'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Today one can easily file returns online.
Claim could be over fee for guarantees given for loans to acquire Novelis.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
Rajasthan Chief Minister Bhajanlal Sharma, state BJP president C P Joshi and Union minister Bhupendra Yadav welcomed them into the party at its state headquarters in Jaipur.
Vadra was asked to join the investigation at the tax authority's office but as he cited COVID-19 restrictions, a team of officials visited his premises in Delhi's Sukhdev Vihar area.
With this batch, the department has now issued letters in 210,000 high priority cases.
The Bombay High Court on Thursday deferred till August 2 the hearing on an appeal filed by Vodafone International challenging income tax department's decision to levy tax on the company for acquiring stake of Hutchison International in Hutchison-Essar in a $11.1 billion deal in February 2007.
Some of the notices are not only for taxes but for cancellation of the NGOs' registration as non-profit entities under the Income Tax Act.
The premises of Uttar Pradesh-based liquor baron and businessman Ponty Chadha were on Wednesday searched by the income tax department in the state and at locations in Delhi in connection with alleged tax evasion.
The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department -- https://www.incometaxindiaefiling.gov.in.
She had shown some cash and other assets as gifts from party men "given to her out of love and affection", an argument the department rejected.
The Central Board of Direct Taxes has suggested to income tax departments across the country to go slow on refunds for at least a fortnight.
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
Taxpayers might face several issues while filing returns this year.
It would be ludicrous to expect Modi, Erdogan or Biden to pay to keep blue ticks on their respective official accounts. It would be equally ludicrous to expect the Delhi Metro or the Income Tax Department to pay, points out Devangshu Datta.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
The IT Department conducted searches at the residences of BCCI Vice President Lalit Modi
'This mega corruption scandal, as certified by the Supreme Court, will expose the unholy nexus between the BJP and its corrupt corporate masters'
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
Money changers operating behind the RBI HQ in Mumbai said they would charge a 15% fee to convert Rs 1 crore.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
The income tax department was committed to treat every taxpayer as honest, unless proven otherwise, and provide fair, courteous and reasonable treatment, according to the taxpayers' charter adopted on Thursday. The charter also expects taxpayers to pay taxes on time and be honest and compliant.
The income tax (I-T) department in Mumbai has requested Vodafone to make an application to the assessing officer for determining the exact tax liability resulting from buying out 62 per cent equity stake from Hutchison in Hutchison Essar Ltd.
The BSP supremo had disclosed Rs 64,700 as agricultural income in the Income Tax returns filed for the assessment year of 1997-98, the CBI said, citing an Income Tax department report.However, the CBI has informed the Supreme Court that most of the people, who were shown as having purchased the foodgrain, denied any such transaction.Mayawati has been accusing the CBI of being politically motivated.
First cover contains names, documents and information of 18 persons already probed by I-T authorities.
Dept seeks details of companies that signed Rs 1,000-cr MoUs.
Supreme Court has ruled that interest paid on loans for capital assets are subject to IT deductions, even if the assets were not put to use.
Finance Minister Pranab Mukherjee on Monday proposed to introduce a new simplified income tax return form 'Sugam' to reduce compliance burden of small taxpayers.
The Enforcement Directorate (ED) on Tuesday conducted searches against Tamil Nadu Electricity Minister V Senthil Balaji and some others as part of a money laundering investigation and held multi-city searches, official sources said.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
The Election Commission has deployed 36 observers for monitoring the flow of illegal cash and other inducements during the upcoming assembly polls in Meghalaya, Nagaland and Tripura. The officials have been deputed by the Central Board of Direct Taxes (Income Tax department) and Central Board of Excise and Customs (Customs and Excise department) and will act as Election Expenditure Observers, a senior Revenue department official said.
The controversial proposal to amend the Income Tax Act with retrospective effect to bring into tax net Vodafone-type deals is expected to yield to the exchequer Rs 35,000 to Rs 40,000 crore, the government said.
The agency has also summoned Rajasthan Chief Minister Ashok Gehlot's son Vaibhav Gehlot for questioning in a case related to alleged contravention of the foreign exchange law, official sources said on Thursday.
The ministry of home affairs has suspended the Foreign Contribution Regulation Act (FCRA) licence of prominent public think-tank Centre for Policy Research (CPR) over violation of laws, officials said on Thursday.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
The company faces a potential tax demand.
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