Page 5 - Income Tax

I-T officer died in fire at CR building at ITO in Delhi: Tax dept

A fire broke out inside the Income Tax CR Building in ITO area on Tuesday, officials of the Delhi Fire Services said. No casualty was reported. The fire broke out in the building located opposite the old Police Headquarters, which is still occupied by the force for some of its units. "We received a call at 3.07 pm, regarding a fire in the Income Tax CR building. We have rushed a total of 21 fire tenders. We have also informed the local police about the matter for further investigation and to maintain law and order," officials of the DFS said. According to some videos which turned up on social media, the occupants of the building took shelter on the window ledge while escaping the fire. More details are awaited.

FM's clarification on capital gains tax could see markets recover on Monday

Ambareesh Baliga, an independent market analyst believes the markets want 'more of the same' in terms of income tax-related policies - continuity amid a stable regime

Income tax calendar for May 2024: Check out full list of deadlines

Taxpayers should use the calendar for financial and tax planning

Tax dept extends deadline for charitable trusts' registration till June 30

The income tax department on Thursday extended the deadline for charitable and religious trusts to furnish registration application with tax authorities till June 30. The Central Board of Direct Taxes (CBDT) had earlier extended the due date for filing Form 10A, Form 10AB by trusts, institutions and funds multiple times and the last such extension was till September 30, 2023. "Considering the representations received by CBDT requesting for further extension of due date for filing of such forms beyond the last extended date of September 30, 2023, and with a view to avoid genuine hardships to taxpayers, CBDT has extended the due date of filing Form 10A/Form 10AB up to June 30, 2024," the CBDT said in a statement. Form 10A is an application form filed by trusts/institutions who wish to get themselves registered for income tax exemption. Form 10 AB is filed by trusts/institutions to renew their permanent registration. CBDT further clarified that if any such existing trust, institution

Congress plans to target middle class with inheritance tax: Sitharaman

Sam Pitroda argued that his remarks were merely a discussion on policies in the US and not a proposal for India

Save income tax with health insurance under Section 80D: Here's how

Taxpayers can secure deductions on the premiums paid for themselves, their spouses, dependent children, and parents under Section 80D

Foreign entities fund Indian NGOs to halt public projects: I-T dept to SC

The Environics Trust had filed a petition in the Delhi High Court, contesting the notice issued to it under Section 148 of the Income Tax Act, 1961

15G/15H or Section 197 to avoid TDS? Choice depends on your income

Individuals with income below basic exemption limit should opt for the former, those exceeding this limit may go for the latter

Income tax notices lead to stress among startups, executives and investors

The notices were served under Section 68 of the Income Tax Act. They have clubbed the investments made in the startups, along with the revenue, to calculate the tax, according to the sources

I-T dept allays apprehensions on reopening of large cases of HRA claims

Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the financial year 2020-21

Mismatch in HRA claims: No drive launched to reopen cases, clarifies CBDT

The Income Tax Department on Monday said it has found mismatch between rent paid by salaried employees vis-a-vis rent received by the recipient for 2020-21 fiscal year and conducted data analysis for high-value cases. Refuting reports that there is a special drive by the department to reopen cases regarding House Rent Allowance (HRA), the Central Board of Direct Taxes (CBDT) said the verification of rent paid by the tenant and the rent received by the recipient was done in a "small number" of cases. "Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the FY 2020-21. This verification was done in a small number of cases without re-opening bulk of cases, especially since Updated Return for FY 2020-21(AY 2021-22) could have been filed by the taxpayers concerned only till 31.03.2024," the CBDT said in a statement. The objective of the e-verification was to alert cases of mismatches of ...

CBDT enables ITR e-filing portal for FY24; 23,000 returns filed in 4 days

The Income Tax department on Thursday said ITRs 1, 2, 4 and 6 have been made available on e-filing portal from April 1, 2024, and about 23,000 returns have already been filed for the 2023-24 fiscal year. This is for the first time in recent years that the Income Tax department has enabled taxpayers to file their I-T Returns on the first day of the new financial year and, is a step towards ease of compliance and seamless taxpayer services. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property). In a statement, the Central Board of Direct Taxes (CBDT) said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the 2024-25 Assessment Year (relevant to Financial Year 2023-24) from April 1, 2024. "The ITRs -- i.e. ITR-1, ITR-2 and ITR-4 -- commonly used by taxpayers are available on the e-filing portal from April 1, 2024 onwards for taxpaye

From United Spirits to Zomato, multiple companies get tax demand notices

ICICI Securities on Tuesday said it has received a tax demand of about Rs 66.70 lakh from the Gujarat state GST department. In a regulatory filing, the brokerage firm said the demand includes demand of GST worth Rs 31.78 lakh, interest of Rs 31.72 lakh and penalty of Rs 3.20 lakh. The Gujarat GST authority has demanded about Rs 66.70 lakh GST, along with interest and penalty, for alleged excess claim of GST credit. The company will defend the matter before the appellate authorities and file an appeal against the order before the Commissioner (Appeals). Shares of ICICI Securities closed at Rs 719.85 apiece, down 0.54 per cent over the previous close on BSE.

