Page 3 - Latest Updates on Income tax
I-T refunds of Rs 1.50 trn issued till January 3 this fiscal year
This includes 1.1 crore refunds of Assessment Year 2021-22 amounting to Rs 21,323.55 crore
 "I-T refunds of Rs 1.50 trn issued till January 3 this fiscal year")
IT raids on 2 cellphone firms find Rs 1,400-crore understating of profit
Evidence has emerged that the two companies could be under-stating taxable profit by more than Rs 1,400 crore.
 "IT raids on 2 cellphone firms find Rs 1,400-crore understating of profit")
Cryptocurrency exchange WazirX under lens for evading Rs 40 crore in taxes
According to the CBIC, the matter relates to WazirX launching its own currency, but not paying GST on it.
 "Cryptocurrency exchange WazirX under lens for evading Rs 40 crore in taxes")
No extension of ITR filing deadline; over 56 mn FY21 returns filed so far
Revenue Secretary Tarun Bajaj said ITR filing is going on 'very smoothly'
 "No extension of ITR filing deadline; over 56 mn FY21 returns filed so far")
Just 3 days left for filing ITR, what happens if you miss the deadline
The due date for ITR filing for the fin ancial year 2020-21 (the assessment year 2021-22) has been extended twice
 "Just 3 days left for filing ITR, what happens if you miss the deadline")
Tax department move to tax goodwill could expand in the next Budget
While the new tax is not retrospective in nature, it will impact foreign companies buying into Indian companies going ahead
 "Tax department move to tax goodwill could expand in the next Budget")
Businessman Piyush Jain sold perfume compounds to 50 countries
Financial intelligence teams probing the recovery of around Rs 200 crore during raids in Kanpur-Kannuj have now found that perfume and compound businessman Piyush Jain has links across 50 countries
 "Businessman Piyush Jain sold perfume compounds to 50 countries")
I-T dept detects tax evasion worth crores after raids on Maharashtra groups
The searches were carried out on December 22 at over 25 premises of the unidentified groups in Nandurbar, Dhule and Nashik districts of the state
 "I-T dept detects tax evasion worth crores after raids on Maharashtra groups")
Income Tax refunds of over Rs 1.49 trillion issued so far this fiscal
This includes 1.07 crore refunds of AY 2021-22 (fiscal ended March 31, 2021), amounting to Rs 21,021 crore
Over 46.7 mn ITRs filed for FY21 so far, 1.54 mn alone in single day
The last date for filing ITRs for 2020-21 fiscal ended March 31, 2021, by individual taxpayers is December 31
Over 45 million income tax returns for FY21 filed till December 26
The extended deadline for filing ITRs by individual taxpayers is December 31, 2021. The original deadline was July 31, 2021
Over 44.3 mn income tax returns filed till December 25 for 2020-21
Over 4.43 crore income tax returns (ITRs) for the 2020-21 fiscal have been filed, which includes over 1.16 mn returns filed on December 25, the I-T department said
 "Over 44.3 mn income tax returns filed till December 25 for 2020-21")
Things to remember as you rush to file your return ahead of December 31
To avoid any last-minute errors, one must remember to use the correct ITR form, collate all relevant income and expense documents for quick referral
 "Things to remember as you rush to file your return ahead of December 31")
Income tax refunds of over Rs 1.44 trillion issued so far this fiscal
Income tax refunds of over Rs 1.44 lakh crore have been issued to 1.38 crore taxpayers so far this fiscal, the I-T department said
 "Income tax refunds of over Rs 1.44 trillion issued so far this fiscal")
Over 40 mn income tax returns e-filed for FY21 so far, says I-T dept
The last date of filing ITR has been extended till December 31, from July 31
Tepid private consumption holding back investments: Ficci president Mehta
India needs 'virtuous cycle' of demand prompting capital spending that will lead to job creation, he says in an interview.
 "Tepid private consumption holding back investments: Ficci president Mehta")
Budget 2022-23: No major surprise expected in income-tax slabs
Discussion on tax announcements is ongoing in the finance ministry
 "Budget 2022-23: No major surprise expected in income-tax slabs")
Infosys sets up dedicated war room as deadline for ITR filings nears
Of the e-verified ITRs, more than 23.8 million ITRs have been processed and over 909.5 million refunds for AY 2021-22 have been issued
Inadequate disclosures in income tax returns can have dire consequences
In the worst case, the taxpayer could end up paying a heavy penalty and even suffer a jail term
Changes in Income Tax return filing that you must know before setting out
There are some changes in the e-filing site, ITR Forms for AY 2021-22, as well as in the process of filing returns.
