A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
Delay raises doubts about govt's tax reform plans.
Reliance Industries may ask the government for a refund of its investment if it is forced to give up any part of the prolific KG-D6 block as it has spent a huge sum of money on exploration after obtaining necessary permission to retain the entire 7,645-sq km area.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'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.'
the processing of the returns to determine refunds is an ongoing and continuous process and a return can be processed up to one year.
The Supreme Court has sought responses of the Centre, CBI, the Enforcement Directorate and others including 13 states on a plea alleging fraudulent activities by motivational speaker Vivek Bindra and his firm Bada Business Pvt Ltd. Accusing the social media influencer and his firm of tricking people into giving them their money through a ponzi scheme that promised big returns, the petition sought a direction to the Centre to constitute a special investigation team (SIT) of the CBI to probe the case. A bench comprising MM Sundresh and SVN Bhatti took note of the submissions of senior advocate Vikas Singh, appearing for Shubham Chaudhary and 19 other petitioners, that Bindra and his firm have duped several people of their money.
Govt steps up security to check criminals seeking bank details of taxpayers
The Supreme Court on Wednesday directed real estate giant Supretech to give back money to flat owners who had sought refund of their investments within a month after its 40-storey residential twin towers Apex and Ceyane in Noida were directed to be demolished by Allahabad High Court.
Domestic air traffic rose 4.8 per cent on an annual basis to 126.48 lakh in February, while more than 1.55 lakh passengers were affected by flight delays during the same period, according to official data released on Friday. In February, Air India's market share rose to 12.8 per cent from 12.2 per cent while that of IndiGo marginally dipped to 60.1 per cent from 60.2 per cent in January. The domestic air traffic climbed to 126.48 lakh in February compared to 120.69 lakh in the year-ago period, the Directorate General of Civil Aviation (DGCA) said.
Discontent has been brewing among a section of the cabin crew at the low-cost carrier for some time now, especially after the start of the process of merger of AIX Connect, formerly AirAsia India, with itself.
As many as 5,532 complaints were received by the regulator in January, an 80 per cent increase over the number of complaints filed in the previous month.
Supreme Court on Tuesday upheld a Telecom Dispute Settlement Appellate Tribunal order directing the Government to refund the interest on licence fee collected by it from four operators
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
Pakistan's first warm-up match ahead of the World Cup will be played behind closed doors in Hyderabad for security reasons.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
A communication goof-up between Vijay Mallya-promoted Kingfisher Airlines and its banker saw a cheque of Rs 12,975 bounce, much to the embarrassment of the country's largest private carrier, which promptly arranged a bank draft for the recipient.
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
Gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, exceeding the government's revised collection target. Buoyed by personal income tax collection, the gross collection has exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent. After adjusting for refunds, the net income tax paid by individuals and corporate, showed an increase of 18 per cent to Rs 16.61 lakh crore during the fiscal, which ended March 31, 2023.
One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enforcement Directorate (ED) into the company, its associates, and its founder and chief executive officer (CEO), Vijay Shekhar Sharma. The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities.
The National Consumer Commission has told KEL to refund the cost of Rs 41,970, besides compensation of Rs 5,000.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
DLF, the country's largest property developer, may retrade its apartments at New Town Heights, Gurgaon, and Garden City, Chennai, at a discount. This is to refund buyers who want to exit the projects, according to a senior company official.
SpiceJet will have to refund fare to passengers due to a flight delay.
The nine-page guidelines have been issued days after the state government set up a 15-member committee headed by education secretary Bhawani Singh Detha to examine the issue after record student suicides were reported from coaching hub Kota.
Or impolite behaviour of tax officials or other issues related to the income tax department? The Tax Ombudsman can help you.
This at a time companies have asked the revenue department to increase the rate in view of higher bank rates.
The refund also includes interest payment of Rs 166.19 crore (Rs 1.66 billion), which would increase the net profit of MTNL for the last financial year. "The interest component will have an impact on our net profitability. We are expecting it to go up by about Rs 120 crore," MTNL Director (Finance) Anita Soni told PTI. The company has lined up huge investments to ramp its GSM capacity both in Delhi and Mumbai and also broadband network.
The diplomatic rift between India and Maldives, coupled with the suspension of flight bookings on one of India's major travel portals, has sent jitters down the spine of tour operators in the island nation. The Maldivian Association of Travel Agents and Tour Operators (MATATO), a forum for travel agents, has stressed that the Indian market is important to the success of tourism in Maldives.
Some mainland fans travelled 12 hours from Xinjiang to Hong Kong to see Messi, the Global Times wrote, with the disappointment of the government and fans "entirely understandable. The impact of this incident has far exceeded the realm of sports."
The Directorate General of Foreign Trade said in a directive that telecom operators will have to refund the duty sops availed under the commerce ministry's export promotion scheme for services -- Served From India Scheme.
'My suspicion is that most of the bonds were given by companies who had got contracts or who had benefited from policy changes by the government.'
In a blow to Tata Teleservices, the Telecom Regulatory Authority of India has asked the company to refund the excess amount charged from customers under its Walky plan.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
The Kolkata-based UCO Bank will refund nearly Rs 4,000 crore (Rs 40 billion) to applicants who had bid for the bank's initial public offering last month, V P Shetty, chairman and managing director, UCO Bank, said on Friday.
"The prime minister's post is very dignified and he should not have made personal attacks, but I did not mind. He does not give answers, but only makes promises which are hollow," Rahul said, addressing an election rally.
