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 from the Income Tax department, the company said in a regulatory filing.

The two-wheeler major is examining the orders/ notices received and shall take appropriate steps, including the filing of appeals and rectification applications, it added.

The notice pertains to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore, Hero MotoCorp said.

This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20, it added.

“In the opinion of the management, the demand raised is unsustainable in nature, and is unlikely to have material impact on financials, operations or other activities of the company,” the two-wheeler major stated.

Shares of the company on Thursday ended 0.75 per cent lower at Rs 4,522.30 apiece on the BSE. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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.” A detailed order is awaited.

The high court had reserved its order on March 20 on the pleas filed by the political party against the tax reassessment proceedings initiated against it by the authorities for three successive years: 2014-15, 2015-16 and 2016-17.

The party has contested the reassessment proceedings, claiming they were barred by limitation.

Senior advocate Abhishek Singhvi, representing the Congress party, had submitted that tax reassessment proceedings are barred by limitation and the I-T department could have gone back to a maximum of six assessment years.

The I-T department, however, asserted there was no violation of any statutory provision by the tax authority and that as per the material recovered, the “escaped” income by the party is more than Rs 520 crore.

Recently, the high court had refused to interfere with the order of the Income Tax Appellate Tribunal declining to stay a notice issued by the Income Tax department to the Congress for recovery of outstanding tax of more than Rs 100 crore.

The assessing officer had raised a tax demand of more than Rs 100 crore for the assessment year 2018-19 when the income was assessed to be more than Rs 199 crore.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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 to spread out their income tax payments throughout the year, rather than paying a large sum at the end of the financial year. This system ensures a steady flow of tax revenue for the government.

Who Needs to Pay Advance Tax?

Salaried individuals, freelancers, and businesses: If your total tax liability is expected to be more than Rs 10,000 for the financial year, you are required to pay advance tax.

Senior citizens: Those aged 60 and above who do not have business income are exempt. However, senior citizens with business income must pay an advance tax.

Presumptive income taxpayers: Businesses and professionals under the presumptive taxation scheme (sections 44AD and 44ADA) have the option to pay their entire advance tax in one go by March 15th or by March 31st.

How To Pay Advance Income Tax?

Eligible taxpayers are required to make advance income tax payments in four installments throughout the financial year, typically in June, September, December, and March. These payments can be made conveniently online via either the official website of the Income Tax Department (incometaxindia.gov.in) or the National Securities Depository.

Act Now To Avoid Penalties

The Income Tax Department urges all taxpayers to settle their advance tax dues before the deadline.
Failure to do so can lead to interest charges under sections 234B and 234C of the Income Tax Act.

For more information on advance tax and how to calculate your liability, taxpayers can visit the Income Tax Department’s website.

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 deposit their due advance tax on or before March 15, 2024. The campaign was started after the income tax department identified individuals and entities with discrepancies between transactions carried out and the tax deposited. The department said that the aim of this campaign is to encourage such taxpayers to deposit the “right” amount as tax.

“The Income Tax Department has received certain information on specific financial transactions undertaken by persons or entities during the financial year 2023-24. On the basis of an analysis of the taxes paid so far during the current financial year, the Department has identified persons /entities whose payment of taxes for FY 2023-24 (A.Y. 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period,” the income tax department said in a release on Sunday.

The department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) and is available to the persons/entities for viewing. Officials said that the value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis.

What is advance tax?

It is the income tax that is paid in advance instead of lump sum payment. In other words, it is the tax that individuals pay as they earn. These payments have to be made in instalments as per due dates provided by the income tax department.

Who needs to pay advance tax?

Salaried individuals, freelancers and businesses with a total tax liability of Rs 10,000 or more in a year need to pay advance tax. In case of senior citizens (people aged 60 or more), and do not run a business, are exempt from paying advance tax. This is applicable only to those who have business income.

Further, taxpayers who have opted for the presumptive taxation scheme under Section 44AD have to pay the whole amount of their advance tax.

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 net collections for the corresponding period of last year.

Also read | Net direct tax collections up 17.63%, exceed revised estimates target

“The provisional figures of direct tax collections up to 10 August, 2023 continue to register steady growth,” the Central Board of Direct Taxes (CBDT) said in a statement.

The collection is 32.03% of the total budget estimates of direct taxes for current fiscal 2023-24.

Refunds amounting to ₹69,000 crore have been issued till August 10, which are 3.73% higher than refunds issued during the same period in the preceding year.

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 shown total income of above ₹ 1 crore.

This is higher than 1,14,446 individuals who had shown similar income in AY 2021-22.

The number has doubled since AY 2020-21, wherein 81,653 individuals had declared an income of over ₹1 crore.

During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above ₹1 crore.

This includes filings by 66,397 companies, 25,262 firms, 3,059 trusts and 2,068 Association of Persons.

In AY 2022-23, the total number of ITR filed stood at over 7.78 crore, higher than nearly 7.14 crore filed in AY 2021-22 and 7.39 crore filed in AY 2020-21.

As regards the state-wise filing count for AY 2022-23, Maharashtra topped the chart with 1.98 crore ITRs being filed, followed by Uttar Pradesh (75.72 lakh), Gujarat (75.62 lakh), and Rajasthan (50.88 lakh).

The list also includes West Bengal (47.93 lakh), Tamil Nadu (47.91 lakh), Karnataka (42.82 lakh), Andhra Pradesh (40.09 lakh) and Delhi (39.99 lakh).

Over six crore taxpayers had filed their income tax returns (ITRs) by Sunday evening, a day before the filing deadline, which the Income Tax Department termed a “new milestone” as this is significantly higher than the total returns filed by July 31, 2022.

Nearly 26.8 lakh taxpayers filed their tax returns by 6:30 p.m. on July 30, while more than 1.3 crore “successful logins” were recorded on the e-filing portal of the IT department. Similar logins on July 29 stood at 1.78 crore.

“We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven’t filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last-minute rush,” the department said, signalling that there might not be an extension to the July 31 deadline, though there have been pleas to do so in the wake of the strife in Manipur and the floods in parts of the country.