Page 12 - Income Tax

New Annual Information Statement allows you to get mistakes rectified

Make sure the information in your income-tax return and in this statement match, or you could get a tax notice

I-T Dept enables tax audit utility form on its portal for FY20 and FY21

The income tax Department has enabled the tax audit utility form on its portal for financial year 2019-20 and 2020-21. Under the I-T Act, taxpayers are required to get their accounts audited if the sales, turnover or gross receipts of business exceed Rs 10 crore, while in case of professionals, the limit was over Rs 50 lakh in 2020-21 (AY 2021-22). The last date for filing the tax audit report for the 2020-21 fiscal is January 15, 2022. For fiscal 2019-20 i.e. AY 2020-21, limit was Rs 5 crore for businesses and Rs 50 lakh for professionals and due date for original tax audit report was January 15, 2021. However, companies can still file the revised tax audit report for that year to rectify errors. Nangia & Co LLP Director, Audit & Assurance, Shalu Kedia said the corporate assessees did not want to wait until due date which is falling in January for tax audit filing for AY 2021-22 can now proceed with their tax audit filings followed by corporate tax returns for Assessment Year

IT dept detects Rs 184-cr black money after raids on Mumbai realtor, others

The searches were launched on October 7 at 70 premises in Mumbai, Pune, Baramati, Goa and Jaipur

Over 20 million I-T returns filed on new portal; many glitches rectified

Infosys has been asked to address issues linked to complex filings

I-T dept detects Rs 550-cr hidden income after raids on Hetero pharma group

The searches have also resulted in seizure of unexplained cash amounting to Rs 142.87 cr

I-T conducts raids against Maharashtra deputy CM Pawar's family, realtors

The Income Tax Department raided some businesses linked to family members of Maharashtra deputy chief minister Ajit Pawar and some real estate developers on charges of alleged tax evasion

Top headlines: IPO filing hits century, Grasim gets Rs 8,334 cr tax demand

Millennials becoming largest consumer group for hotels, the hurdles in Adani's green dreams, and other top headlines of the day

Grasim Industries gets Rs 8,334-crore income tax demand

Grasim Industries Ltd on Friday said the income tax department has raised a demand of Rs 8,334 crore on the company as capital gains tax with regard to sale of shares in a group firm

Income tax refunds of Rs 80,086 cr issued during this fiscal: CBDT

This figure includes income tax refunds of Rs 19,699 crore in 47,53,254 cases and corporate tax refunds of Rs 60,387 crore in 1,63,021 cases

Income tax dept detects blackmoney abroad after raids on textile group

The CBDT has claimed that the Income Tax Department has detected black money worth crores stashed abroad after it raided a leading business group involved in manufacture of textile and filament yarn.

Every rupee in my foundation awaiting its turn to save a life: Sonu Sood

Every rupee in his foundation is awaiting its turn to be used to reach the needy and save precious lives, actor Sonu Sood said in a statement on Monday

Chipping away at EPFO's benefits

If the Centre only enforces mobility between the EPFO and NPS, the subscribers will settle the argument by voting with their feet

Taxpayers still need to pay interest despite extension of filing dates

Taxpayers may still be required to pay additional interest at the rate of 1 per cent per month despite filing the return in the extended period in case the balance tax payable exceeds Rs 1 lakh

IT dept widens probe against actor Sonu Sood; searches multiple premises

The Income Tax Department has widened its tax evasion probe against actor Sonu Sood as it raided multiple premises in Mumbai, Nagpur and Jaipur on Friday, official sources said. The department had launched the action against the 48-year-old actor and some people linked to him on Wednesday and the action continued. The searches have now been extended to more locations in Mumbai, Nagpur and Jaipur, they said. On Wednesday, the action was carried out in at least half a dozen locations in the metropolitan city and Lucknow. A real estate deal and some other financial transactions linked to Sood are under the scanner of the department, official sources had said. The actor grabbed the national spotlight for helping migrants reach their home states during the nationwide lockdown clamped last year in the wake of the COVID-19 pandemic. The Delhi government, led by Chief Minister Arvind Kejriwal, had recently declared that Sood will be the brand ambassador of the Aam Aadmi Party government'

I-T portal continues to face glitches; deadline to Infosys draws to a close

The new income tax e-filing portal, which was unveiled with much fanfare, is not completely glitch-free even as the deadline set by the government for Infosys to fix the problems expired on Wednesday.

Loss-making PSUs more attractive for buyers after income tax tweak

Investor must retain at least 51% stake to take the benefit

ITR filing extension: No relief to taxpayers on interest liability

ITR filing has increased to 320,000 daily in September 2021

Probe attempt to stifle independent journalism: Newslaundry, Newsclick

Online news platform Newslaundry on Saturday said it does business "honestly and with integrity"

Strategic divestment to get tax deduction for previous losses

However, this relaxation would cease to exist after the private company stops holding 51 per cent in the erstwhile public sector company after strategic disinvestment

I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses

As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling