News Muncher - searching for report

6 days, 12 hours ago

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty

Failing to disclose foreign income and assets can land taxpayers in double trouble under both the Income Tax Act and the Black Money Act. STEPS FOR FILING AND DEADLINES Taxpayers must declare foreign income and assets in the applicable ITR for the assessment year they were a resident in India. Disclosing foreign income and assets not only ensures compliance with …

Tax Assets Income Foreign Act Itr Disclose

1 week, 5 days ago

Income tax: Refunds surge 46.31% to ₹3.08 lakh cr; 1.62 crore ITR filings processed in a day, says Finance Ministry

Live Mint

The Ministry of Finance on Thursday, December 12, announced that the issuance of tax refunds had increased 46.31 per cent during the period of April 1 to November 27 in the financial year 2024-25, compared to the same period in 2023-24, reported the news agency ANI. At its peak, the income tax return portal handled over 900 filings in a …

Tax Refunds Income Tax Tax Refunds Ministry Itr Tin

2 weeks, 1 day ago

Karnataka women are filing more income tax returns than ever, with 26% rise: Report

Hindustan Times

Karnataka has seen a significant rise in women filing income tax returns, with numbers climbing from 11.3 lakh in 2019-20 to 14.3 lakh in the assessment year 2023-24. Women now account for about a third of all ITR filers in the state, up from 29 per cent in 2019-20, suggesting their participation is outpacing overall growth trends. Despite economic disruptions …

Growth Bengaluru Karnataka Women Economic State Report

1 month ago

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Deccan Chronicle

New Delhi: As many as two lakh Income Tax Returns containing details of foreign assets and income have been filed during the current assessment year till now, according to the tax department which urged Indian residents for tax purposes to ensure they file the right form and revise their returns if they submitted the wrong form. The shares obtained and …

Indian Assets Income Tax Report Department Foreign Officer

Income tax department advises taxpayers to carefully review their foreign income, assets in ITR

Live Mint

New Delhi, November 24 : The Central Board of Direct Taxes has advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns. Income Tax department in its special edition of 'Samvad' raised awareness on proper disclosure of foreign assets and income by taxpayers. The session aimed to raise awareness among …

Tax Indian Assets Report Itr Taxpayer Shukla

1 month ago

The taxman knows about your foreign assets and is giving you a chance to revise ITR

Live Mint

The Income Tax department is taking a lenient approach this year to address the non-disclosure of foreign assets in income tax returns filed in the current assessment year. “This looks like a new initiative from the tax department, wherein instead of directly sending summons of investigation under section 131 of the Income Tax Act, it is giving taxpayers a chance …

Investigation Tax Assets Income Department Foreign Act

1 month, 1 week ago

Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’

Live Mint

The Income-Tax department has today launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. According to the I-T department advisory, for Indian residents a foreign asset would include bank accounts, cash value insurance contract or annuity contract, financial …

Tax Assets Income Foreign Itr Asset Foreign Asset

1 month, 1 week ago

ITR deadline: Has income tax return deadline for audit cases been extended?

Hindustan Times

The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns by taxpayers subject to audit and also for other designated ones, The Economic Times reported. The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns by taxpayers subject to audit and also for other designated ones …

Audit Filing Itr Deadline Income Taxpayers

1 month, 1 week ago

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25

Live Mint

The Central Board of Direct Taxes has started a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY …

Tax Assets Income Foreign Itr Cbdt Taxpayers

1 month, 1 week ago

ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details

Live Mint

The deadline to file income tax returns by corporates and individuals requiring audit for the financial year 2024-25 is November 15, 2024. Types of taxpayers to file returns by Nov 15: As per an Economic Times report citing Prakash Hegde, a chartered accountant, there are three types of taxpayers who have to file ITR by November 15, for the financial …

Tax Audit Report File Itr Deadline Tax Returns

1 month, 1 week ago

ITR deadline is November 15, 2024 for these taxpayers: Check details

Hindustan Times

The deadline for filing income tax returns for the financial year 2023-24 is November 15, 2024, specifically for taxpayers subject to an income tax audit and some other designated taxpayers, The Economic Times reported. Thus, the tax audit report must also be submitted before filing the ITR. The ET report cited chartered accountant Prakash Hegde as saying the following types …

