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CBDT extends tax return filing deadline to Dec 15
YourStory
·
7m ago
Medial
The income tax return filing deadline for the financial year 2023-24 has been extended by an additional 15 days to December 15. This extension applies to taxpayers who are required to furnish a report under section 92E of the Income-tax Act, 1961. The announcement was made by the Central Board of Direct Taxes, extending the deadline for the assessment year 2024-25. This extension provides relief to taxpayers with international transactions who need to submit reports under Section 92E.
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ITR Filling 2024: What you need to do when your employer does not deposit TDS with I-T Dept
Money Control
·
11m ago
Medial
Tax Deducted at Source (TDS) is a crucial component of the tax system, requiring entities or individuals making certain payments to deduct TDS before making the payment. With the deadline for filing income tax returns approaching, some taxpayers are facing issues as their employers have not deposited TDS from their salaries. Failure to deposit TDS on time can result in penalties and disallowances for employers. Employees can verify TDS deposits through their Form 26AS and should inform their employer if there are discrepancies. Employees are not held liable for undeposited TDS amounts, but it can complicate their income tax return filing process. Employees cannot claim direct compensation for penalties or interest due to their employer's negligence, but legal recourse may be sought.
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Unaccounted income invested in Virtual Digital Assets on CBDT radar
Economic Times
·
1m ago
Medial
The Central Board of Direct Taxes (CBDT) is scrutinizing tax evasion through crypto investments by high-risk individuals. Various entities and persons failing to comply with the Income-tax Act, particularly regarding Virtual Digital Asset (VDA) transactions, are under review. This follows the introduction of a 30% flat tax on VDA income under Section 115BBH of the Income Tax Act, 1961. CBDT is using data analytics for verification and has launched a campaign to encourage taxpayers to declare undeclared VDA income.
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Advance tax: Payment due date, penalties for missing the deadline and more
Money Control
·
1y ago
Medial
Advance tax installment is due on June 15. It is important for individuals to pay advance tax if their estimated tax liability is expected to exceed Rs 10,000 in a financial year. This applies even to salaried individuals who may have other sources of income. The advance tax can be paid in installments on June 15, September 15, December 15, and March 15. Failure to pay advance tax on time can result in penalties and interest. It is crucial to accurately estimate tax liability and make the payment before the deadline.
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Govt to exceed FY25 direct tax collection target: CBDT chief
YourStory
·
8m ago
Medial
The Indian government is set to exceed its direct tax collection target of Rs 22.07 lakh crore for the current fiscal year, according to the chairman of the Central Board of Direct Taxes (CBDT), Ravi Agarwal. Taxpayers who have not disclosed their foreign income or assets in their tax returns have until December 31 to file their revised returns for the 2023-24 fiscal year. The tax department is sending reminders to those who have high-value assets yet have not disclosed them. The CBDT has received over 6,000 suggestions to simplify the income tax law for ease of understanding.
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Why you should file your income tax returns before July 31
Money Control
·
1y ago
Medial
Filing income tax returns (ITR) within the deadline is crucial to avoid penalties and legal complications. The due date for salaried individuals and taxpayers without audit requirements is July 31. It is a legal obligation for individuals whose income exceeds the maximum exemption limits set by the Income Tax Department. Filing ITR serves as an official record of income and taxes paid, helping with loans and financial transactions. Late filing can result in penalties, so it is important to understand and meet the deadlines.
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RBI extends Paytm Payments Bank transaction curb deadline to 15 March
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) has extended the deadline for Paytm Payments Bank to stop deposit transactions by 15 days, giving customers until March 15 to deposit money into their accounts. The extension is aimed at accommodating the needs of consumers and merchants who may require more time to make alternative arrangements. The RBI had earlier directed Paytm Payments Bank to cease accepting deposits after February 29 due to non-compliance with regulations and supervisory concerns.
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India cenbank extends deadline for Paytm unit wind-down to March 15
Reuters
·
1y ago
Medial
India's central bank, the Reserve Bank of India (RBI), has extended the deadline for winding down operations of Paytm Payments Bank by 15 days to March 15. The RBI had previously ordered Paytm to cease accepting fresh deposits in its account and wallet from February 29 due to supervisory concerns. The extension aims to provide customers, including merchants, with more time to make alternative arrangements. After March 15, no further deposits or credit transactions will be allowed in customer accounts or wallets. The RBI has also issued a detailed FAQ on the impact of its order on Paytm Payments Bank.
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CBDT probes crypto-related tax evasion
Livemint
·
1m ago
Medial
The Central Board of Direct Taxes (CBDT) is investigating potential tax evasion and unaccounted income laundering through investments in cryptocurrency. They have identified individuals and entities dealing in virtual digital assets (VDA) but failing to comply with the Income Tax Act. This move aims to ensure adherence to tax regulations and address risks associated with digital asset transactions.
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Income Tax Returns: Pre-validating your bank account can help expedite refunds
Money Control
·
1y ago
Medial
To ensure a smooth refund process while filing your income tax return (ITR), it is crucial to pre-validate your bank account. Pre-validation involves verifying that your bank details are accurate and linked to your PAN on the income tax department's e-filing portal. This step is essential to avoid refund delays and failures. To pre-validate your account, log in to the e-filing portal and go to the My Bank Account section. Make sure to fill in the required details accurately. Pre-validation improves security, reduces errors, and streamlines the refund process for a hassle-free experience.
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Infosys gets demand notice of ₹341 crore from income tax department
Livemint
·
1y ago
Medial
Infosys, the IT giant, has disclosed that it received a tax demand of ₹341 crore from the Income Tax department for the assessment year 2020-21. The company is assessing the implications of this demand on its financial statements and considering filing an appeal against it. Additionally, a subsidiary of Infosys has been instructed to refund ₹15 crore for the 2014-15 assessment year. However, Infosys is also set to receive a tax refund of ₹6,329 crore and has a tax liability of ₹2,763 crore for various assessment years. The company is evaluating the impact of these orders on its financial statements.
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