karnataka raids: Rs 94 cr cash seized after I-T searches govt contractors")
I-T dept raids on Kashmir biz led to detection of undisclosed income: CBDT
Incriminating documents, hand-written diaries and digital devices were seized during the searches, CBDT said
 "I-T dept raids on Kashmir biz led to detection of undisclosed income: CBDT")
3.5 million refund cases 'held up', I-T dept working to resolve: CBDT
The direct taxes body chief said the department was "in correspondence" with such taxpayers and it is their aim to expeditiously resolve these issues
 "3.5 million refund cases 'held up', I-T dept working to resolve: CBDT")
I-T dept collects over Rs 700 crore in TDS from online gaming, crypto trade
About Rs 600 crore in taxes (under the tax deduction at source head) has been collected during the current financial year after the new online gaming regime kicked in
I-T dept attaches assets worth Rs 50 cr in 'benami' case against SP leader
The Lucknow-based benami assets investigation unit of the department had launched searches in Varanasi and some parts of Maharashtra early this week as part of this investigation
Under BJP, whoever goes to jail will not get bail: Chhattisgarh CM Baghel
Chhattisgarh Chief Minister Bhupesh Baghel said that more than (stray) dogs and cats, the Enforcement Directorate and Income Tax are moving around
 "Under BJP, whoever goes to jail will not get bail: Chhattisgarh CM Baghel")
Income tax officers visit factory, Bengaluru office of China's Lenovo
The officials inspected laptops of Lenovo employees during the visit, one of the sources said. They also tried to contact Lenovo's senior management during and after the visit as part of the inquirY
 "Income tax officers visit factory, Bengaluru office of China's Lenovo")
I-T dept extends ITR filing deadline for charitable trusts till Nov 30
Also, the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended
 "I-T dept extends ITR filing deadline for charitable trusts till Nov 30")
Govt extends deadline for filing tax returns by companies, audit reports
The due date for furnishing audit reports by companies who need to get their accounts audited has been extended by one month till October 31
 "Govt extends deadline for filing tax returns by companies, audit reports")
IDFC First Bank's MD and CEO V Vaidyanathan to raise stake in bank
GQG Partners acquires shares of IDFC First Bank through block deal
 "IDFC First Bank's MD and CEO V Vaidyanathan to raise stake in bank")
Tata Comm moves ITAT against Rs 228.49 cr TDS order by Income Tax Dept
The Commissioner of Income-tax (Appeals), Mumbai, passed orders received by the company on September 07, 2023 deciding the appeals against the company
Ashneer Grover calls out officials for asking for ITR of shareholders
Ashneer Grover asked the finance ministry to look into the Income Tax Department's practice of asking for details of the ITRs of shareholders
 "Ashneer Grover calls out officials for asking for ITR of shareholders")
Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT
CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened
 "Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT")
Over 60 mn ITR filings processed for assessment year 2023-24: CBDT
Of the total ITRs filed, about 14 lakh are yet to be verified by taxpayers while the department has sought further information from another 12 lakh taxpayers
Around 500,000 taxpayers get I-T department alert for low advance tax
'Intimation' comes ahead of tax payment due date
 "Around 500,000 taxpayers get I-T department alert for low advance tax")
CBDT signs 95 APAs in 2022-23, highest ever since launch in 2012
The Income Tax department has signed 95 advance pricing agreements (APA) in 2022-23 -- the highest ever in any financial year since its launch in 2012
 "CBDT signs 95 APAs in 2022-23, highest ever since launch in 2012")
Sec 54 benefit gets forfeited unless taxpayer meets multiple criteria
An ITAT ruling has clarified seller can commit to buy new house much before selling old one
 "Sec 54 benefit gets forfeited unless taxpayer meets multiple criteria")
Explained: How to structure your salary to reduce your tax burden
When an employer when employees a person, he specifies his cost to the company (C.T.C). It means that the organization is going to spend that much amount per year to employ that person
 "Explained: How to structure your salary to reduce your tax burden")
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
