Page 7 - Latest Updates on Income tax
Sometimes, tax is payable on deemed income from unoccupied house
A house owner can claim only up to two properties as self-occupied
 "Sometimes, tax is payable on deemed income from unoccupied house")
Direct tax collection grows 40% driven by personal income tax from Apr-Jul
Personal income tax collection posted a growth of 52% YoY at Rs 2.67 trillion, while corporation tax collection stood at Rs 45,000 crore
 "Direct tax collection grows 40% driven by personal income tax from Apr-Jul")
Top Headlines: BEML to list land holding firm, 5G phones at Rs 10k next yr
BEML will soon list its land holding company on the exchanges after receiving the corporate ministry's approval
 "Top Headlines: BEML to list land holding firm, 5G phones at Rs 10k next yr")
Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt
Social security scheme should reach the poor and underprivileged, says official
 "Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt")
Tax payers can no longer be a part of the Atal Pension Yojana: FinMin
A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money
 "Tax payers can no longer be a part of the Atal Pension Yojana: FinMin")
What is belated ITR filing?
Most of us must have filed the tax return for all our earnings. The last date for filing tax return was July 31. But what if you have missed it? Find out your options now
 "What is belated ITR filing?")
India's tally of crorepatis at 131,000 as 6,000 new ones added in FY22
There was also a significant rise in number of people who declared their income between Rs 10 lakh and Rs 1 crore, data from the Finance Ministry showed
 "India's tally of crorepatis at 131,000 as 6,000 new ones added in FY22")
ITR Filing AY 2022-23: What if you missed the ITR?
Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?
 "ITR Filing AY 2022-23: What if you missed the ITR?")
Over 6.3 mn returns filed till 10 pm on last day: Income Tax department
Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for filing ITR for the 2021-22 fiscal by salaried individuals, the Income Tax department said.
ITR 2021-22: What do you lose if you file a belated income tax return?
Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and filing a belated ITR
ITR 2021-22: Everything you need to know about updated income tax return
In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year
ITR 2021-22: How does a belated income tax return differ from regular one?
Filing your income tax return on time is always the best option. We explain what happens when you file it late
 "ITR 2021-22: How does a belated income tax return differ from regular one?")
Kotak Mahindra Bank completes tech integration with new e-filing portal
With this, Kotak Mahindra Bank becomes one of the first private banks to be fully integrated with the new Income Tax department portal
 "Kotak Mahindra Bank completes tech integration with new e-filing portal")
ITR: 5 common mistakes you should avoid while filing your income tax return
In ITR, taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen
Games people play: Skill or chance? Tax rates will differ, say experts
Any income arising from a game of any sort, which does not involve any skill, is taxed at the rate of 30 per cent
Explained: What is Form 26AS and why is it important for filing ITR
A Form 26AS contains all tax-related information of a taxpayer such as TDS, TCS, advance tax paid by the assessee, self-assessment tax payments, details about income tax refunds, and other details
 "Explained: What is Form 26AS and why is it important for filing ITR")
Top headlines: 5 years of GST and what lies ahead for the tax reform
In the last five years, since its launch in July 2017, the GST journey has been difficult for both economic and political reasons. Read more on five years of GST in our top headlines
 "Top headlines: 5 years of GST and what lies ahead for the tax reform")
Income tax rules: Here are the changes in rules from July 1, 2022
While the late fees for linking PAN-Aadhaar will shoot up, doctors and influencers will have to pay 10% TDS on the benefits they receive from sales promotions
Missed declaring rental to employer? Claim HRA exemption while filing ITR
Keep rent receipts that serve as proof handy should taxmen come calling
 "Missed declaring rental to employer? Claim HRA exemption while filing ITR")
3 I-T employees siphoned off crores via fictitious TDS refunds; CBI probes
The probe agency filed the FIR based on a complaint from Joint Commissioner of Income Tax, Muzaffarnagar against three group C officials of the Income Tax department
 "3 I-T employees siphoned off crores via fictitious TDS refunds; CBI probes")
