The government on Thursday extended the deadline till December 31 for filing of income tax returns by individuals for the financial year 2021, amid the coronavirus pandemic and technical glitches in the IT portal. Earlier, the deadline was extended to September 30, 2021. Usually, the last date for filing the ITR (Income Tax Returns) for the individual taxpayers is July 31. "On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961, Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22," the finance ministry said in a statement.
Verification process to be made robust after detection of frauds
'Tenants who pay rent above the threshold limit must be extra cautious about TDS fillings.'
Team Anna member Arvind Kejriwal has been slapped with a fresh notice by the Income Tax Department, asking the former IRS officer to pay over Rs nine lakh in dues by this month-end.
In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre.
Department has collected information about these defaulters from various sources and will soon initiate action against them.
Income tax office to remain open on Saturday and Sunday for those who have not yet filed their returns.
The department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreement between Hutch and Vodafone to establish the jurisdiction of the tax authorities to determine the tax liability. This follow an SC order in January 2009 to the effect that Vodafone should present its case to the tax authorities first and submit a copy of the share purchase agreement, the deadline for which expires by the end of this month.
According to the CBDT, if a social media influencer retains a product from the manufacturing company after using for the purpose of rendering service, then it will be treated as a benefit/perquisite under newly-introduced Section 194R of the IT Act.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Congress president Sonia Gandhi on Wednesday accused the government of vindictiveness in the wake of an income tax notice in the National Herald case, asserting that such "political witch hunting will only help us come back".
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
Proof of disgraced Satyam founder Ramalinga Raju's political influence--an issue that is being widely discussed following his January 7 confessions of fraud--was strongly in evidence as far back as 2002, when his company was at the height of its success.
Big evaders might be the target but the small guys end up getting punished.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8.
You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
Bhushan's claim is based on the grounds that the heart is a plant and the expenditure has been incurred on current repairs.
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
It is sending letters to 35,170 PAN holders in the first phase.
Also being considered is Rs 50 lakh-1 cr taxable income bracket.
You need to file returns if your income is not taxable.
Aam Aadmi Party has filed a complaint against former Bharatiya Janata Party president Nitin Gadkari for his remarks on income t officials, police said on Wednesday.
Bharatiya Janata Party President Nitin Gadkari, who was asked by the Income Tax department to appear before it on Monday in connection with the probe into alleged dubious investments in Purti group of companies, has sought more time to present his case.
A questionnaire sent to Price Waterhouse was not answered.
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
Queing before Income Tax Department officials will soon become a practice of the past. The department is making an elaborate plan to equip its offices throughout the country with Aaykar Seva Kendras (ASKs) which will work as a single-window facility for taxpayers for filing applications for services and redressal of grievances including paper returns.
Besides real estate, other sectors which are under the scanner of include mining, civil construction, education, jewellery and manufacturing.
This facility, initially, will be available at select ATMs in the major centres.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
Finance Minister Pranab Mukherjee earlier this month approved the proposal for deputing the officials at the Paris-headquartered body as advisors.