Tax Audit 2024 Report Itr Taxpayers 15 Deadline

4 months ago

78% of India's delivery gig workers earn less than 2.5 lakh a year: Report

Hindustan Times

77.6% of gig delivery workers in India earn less than ₹2,50,000 per annum, Business Standard wrote, citing a recent survey by Borzo, a global same-day delivery company. Only 33.5% of the surveyed gig workers filed income tax returns, which means 66.5% haven't done so. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Only 24% of gig workers invested in Public Provident Fund, generally contributing …

India Tax Income Tax Workers Gig Workers Itr Gig

4 months, 2 weeks ago

A Tough Life With Little Earnings, India's Gig Delivery Workers Lack Financial Literacy: Report

News 18

Borzo, a global delivery company, conducted a study to delve into the financial literacy of gig delivery workers by understanding their awareness and comprehension of savings tools, taxation and slabs, income, etc. Here are the key insights from the report: Survey Findings: Income Range: A significant majority of gig delivery workers reported annual incomes less than Rs 2,50,000. The data …

India Financial Tax Financial Literacy Delivery Workers Pay

9 months, 1 week ago

Filing Of Audit Report In Form 10CCB Before Due Date As Per Sec 139(1) Is Only Directory And Not Mandatory: New Delhi ITAT

Live Law

While holding that filing of audit report in Form 10CCB before the due date for filing of return of income u/s 139 of the Income Tax Act, 1961 is only directory and not mandatory for the year under consideration, the New Delhi ITAT directed the AO to allow deduction claimed u/s 80IA of the Income Tax Act, 1961. The ADIT …

Audit Case Report Form Bench Itr Deduction

1 year, 3 months ago

How do I report LIC payouts in my ITR?

Live Mint

I purchased LIC’s Bima Bachat Plan 175 on 9 December 2013 after paying a single premium of ₹100,155. —Name withheld on request We understand that you had purchased a life insurance policy from LIC in 2013 and had made a one-time premium payment of ₹100,155 towards purchasing this policy. As per the proviso to section 10 of the Income-tax Act, …

Policy Income Tax Premium Itr Tds Lic Other Sources

1 year, 4 months ago

More Than 5 Crore Taxpayers Opt for New Tax Regime 2023

News 18

Finance Minister Nirmala Sitharaman announced income tax relief, especially for those with salaried incomes in the 2023-24 Budget. The new tax regime grants tax exemption for income between 0 to 3 lakh rupees. Individuals earning income ranging between Rs 3 to 6 lakh are taxed at a 5 per cent rate, while those between 6 to 9 lakh face a …

Income Cent Lakh Regime Opt Itr Individuals

1 year, 4 months ago

SBI Research reveals formalisation of MSMEs under Modi govt

Op India

The Modi government has helped in the formalisation of the country’s Micro, Small and Medium Enterprises, revealed a research report published by the State Bank of India on Tuesday. Udyam registration across States and change in ITR filings across States, chart via SBI Research/ RBI “…Around 22 million micro small and medium enterprises have registered on the Udyam portal …We …

India Research Financial States Indian Income Report

1 year, 4 months ago

SBI research finds 3x increase in net profit of banks under Modi govt

Op India

The Indian banking sector has witnessed tremendous transformation between Financial Year 2013-2014 and Financial Year 2022-2023, revealed a research report by the State Bank of India on Tuesday. Screengrab of the key banking indicators from FY14-FY23, chart via SBI Research/ RBI Moreover, the net profit of banks tripled from ₹809 trillion to 2,480 trillion between Financial Year 2013-2014 and Financial …

India Research Financial Banking Indian Profit Report

1 year, 4 months ago

Income of Middle-Class Indians Jumps 3 Times In 10 Years; 13.6% Leave Lower-Income Strata: SBI Report

News 18

Showing a significant increase in middle-class income, India’s weighted mean income has jumped about three times from Rs 4.4 lakh to Rs 13 lakh between FY2012-13 and FY2021-22, according to an SBI Research report. In the assessment year 2011-12, 16 million people had filed ITR with the maximum concentration of 84 per cent population belonging to income group of up …

India Population Income Report Million Group Cent

1 year, 8 months ago

Are retirement benefits taxable? How retired employees can file ITR in FY24?

