Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
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Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
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As taxpayers face technical glitch on the GST portal, the government on Tuesday said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem. The Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B and auto-population of GSTR-3B on portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted.
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Mumbai, which contributes about 30 per cent of country's direct collections, saw the rate of contraction in advance tax collection lower to 20 per cent as against an over 33 per cent decline in Q1.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
The Central Board of Direct Taxes (CBDT) has extended various tax returns filing deadlines till December 31 this year but it will continue to levy interest on delayed payments made after July 31, the original due date. Officials say tax payment has to be done through net banking, and the assessee doesn't need to use the e-filing portal, which has been facing glitches. So, taxpayers have to bear the interest payment liability of 1 per cent per month on the outstanding tax for those who filed a return after July 31.
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
Her immovable assets are worth over Rs 7.74 crore, which includes two inherited half shares of agricultural land in Mehrauli area of New Delhi and a half share in a farmhouse building located therein, all of which together are now worth over Rs 2.10 crore.
CBDT feels 30% growth in income-tax not feasible.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
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Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
As per the guidelines, the assessing officer has to issue letter to the assessee within 15 days of the case being assigned in NMS, seeking information about the return of income flagged in the system.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
The new office will have its base in the national capital.
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Providing comfort to the government on the revenue front amid fiscal stress, direct tax collection is moving closer to the revised Budget target for 2021-21 and may get a further thrust from the last instalment of the advance tax payment, the deadline for which ended on Monday. The contraction in net direct tax collection narrowed to 5 per cent year-on-year as on March 15 compared to a 9 per cent decline seen in January. In absolute terms, net collection stood at Rs 8.2 trillion against Rs 8.67 trillion in the same period last year, according to the provisional numbers shared by a government official.
It is very important to maintain your tax record even if you are not in the taxable income bracket as tax return papers are required when applying for a loan
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax (I-T) returns, the I-T department has now identified another 2.17 million potential non-filers. It had already sent letters to 50,000 potential non-filers in the first batch.
Collection will have to rise by 30 per cent in the remaining period of the financial year to achieve the Budget estimate.
The total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore filed during the corresponding period of 2016-17
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
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