Income Tax
Hero MotoCorp Faces Income Tax Department's Demand of Rs 605 Crore
In a regulatory filing to the stock exchange, the company revealed that it received assessment orders and demand notices dated March 30, 2024. The tax demand amounts to Rs 308.65 crore, with an additional Rs 296.22 crore levied as interest.
Income Tax Department Launches E-Portal for Seamless ITR Filing
The commonly used ITR forms including ITR-1, ITR-2, and ITR-4 are accessible on the e-filing portal from April 1st, 2024, allowing taxpayers to complete their filings.
Finance Ministry Dispels False Claims Regarding Income Tax Changes Circulating on Social Media
In a clarification posted on X on Sunday, the Ministry emphasized, "It has come to notice that misleading information related to the new tax regime is being spread on some social media platforms. It is therefore clarified that: There is no new change which is coming in from April 1, 2024."
Income Tax Filers Witness Remarkable Surge, Surpassing 7.78 Crore in a Decade
Concurrently, the net direct tax collections experienced a noteworthy growth of 160.52%, escalating from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23, as per the CBDT statistics.
Shares of Polycab India Plunge Following Tax Authorities Raid on Company
The raids encompassed the residences and offices of the top management, prompted by suspicions of tax evasion. Polycab's shares observed a decline of 5.04 percent, trading at Rs 5,335 on the National Stock Exchange (NSE), while on the Bombay Stock Exchange (BSE), the stock hit a low of Rs 5,404 during the day's trading.
Qatar Imposes Rs 239 Crore Tax Penalty on L&T
L&T swiftly appealed against the imposition of these penalties, asserting their belief in the arbitrary and unjust nature of the charges.
Over 7.65 Crore Income Tax Returns Submitted for Assessment Year 2023-24
A total of more than 7.65 crore ITRs were filed for assessment year 2023-24 by this deadline.
Income Tax compliance in India is on the upswing across slabs
The data shows that the number of returns filed have shot up across various tax slabs reflecting the more robust revenue base. The number of ITR filings has shown a consistent upswing over the last few years. The returns filed by individual taxpayers have shot up from 3.36 crore in Assessment Year (AY) 2013-14 to 6.37 crore in AY 2021-22 registering an overall increase of 90 per cent.
I-T Dept urges taxpayers with previous arrears to have them adjusted in refund claims
In a statement issued on Saturday, the I-T Department said it “is making every effort to complete the processing of Income Tax Returns (ITRs) and issuance of refunds expeditiously".
Almost 7 crore income tax returns filed till Sep 5, says govt
More than six crore ITRs of assessment year (AY) 2023-24 have been processed out of the verified ITRs as on September 5, the Income Tax Department said, informing that this resulted in the processing of over 88 per cent of the verified ITRs.
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