Tax Returns

Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department

The Income Tax Appellate Tribunal on Friday dismissed the Congress party's appeal against imposition of penalty for discrepancies in tax returns for previous years and said it was exploring all legal options and will move the high court against it very soon. Sources said the tribunal had dismissed the appeal of the Congress for imposition of penalties of Rs 210 crore by the Income Tax department here on Friday. Congress treasurer Ajay Maken said the party is exploring all legal options and would move the high court "very soon". "The BJP government has deliberately chosen the timing of this to coincide with national elections," Maken told PTI. He said the I-T tribunal order freezing Congress's funds is "an attack on democracy" as it has come just ahead of national elections. "How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts," he asked. Confirming

Most taxpayers are concentrated in a few states. The top seven account for over 60 per cent of the non-zero returns

In appeals filed by the Revenue, the High Court reversed the finding of the Tribunal. Challenging the order of the High Court, the firm and its partners moved the Supreme Court

Get an expert to calculate internal rate of return; ensure premium doesn't exceed Rs 5 lakh annually for tax-free return

Multiple revisions, while legal, can attract scrutiny, especially if the final revised return deviates significantly from the original

Cases to be scrutinised if difference is more than 20%, or over Rs 25 lakh

The CBIC has extended the deadline till May 31 for Manipur-based businesses to file monthly GST returns, as the north eastern state continues to witness violence due to ethnic clashes. The Central Board of Indirect Taxes and Customs (CBIC) has issued three Central Tax notifications which said that the due date for filing returns GSTR-1, GSTR-3B and GSTR-7 for the month of April by registered persons whose principal place of business is in Manipur has been extended till May 31. Manipur-registered businesses were to file GSTR-1, which is the statement of outward supplies, for April by May 11. April GSTR-3B, which is the monthly tax payment form, was to be filed by May 20. GSTR-7, which was to be filed by businesses who deduct tax at source, for April was filed by May 10. Clashes broke out in Manipur after a 'Tribal Solidarity March' was organised in the hill districts on May 3 to protest against the Meitei community's demand for Scheduled Tribe (ST) status. The violence in Manipur w

Non-linked policies must be availed of by that deadline to earn tax-free return without cap

The system will also compare the two schemes in an easy-to-understand format, said another source

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Paid $1.1 million in tax during his presidency, but $0 in 2020

The Democratic-controlled House Ways and Means Committee is expected to vote Tuesday on whether to publicly release years of Donald Trump's tax returns, which the former president has long tried to shield. Committee Chairman Richard Neal, D-Mass., has kept a close hold on the panel's actions, including whether the panel will meet in a public or private session. And if lawmakers move forward with plans to release the returns, it's unclear how quickly that would happen. But after a yearslong battle that ultimately resulted in the Supreme Court clearing the way last month for the Treasury Department to send the returns to Congress, Democrats are under pressure to act aggressively. The committee received six years of tax returns for Trump and some of his businesses. And with just two weeks left until Republicans formally take control of the House, Tuesday's meeting could be the last opportunity for Democrats to disclose whatever information they have gleaned. Trump has long had a ...

Higher tax exemption slabs may exclude significant numbers from existing pool

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

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Failure to do so can result in penalties for the legal heir

If the burden does hit Rs 2.5 trillion, that would mean extra spending of around Rs 35,000 crore

The Income Tax Department has started the investigation against Kanpur-based perfume businessman Piyush Jain.Notably, the Directorate General of GST Intelligence (DGGI) had recovered over Rs 194.45 crore cash, 23 kg gold and 600 kg sandalwood from the factory premises of Piyush Jain in December last.A joint team of DGGI and local Central GST had taken Jain to his factory and residence in Kannauj which resulted in a cash recovery of cash and gold.The investigation has been taken up by Income Tax Department, Kanpur division. DGGI last week officially shared the information with the Income Tax department.Out of Rs 194.45 crore, DGGI raised a tax liability of Rs 52 crore on Piyush Jain. The rest amount of the cash will now be seized or requisitioned by Income Tax under section 132B of Income Tax.An official told ANI that the seized money has been kept in the State Bank of India. Now a warrant will be issued against Jain by the department. Department will also match his income tax returns .