Section 80P Notice: Many taxpayers complained they got notices for claiming deductions that are available only to cooperative societies. Typically, they need to respond within 15 days lest refunds are adjusted or additional taxes become payable. But taxpayers will soon get a clarification email, informing them of the error.
Ensure that you go through your employment contract, human resource (HR) policies and social media usage guidelines if you intend to accept payouts from social media platforms or engage in any other side hustle
The National Faceless Assessment Centre (NFAC), along with other centres and units, have been established by the Central Board of Direct Taxes (CBDT). The NFAC is in charge of conducting an assessment of your income-tax returns if they are picked up in scrutiny.
Prime Minister Narendra Modi will take a decision in the coming weeks, which could include lowering taxes on local petrol sales and easing import tariffs on cooking oil and wheat, according to sources.
An SBI Research Report based on income tax returns filed for FY11 to FY22 shows positive trends, such as rise in average income of the middle class and significant decline in the number of returns with zero tax liability.
During 2023-24 (up to June 2023), 14,227 appeals were pending. The number was gone up from 11,899 pending appeals as of March 2023.
A critical tax provision helped Zomato PAT its own back. Of course, Zomato has upped its game in terms of operational efficiencies. For example, its delivery costs aren't rising as fast as its revenue is scaling.
The dynamic annual information statement can cause a mismatch in data, even after returns are filed. To avoid delay in processing or refund, check your AIS, submit a feedback based on whether the expenses or taxes mentioned are valid or not.
Roughly 50 hedge funds jointly managing more than $1 trillion worth of assets are said to be looking to obtain a license in Dubai, which eagerly promotes its “zero personal income tax regime”
For FY 2022-23 (AY 2023-24), a belated return can be filed till December 31, 2023, with a late fee and penal interest on due taxes. ITR can be picked up for scrutiny even after that, till 10 years.
Income tax filing: E-verification is required to complete the return-filing process, without which the I-T department will not process the returns
As of July, more than 10,000 GSTINs have been suspended, and legal actions have been initiated against over 1,000 taxpayers
Filing income tax returns at the very last minute? Here are the key documents you need to have at hand
Filing tax returns: Many e-filing intermediaries are offering up to 50 percent off on tax filing packages. Some are offering a costly live filing feature via video calls. You can also use the income tax department’s free assistance feature, offered through its e-filing portal
Isn’t the fundamental principle underlying the GST regime to levy tax on the value-added at each stage of the supply/production chain?
Inviting America's taxation and accounting firms to set up their offices in the southern state, Rajeeve highlighted the quality of Kerala's human resources in the domain, backed by vibrant education and skilling ecosystem.
Whether you are a salaried employee, a homemaker or a professional, if you have income from your social media activities, you will need to pay taxes.
Filing your return with an incorrect ITR form renders it null and void, as if it was not filed at all. Also, any omission or evasion of taxes, whether intentional or unintentional, can lead to various issues. The assistance of tax experts will help avoid such pitfalls
Tax return-filing: Mistakes such as entering erroneous bank account details could lead to a delay in crediting of tax refund due to you. However, more serious ‘errors’ such as claiming fake tax exemptions or deductions for which you have no documentary proof could lead to a notice from the income tax department.
Filing income tax returns: The findings show that while 70% have filed their returns, 5% have tried but faced difficulties. Another 8% said they would file by the end of the month. However, 14% said that they may be unable to file their returns within deadline
A notice from the I-T Department doesn't necessarily mean you've done something wrong. It could be a routine communication but it's essential to act promptly.
I-T returns deadline: July 31 is the due date for filing returns for the financial year 2022-23 (AY 2023-24). If you miss this deadline, you have some extra time until December 31, 2023, but will end up paying late-filing fees of Rs 5,000 (Rs 1,000 if your income is less than Rs 5,00,000).
Clarity on devolution will help the states to better plan their capex spending and also better assess their borrowing needs for the last two quarters of this fiscal
Volkswagen reaffirmed its financial outlook for the year and said it was taking steps to strengthen its business in China, where it has seen sales decline in the face of stronger local competition.
The Annual Information Statement is a critical document that provides a complete overview of an individual’s transactions during a financial year. It helps in identifying discrepancies in income or deductions, allowing taxpayers to rectify them before filing their income tax returns.