IT Returns

Over 30,000 taxpayers have revised their I-T returns or filed belated returns and declared additional foreign assets and income of more than Rs 30,000 crore, Government sources said on Thursday. In line with its 'trust-first' approach, the Central Board of Direct Taxes (CBDT) had on November 16 last year, launched an awareness campaign under which messages were sent to taxpayers who had not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. SMSes and emails were sent to 19,501 taxpayers with high foreign account balances or significant foreign income from interest or dividends above a specified threshold. These communications requested taxpayers to revise their Income Tax Returns (ITRs) to reflect their foreign assets and income accurately. Sources said 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed belated returns for AY 2024-25, declaring foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore. Also, 6,734

The government has extended the deadline for implementation of special procedure for registration and monthly return filing of manufacturers of pan masala, gutkha and similar tobacco products till May 15. Earlier in January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the introduction of a new registration and monthly return filing procedure effective April 1, 2024. The move to overhaul the registration, record-keeping, and monthly filing of such businesses was aimed at improving GST compliance for manufacturers of pan masala and tobacco products. The GST law was also amended via Finance Bill 2024, to say that manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to Rs 1 lakh, if they fail to register their packing machinery with the GST authorities with effect from April 1. However, this penalty provision is yet to be notified. The procedure was to be applicable for manufacturers of pan-masala, unmanufactured tob

The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that," Gupta said. The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. Gupta said the move would ..

Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year

The measures, along with announcements to improve the direct tax system, are those which the government feels will not hurt the fiscal deficit numbers now

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More than four crore income tax returns (ITRs) have been filed so far for fiscal 2022-23 and more than half of them have been processed leading to issuance of 80 lakh refunds, CBDT chairperson Nitin Gupta said on Monday. Gupta also said that the "shortage of manpower (in the department) at every level was impeding our efforts to give even better results" as he urged the Union finance minister for a "quick approval" of the department's cadre restructuring proposal. He was speaking at an event held here to mark the 164th Income Tax Day. The Central Board of Direct Taxes (CBDT) is the administrative authority for the I-T department. Gupta said the direct tax collection, that includes personal income tax and corporate tax among others, has been making "remarkable" strides as the department collected more than Rs 16.61 lakh crore in taxes during 2022-23 fiscal and this was 17.67 per cent higher as compared to the preceding year. This collection "surpassed" both the budget and revised .

A large number of government and tech company employees in Andhra Pradesh have claimed incorrect tax deductions and exemptions, the Income Tax department on Friday said. However, erring tax payers have been given a chance to file the correct returns. As part of their investigation, the tax officials conducted field inquiries and came to know that gullible employees were lured to claim wrongful refunds by intermediaries and peers. "Many of the assesees work in government departments, PSUs and prestigious IT companies. It is also noticed that a large number of such taxpayers work with companies based outside Andhra Pradesh and Telangana but have PAN based in Andhra Pradesh/Telangana," said a statement issued here on Friday. The Income Tax department's surveys on consultants and intermediaries revealed incriminating evidence on these fraudulent practices. Many of them have admitted to claiming bogus deductions and getting substantial refunds for their clients (employees and others) for

The income tax notices were issued to evaders under Section 138 and 148(A); individuals have to submit proof of donation within 30 days of receiving the notice

The transactions were allegedly not reported correctly in tax returns for FY20

Such transactions attract special attention from the income tax (I-T) department and are mandatory to be furnished. If not, they may lead to fines, penalties or even jail term

The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen

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The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry

Income-Tax department selects cases manually for comprehensive scrutiny

Further, in ITR-7 political parties will have to give details of voluntary contributions under different categories received by them during the fiscal

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The Finance Minister said this would give taxpayers an opportunity to correct any omissions or mistakes in correctly estimating their income for tax payment

The government had extended the date of filing income tax returns for AY22 to December 31, 2021, from July 31, 2021

Infosys has been asked to address issues linked to complex filings