Page 6 - Taxpayers

Over one million returns a day needed to meet December ITR deadline

This is at least 3.3x times the current pace of daily returns filed

Why estimates of India's crypto-owning population could be exaggerated

As the debate around regulating-or even banning-private cryptocurrency grows, it is important to know how big India's crypto market really is

Taxpayers can access new annual IT info statement on e-filing portal

The Income Tax department on Sunday said taxpayers can now access the new Annual Information Statement (AIS), which includes additional categories of information like interest, dividends, securities and MF transactions, and remittances from abroad, on the e-filing portal. The I-T department had last month expanded the list of high-value financial transactions, which would be available to taxpayers in their Form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers. Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN). "AIS provides ease of access! It can be accessed now on the e-filing portal & downloaded easily in downloadable formats of PDF, CSV & JSON (machine-readable format). Click on link 'AIS' under 'Services' tab on http://incometax.gov.in," the I-T department tweeted. AIS enables a taxpayer to ..

CBDT issues refunds of Rs 1.12 trn to 9.1 mn taxpayers from Apr 1-Nov 1

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,12,400 crore to more than 91 lakh taxpayers from April 1 to November 1, the Income Tax Department said on Wednesday. "CBDT issues refunds of over Rs 1,12,489 crore to more than 91.30 lakh taxpayers from 1st April, 2021 to 1st November, 2021. Income tax refunds of Rs 33,548 crore have been issued in 89,53,923 cases & corporate tax refunds of Rs 78,942 crore have been issued in 1,75,692 cases," the Income Tax department tweeted. The department said the amount includes 58.22 lakh refunds of Assessment Year (AY) 2021-22 amounting to Rs 11,086.89 crore.

Get info on interest and dividend income, investments made, on I-T portal

Dept rolls out new Annual Information Statement (AIS) to ease filing of returns; experts say it might replace existing Form 26AS

I-T dept to help taxpayers with more info on their transactions, income

The fresh info to be uploaded in form 26AS includes remittances received from overseas, interest on income tax refund, dividend from mutual funds, purchase of MFs, among others

Field officers are recovering GST without notice: Industry experts

In the recent instruction, the GST investigation wing asked the field formation to issue showcause notices well before the last date, so that the probe can be completed

Taxpayers still need to pay interest despite extension of filing dates

Taxpayers may still be required to pay additional interest at the rate of 1 per cent per month despite filing the return in the extended period in case the balance tax payable exceeds Rs 1 lakh

CBDT allows taxpayers an opportunity to file application for settlement

CBDT on Tuesday said that taxpayers can file applications for settlement by September 30, 2021 before the Interim Board if they satisfy certain conditions.

Top taxpayers may get flexibility to exit faceless assessment scheme

Recast of scheme is being discussed to bring in more flexibility into the system

Honest taxpayers deserve to be recognised for paying due share of taxes: FM

Finance Minister Nirmala Sitharaman on Saturday said honest taxpayers deserve to be recognised for dutifully paying their due share of taxes

Best of BS Opinion: Targeting taxpayers, Bharat Ratna for Dr Kurien & more

Here are the best of Business Standard's opinion pieces for Friday

Centre exempts tax on expenses incurred for Covid-19 treatment

This exemption is applicable to any amount paid by the employer, and limited to Rs 10 lakh if received from any other person, the finance ministry notified

Tax dept issues refunds worth Rs 26,276 cr in 2 months of FY22

The income tax department on Thursday said it has issued Rs 26,276 crore refunds to more than 15.47 lakh taxpayers in two months of the current fiscal.

I-T Dept issues refunds to tune of Rs 17,061 crore so far in FY22

The Income Tax Department on Wednesday said it has issued over Rs 17,061 crore of refunds to more than 13 lakh taxpayers so far this fiscal year.

Crackdown on tax evaders: I-T notices to holders of foreign assets

Seek action under black money and benami laws for non-disclosure

IT refunds of over Rs 2.62 trillion issued in FY21, an increase of 43%

The total refunds issued in 2019-20 were worth Rs 1.83 trillion

Budget proposals will ease taxpayers' burden from April 1, say experts

But changes like taxation of EPF contributions above Rs 2.5 lakh will pinch the wallet

FM hits back at Rahul's comments, says UPA 'privatised taxpayers money'

Govt will protect the interests of employees in plans to sell state-owned companies, says Finance Minister

Parliament passes Arbitration Amendment Bill to protect taxpayer money

Section 36 of the (Arbitration) Act says the arbitration award be set aside if it is against public policy, said Law Minister Ravi Shankar Prasad in Rajya Sabha