Page 11 - Latest Updates on Income tax
Over 45 million income tax returns for FY21 filed till December 26
The extended deadline for filing ITRs by individual taxpayers is December 31, 2021. The original deadline was July 31, 2021
 "Over 45 million income tax returns for FY21 filed till December 26")
Over 44.3 mn income tax returns filed till December 25 for 2020-21
Over 4.43 crore income tax returns (ITRs) for the 2020-21 fiscal have been filed, which includes over 1.16 mn returns filed on December 25, the I-T department said
 "Over 44.3 mn income tax returns filed till December 25 for 2020-21")
Things to remember as you rush to file your return ahead of December 31
To avoid any last-minute errors, one must remember to use the correct ITR form, collate all relevant income and expense documents for quick referral
 "Things to remember as you rush to file your return ahead of December 31")
Income tax refunds of over Rs 1.44 trillion issued so far this fiscal
Income tax refunds of over Rs 1.44 lakh crore have been issued to 1.38 crore taxpayers so far this fiscal, the I-T department said
 "Income tax refunds of over Rs 1.44 trillion issued so far this fiscal")
Over 40 mn income tax returns e-filed for FY21 so far, says I-T dept
The last date of filing ITR has been extended till December 31, from July 31
 "Over 40 mn income tax returns e-filed for FY21 so far, says I-T dept")
Tepid private consumption holding back investments: Ficci president Mehta
India needs 'virtuous cycle' of demand prompting capital spending that will lead to job creation, he says in an interview.
 "Tepid private consumption holding back investments: Ficci president Mehta")
Budget 2022-23: No major surprise expected in income-tax slabs
Discussion on tax announcements is ongoing in the finance ministry
 "Budget 2022-23: No major surprise expected in income-tax slabs")
Infosys sets up dedicated war room as deadline for ITR filings nears
Of the e-verified ITRs, more than 23.8 million ITRs have been processed and over 909.5 million refunds for AY 2021-22 have been issued
 "Infosys sets up dedicated war room as deadline for ITR filings nears")
Inadequate disclosures in income tax returns can have dire consequences
In the worst case, the taxpayer could end up paying a heavy penalty and even suffer a jail term
Changes in Income Tax return filing that you must know before setting out
There are some changes in the e-filing site, ITR Forms for AY 2021-22, as well as in the process of filing returns.
Best of BS Opinion: Taxing investments, rookie investor's mistake, and more
Here is the best of Business Standard's opinion pieces for Tuesday
 "Best of BS Opinion: Taxing investments, rookie investor's mistake, and more")
I=T dept detects black income of Rs 100 crore after raids on Kolkata group
The Income Tax Department has detected unaccounted income of about Rs 100 crore after it recently raided a Kolkata-based group engaged in manufacture of TMT bars and construction material
 "I=T dept detects black income of Rs 100 crore after raids on Kolkata group")
Over 30 million income tax returns for current fiscal year filed: FinMin
The finance ministry said over three crore income tax returns have been filed for the financial year 2020-21 so far and advised taxpayers who are yet to file their return to do so at the earliest.
FM Sitharaman bats for expanding tax net, ramping up collections
Revenue secy says I-T portal working fine, 300,000 returns being filed daily
 "FM Sitharaman bats for expanding tax net, ramping up collections")
Faceless assessment: Taxpayers seek redress from courts over thorny issues
Experts says that the system is a mixed bag of experiences for the taxpayer, but agree that it largely circumvents the principle of natural justice
 "Faceless assessment: Taxpayers seek redress from courts over thorny issues")
IT refunds of Rs 1.19 trillion issued so far this fiscal: IT department
Income Tax refunds of over Rs 1.19 lakh crore have been issued to over 1.02 crore taxpayers between April 1 to November 15, the I-T department said on Thursday.
 "IT refunds of Rs 1.19 trillion issued so far this fiscal: IT department")
No income tax NOC/NDC required for voluntary liquidations, says IBBI
Section 178 of the Income-tax Act, 1961 obligates a liquidator to fulfil certain income tax related requirements
 "No income tax NOC/NDC required for voluntary liquidations, says IBBI")
Rs 600 cr black income unearthed after raids on 2 Gurugram groups: CBDT
Unaccounted income of Rs 600 crore was detected after the Income Tax Department recently raided two business groups based in Gurugram in Haryana, the CBDT said on Monday.
 "Rs 600 cr black income unearthed after raids on 2 Gurugram groups: CBDT")
Taxpayers can access new annual IT info statement on e-filing portal
The Income Tax department on Sunday said taxpayers can now access the new Annual Information Statement (AIS), which includes information on the e-filing portal.
Tribunal sets aside I-T order denying charitable entity status to BCCI
Rejects tax authorities' argument that IPL is a money-making exercise disguised as cricket promotion
 "Tribunal sets aside I-T order denying charitable entity status to BCCI")
