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New Delhi: The Centre today refuted a report that said passengers’ data from the Digi Yatra application was being used to crack down on tax evaders. “The recent media report concerning Digi Yatra is based on unfounded and inaccurate claims,” the Ministry of Civil Aviation posted on X. “There is no sharing of Digi Yatra…
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It is mandatory to link PAN card with Aadhaar. The Income Tax department is urging taxpayers to link their Permanent Account Number (PAN) with the Aadhaar Card before December 31, 2024. Failing to do so will result in the deactivation of the PAN card, which might lead to transaction issues and other complications. This move…
Income Tax Department extends audit report filing deadline to October 7, 2024 due to technical difficulties faced by taxpayers. File | Photo Credit: S. Siva Saravanan The Income Tax (I-T) Department has extended the date for filing audit report for 2023-24 by seven days till October 7. In a circular, the I-T Department said considering…
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New Delhi: The deadline to file your Income Tax Returns (ITRs) for the assessment year 23-24 has not been extended beyond July 31. However, a lot of taxpayers who filed their returns well in advance are now looking forward to their refund. The ITR refund is available to those who filed their returns and paid…
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Representational Image New Delhi: The country’s largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around Rs 605 crore, including interest, for six assessment years. On April 3, 2024, the company received assessment orders/ demand notices dated March 30, 2024, pertaining to six assessment years…
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High Court dismissed Congress’s pleas challenging reassessment proceedings by Income Tax dept. New Delhi: The Delhi High Court today dismissed Congress party’s pleas challenging the reassessment proceedings initiated against it by the Income Tax Department. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav, while pronouncing the verdict, said, “We dismiss the writ petitions.”…
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Advance tax allows taxpayers to spread out their income tax payments throughout the year. Today, March 15, 2024, marks the final deadline for taxpayers in India to settle their fourth and final installment of advance tax for the financial year 2023-24. Missing this deadline can result in penalties and interest charges. Advance tax allows taxpayers…
People with total tax liability of Rs 10,000 or more in a year need to pay advance tax. The income tax department has launched an electronic campaign for taxpayers who have carried out significant transactions in the current financial year. Such taxpayers will be informed through email and SMS, with the department urging them to…
Image used for representational purpose only. | Photo Credit: S. Siva Saravanan Gross direct tax collection grew 15.73% to ₹6.53 lakh crore till August 10 in the current fiscal, the Income Tax department said on August 11. Net direct tax collection after adjusting refunds stands at ₹5.84 lakh crore, which is 17.33% higher than the…
Read More “Direct tax collections rise 16% to ₹6.53 lakh crore till August 10 in FY24” »
File. | Photo Credit: V. RAJU Individuals reporting annual total income of over ₹1 crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22, 1,69,890 individuals have…
Read More “Individuals reporting annual income of above ₹1 crore doubles in 2 years to 1.69 lakh” »