Live Mint

Retirement benefits are cash advantages received by retired people in their golden years. Common retirement benefits such as a pension, gratuity, Voluntary Retirement Schemes, leave encashment, and National Pension Scheme are taxed based on income tax slab rates and other applicable provisions of the law. Akhil Chandna, Partner, Tax, Grant Thornton Bharat Retirement benefits includes various options such as pension, …

India Salary Benefits Tax Gratuity Retirement Benefits Income

1 year, 8 months ago

Income Tax Return Filing Online: Easy Steps To File ITR 1 Sahaj, Check Details Here

News 18

An income tax return is a document that you file with the Indian tax department to report your income, deductions, and taxes paid for a particular financial year. The finance ministry has allowed individuals against whom search and seizure operations were carried out by the IT authorities to file revised income tax return in ITR-1 form for assessment year 2023-24. …

Tax Income Form Filing Return Select Click

1 year, 8 months ago

ITR e-Verification: What to do if you receive an e-verification notice?

India TV News

The Income Tax Department has recently tweeted about the e-Verification Scheme, 2021 as the income tax filing season is about to begin. According to a press release dated March 13, 2023, the Income Tax Department has taken up the information of financial transactions related to FY 2019-20 for e-Verification on a pilot basis in around 68,000 cases. E-verification is a …

Tax Income Notice Itr Receive Taxpayers Itd

2 years ago

'How to file ITR online' one of the biggest searches in 2022: Check step-by-step process here

Firstpost

The search for “How to file ITR online” surged the most from 24-30 July, according to Google Trends data. One of the biggest searches in 2022 was “How to file ITR online” as per Google’s “Year in Search 2022” report. According to the data from Google Trends, the search “How to file ITR online” surged the most between 24-30 July. …

Tax Search Income File Itr Itr Online

2 years, 4 months ago

Can I get home loan without filing ITR?

Live Mint

I have a small business of automobile spare parts. Can I get home loan from a bank and what document process should I follow? -Name withheld on request Yes, it is possible to get a home loan from banks or housing finance companies despite not having filed an income tax return when the income is below taxable limit. Today, many …

Housing Bank Loan Income Home Loan Taxable Limit

Filters

Articles for Itr, search results for report

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty

Income tax: Refunds surge 46.31% to ₹3.08 lakh cr; 1.62 crore ITR filings processed in a day, says Finance Ministry

Karnataka women are filing more income tax returns than ever, with 26% rise: Report

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Income tax department advises taxpayers to carefully review their foreign income, assets in ITR

The taxman knows about your foreign assets and is giving you a chance to revise ITR

Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’

ITR deadline: Has income tax return deadline for audit cases been extended?

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25

ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details

ITR deadline is November 15, 2024 for these taxpayers: Check details

78% of India's delivery gig workers earn less than 2.5 lakh a year: Report

A Tough Life With Little Earnings, India's Gig Delivery Workers Lack Financial Literacy: Report

Filing Of Audit Report In Form 10CCB Before Due Date As Per Sec 139(1) Is Only Directory And Not Mandatory: New Delhi ITAT

How do I report LIC payouts in my ITR?

More Than 5 Crore Taxpayers Opt for New Tax Regime 2023

SBI Research reveals formalisation of MSMEs under Modi govt

SBI research finds 3x increase in net profit of banks under Modi govt

Income of Middle-Class Indians Jumps 3 Times In 10 Years; 13.6% Leave Lower-Income Strata: SBI Report

Are retirement benefits taxable? How retired employees can file ITR in FY24?

Income Tax Return Filing Online: Easy Steps To File ITR 1 Sahaj, Check Details Here

ITR e-Verification: What to do if you receive an e-verification notice?

'How to file ITR online' one of the biggest searches in 2022: Check step-by-step process here

Can I get home loan without filing ITR?