A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
In signs of acceleration in economic activity, India's tax collections on goods sold and services rendered returned to over Rs 1 lakh crore in July after the second wave of Covid-related restrictions caused a blip in the previous month. Goods and Services Tax (GST) mop-up grew 33 per cent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. In July 2020, the collection was Rs 87,422 crore. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April.
'In India, managers and the leadership almost glorify overworking.'
Neil Bhoopalam plays aspiring prime minister in the series 24.
Tax experts are nudging the authorities to figure out why so many assessees are not filing their returns.
Mohammed Azharuddeen slammed a 37-ball century to power Kerala to an emphatic eight-wicket victory against Mumbai in the Syed Mushtaq Ali Trophy T20 match at the Wankhede Stadium, in Mumbai, on Wednesday.
Armaan Jain and Anissa Malhotra's wedding reception saw the who's who of Bollywood in attendance.
Affordable pricing, a variety of themes, and the ease of transacting are among key reasons that have made smallcases a hit among young investors.
A round-up of Ranji matches played on Monday.
Foreign Trade Policy: More incentives for exports, focus on ease of trading
Fast cars, marathons, golfing and shooting - nothing stops these high-power tycoons from pursuing their passion.
Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, merchant banking sources said. Of the total fundraising, a large chunk would be garnered by technology-driven companies. The successful IPO of food delivery company Zomato, which was overwhelmingly subscribed by over 38 times, encouraged new-age tech companies to come out with their primary share-sales.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Mumbai is witnessing some big-ticket investments in bungalows by the city's billionaires.
Despite uncertain times and market volatility ahead, investors should continue with their disciplined investing via SIPs.
A round-up of all the Ranji Trophy matches played on Monday.
Then chief minister Jyoti Basu once told an industrialist that capitalists were class enemies and he should expect no sympathy.
Raymond claims to be spending more than 10 per cent of its ad budget on its biggest campaign, called The Summer of Wool.
Test specialist Cheteshwar Pujara continued his good form with the bat as he and Robin Uthappa helped Saurashtra crush Punjab by eight wickets.
Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.
