Advance Tax Payment
CBDT starts sending emails, SMSs for mismatch in tax profile in FY24
The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15. In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24. "On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions ma
 "CBDT starts sending emails, SMSs for mismatch in tax profile in FY24")
Salaried but have sizeable other incomes? You have to pay advance tax
NRIs with income in India above Rs 10,000, post-TDS and tax treaty adjustments, must pay too
 "Salaried but have sizeable other incomes? You have to pay advance tax")
India's net direct tax collection up 23% at Rs 8.65 trillion till Sept 16
Improved profitability, compliance lead to jump in direct taxes
 "India's net direct tax collection up 23% at Rs 8.65 trillion till Sept 16")
Definition to deadline: What to know about advanced tax payment
Some salaried individuals, NRIs, professionals and senior citizens have to pay this tax
 "Definition to deadline: What to know about advanced tax payment")
Last date to pay first installment of advance tax announced; check details
Taxpayers have until June 15 to pay 15 per cent of their estimated tax liability
 "Last date to pay first installment of advance tax announced; check details")
Income tax department to monitor advance tax payments by companies
The idea is to both widen and deepen tax bases, according to two official in the know
 "Income tax department to monitor advance tax payments by companies")
PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31
From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses
 "PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31")
Meet the last advance tax deadline for FY23 to steer clear of penalties
If you miss the date, penalty will be levied at a simple interest rate of one per cent per month or part of a month
 "Meet the last advance tax deadline for FY23 to steer clear of penalties")
Opt for presumptive tax scheme only if you can adhere to its rules
Higher proposed limits are a positive, but remember you must stick to the scheme for five years
 "Opt for presumptive tax scheme only if you can adhere to its rules")
Advance tax mop-up grew 13% in April-Dec period to Rs 5.21 trillion
Net direct tax collection has grown 19% to over Rs 11.35 trillion
 "Advance tax mop-up grew 13% in April-Dec period to Rs 5.21 trillion")
Surplus liquidity slumps to Rs 3K cr on tax outflows, shows RBI data
The RBI's average daily absorption of excess liquidity was at Rs 3.8 trillion during June-July against Rs 5.5 trillion in May and Rs 7.4 trillion a month ago
 "Surplus liquidity slumps to Rs 3K cr on tax outflows, shows RBI data")
Top Headlines: WTO members reach deal, advance tax collection up 48% in Q1
The members of the World Trade Organization (WTO), for the first time in a decade, finalised a historic deal at 12th Ministerial Conference (MC12). Read more in our top headlines
 "Top Headlines: WTO members reach deal, advance tax collection up 48% in Q1")
At Rs 42,679 crore, advance tax collection up 48% in April-June quarter
Direct tax collection, net of refunds, stood at Rs 2.81 trn, according to initial estimates; advance tax collection for the period between April 1 and June 15 was Rs 42,679 cr
 "At Rs 42,679 crore, advance tax collection up 48% in April-June quarter")
Centre likely to lift veil on taxing NFT as virtual digital asset
Likely to release framework ahead of first advance tax instalment
 "Centre likely to lift veil on taxing NFT as virtual digital asset")
I-T dept has made highest tax collection in its history: CBDT Chairman
The net collection numbers as on today is Rs 13.63 trn which is against Rs 11.18 trn of 2018-19, Rs 10.28 trn of 2019-20 and Rs 9.24 trn of 2020-21, he said
 "I-T dept has made highest tax collection in its history: CBDT Chairman")
Tata Steel, ONGC lead surge in advance tax; top 20 firms pay 47% more in Q2
Reliance Industries and Tata Motors skip payment
 "Tata Steel, ONGC lead surge in advance tax; top 20 firms pay 47% more in Q2")
Top headlines: Top firms' advance tax up 47%; Invesco considers suing Zee
India needs more big banks to aid economic growth, says Finance Minister. More in top headlines of the day
 "Top headlines: Top firms' advance tax up 47%; Invesco considers suing Zee")
60-65 small- to mid-sized companies on I-T radar for TDS mismatch
These companies had reported healthy advance tax payments
 "60-65 small- to mid-sized companies on I-T radar for TDS mismatch")
Top headlines: Auto,IT lead advance tax payment; Covaxin shows 77% efficacy
Strap: Business Standard brings you the top headlines on Wednesday
 "Top headlines: Auto,IT lead advance tax payment; Covaxin shows 77% efficacy")
A quick and simple guide on tax compliance ahead of the March 31 deadline
Apart from tax planning, you need to make sure you've paid your advance tax correctly and linked your Aadhaar to your PAN
 "A quick and simple guide on tax compliance ahead of the March 31 deadline")
