ITR is a form you submit to the Income Tax Department that details your income earned and taxes applicable for a specific financial year (April 1st to March 31st of the following year).
Govt kicks off direct tax code revision
The present government, if voted back to power, will implement the long-delayed Direct Taxes Code (DTC) on a priority basis, official sources said, adding that discussions were already underway in the finance ministry in this regard.
CBDT asks self-reporting orgs to file details of high-value transactions by June 30
CBDT has asked SROs or self-reporting organisations to file details of all high-value transactions that were carried out in 2022-23 by June 30. The SROs include organisations such as banks, post offices, co-operatives, fintechs and mutual fund houses.
Hospital chain KIMS subsidiary gets income tax demand of Rs.306.97 crore
Hospital chain Krishna Institute of Medical Sciences Ltd (KIMS) on Tuesday (April 16) said its subsidiary SPANV Medisearch Lifesciences Private Ltd has received a demand notice under Section 156 of the Income Tax Act, 1961, for a sum of Rs.306.97 crore. The notice pertains to the assessment year 2022-2023 and raises queries regarding various financial […]
Due Dates For Filing Income Tax Returns, TDS, Advance Tax Payments
Taxpayers in India are gearing up for the impending deadline as the clock ticks closer to the last date for filing Income Tax Returns (ITR). With July 31, 2024, looming as the cutoff, individuals across the nation are urged to ensure timely submission to avoid incurring additional charges or penalties.
Tax Authority to Contact 15.2 Million Individuals for Income Tax Returns Filing
The income-tax department is set to initiate a drive against individuals and entities who are required to file tax returns but have not done so, said officials. The department has identified 15.2 million such individuals who have income or have had tax deducted at source (TDS) but have not filed tax returns, they said.
Real estate deals, credit card transactions: 6 times one can get Income Tax notice
The I-T Department uses data from different sources to verify tax compliance, with certain transactions triggering additional scrutiny. For example, the tax department keeps a close on eye on all high-value cash transactions. Like if someone with a savings account gets a deposit over Rs 10 lakh in cash during a fiscal year, this might call for a notice from the department asking for an explanation about the source of these funds.
Income tax refund will be available soon and the seized properties will also be returned
The Central Board of Direct Taxes (CBDT) has asked the Income Tax Department to prepare an action plan by which possible tax-related issues are identified and resolved immediately. In this scheme, there will be a fixed time limit for returning the seized property.
CBDT Issues FY’25 Interim Action Plan for Tax Officers
The income tax department has come out with an interim action plan for 2024-25 fiscal year, which include identification of potential cases of prosecution, wherein there is short-payment of TDS and faster disposal of appeals.
Employees must prove TDS deduction if company defaults on its deposit
A decision by the Mumbai bench of Income-Tax Appellate Tribunal (ITAT) emphases that the onus of proof of TDS against salary income lies with the employee.