Save tax with this scheme: Pay tax on only half your income

Should I-T babus or voters decide the fate of the Congress?

It can be nobody's case that I-T Department must not do its job. However, blindly following bureaucratic rules cannot be allowed to tamper with democratic processes on the eve of the general election

Infosys to receive Rs 6,329 crore tax refund from I-T department

Infosys expects a refund of Rs 6,329 crore from the Income Tax Department, the country's second largest IT services company said. It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore, citing various assessment orders. Infosys Ltd said it has received orders from the Income Tax Department for assessment years 07-08 to 15-16, 17-18, and 18-19 during the quarter. "As per the orders, the company expects a refund of Rs 6,329 crore (including interest). The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024," Infosys said in a BSE filing. Infosys, which competes with TCS and Wipro and others in the market for IT services contracts, is scheduled to declare its financial results for the fourth quarter of the current fiscal year as well as the full FY24 on April 18. The Bengaluru-headquartered IT company also said it has received an order for assessment year 22-23

'I-T notice to Cong on orders of Centre after electoral bonds scam bust'

Mumbai Congress chief Varsha Gaikwad on Sunday dubbed the fresh notice from the income tax department for payment of Rs 1,823 crore a bid for extortion and an act of revenge by the Central government after the BJP's electoral bonds "scam" was exposed. "The Income Tax notice was issued on the orders of the Central government. Why didn't the I-T department serve a notice to the BJP?" Gaikwad questioned while speaking to reporters. She alleged the BJP-led "dictatorial regime" was making a last-ditch attempt to weaken the Congress financially sensing imminent defeat in elections. "After freezing all bank accounts of the Congress party, the I-T department has sent a notice of Rs 1,823 crore," the Congress MLA said. She said ahead of the poll code, the I-T department froze 11 bank accounts of the Congress and took out Rs 135 crore directly. "Another notice of Rs 1,823 crore was served after the election schedule was announced," she added. "All this has been done out of revenge after the

Airtel arm Telesonic Networks penalised for irregularity in claiming ITC

Bharti Airtel Group firm Telesonic Networks has been penalised for alleged irregularity in claiming input tax credit, according to a regulatory filing. Bharti Airtel informed stock exchanges that the office of the Assistant Commissioner of Commercial Taxes (Audit) in Bengaluru has passed an order under the Central Goods and Services Tax Act against a subsidiary of the company, levying a penalty of Rs 2,19,873. According to the filing, the penalty has been levied for "alleged irregular input tax credit claimed during the financial year 2018-19" on the company's subsidiary Telesonic Networks. The company received the order on March 30. "The maximum financial impact is to the extent of the penalty levied. The company does not agree with the order and will take appropriate action(s) for the same," the filing noted.

Congress gets fresh Income-Tax notice, complains of 'tax terrorism'

Party asked to pay Rs 1,823 cr; CPI claims to have received notice; BJP asks Cong to follow rules

After Congress, CPI gets Income Tax dept notice for Rs 11-crore dues

The Communist Party of India (CPI) has received a notice from the income-tax department, asking it to pay "dues" of Rs 11 crore for using an old PAN card while filing tax returns during the last few years, sources said on Friday. They said the Left party is consulting its lawyers to challenge the notice of the tax authorities. The sources said the "dues" to be paid to the I-T department include penalties and interest due to authorities for "discrepancies" in the use of an old PAN card by the party. "We are seeking legal assistance and consulting our lawyers," a senior CPI leader told PTI. Earlier, the Congress said it has received I-T notices, asking the party to pay dues of more than Rs 1,823 crore for discrepancies in tax returns filed for previous years. Trinamool Congress leader Saket Gokhale has also claimed that he has received 11 I-T notices in the last 72 hours. The Congress has been alleging that the Bharatiya Janata Party-led Centre is trying to "cripple" the opposition