Thursday, 1 December, 2022
TopicIncome Tax

Topic: Income Tax

Govt extends deadline for filing income tax returns to 30 September

The Central Board of Direct Taxes, citing pandemic as the reason for the extension, also deferred the ITR filing deadline for companies till 30 November.

IT dept to launch a new e-filing portal for taxpayers on 7 June

The existing portal will not be available for a brief period of six days from 1 to 6 June to both the taxpayers as well as Income Tax department officials.

Incomes of Indians were shrinking even before Covid, pandemic will only make it worse

Tax returns filed by those earning above Rs 50 lakh has seen a contraction of nearly 21%. Those earning between Rs 20 lakh-Rs 50 lakh saw an 8% fall.

Modi govt scheme has reduced tax disputes by nearly 30%, but big cases still pose headache

Central PSUs have used the Vivad Se Vishwas scheme to settle relatively larger-sized disputes. But private sector and others have used the scheme to only settle low-value disputes.

In relief to senior citizens, pensioners above 75 years not required to file I-T returns

Finance Minister Nirmala Sitharaman also reduced the time frame for reopening of income tax assessment cases to three years and serious tax fraud cases to 10 years.

Budget 2021 updates: Focus on healthcare, Covid, boost for infra in poll-bound states

137% hike in health and wellness budget, agri infra cess, infra push — Nirmala Sitharaman announced a slew of allocations as she presented Budget 2021 Monday. Follow updates here.

Income Tax return filing deadline extended to 10 January, 2021

The deadline for filing tax returns by businesses too has been extended till 15 February, the finance ministry said in a statement.

Realty tax sop is unlikely to make a dent in metro cities due to caps

Modi govt has raised the differential between circle rate and agreement value of residential properties to 20%. But the sop is limited in scope, say developers.

Income tax dept extends LTC tax exemption to non-central govt employees

The payment of cash allowance, for a maximum of Rs 36,000 per person as deemed LTC, is being extended to employees of state governments, public sector enterprises, banks and private sector.

Govt extends deadline for filing income tax return till 31 December

Earlier in May, the govt had extended the date for filing ITR for FY2019-20 from 31 July to 30 November to give compliance relief to taxpayers.

On Camera

YourTurn

Congress MP Shashi Tharoor (Photo/ANI)

Operation ‘Discipline Tharoor’ failed in Kerala. But battle against Pinarayi won’t be easy

If his attacks on Modi and the BJP are any indication, Tharoor would rather be measured than go all-out, especially as an exponent of positive politics.

51 cow universities, old pension scheme, jobs — what RSS affiliates want from 2023 Budget

Welfare schemes and ‘self-reliance’ figure high on Sangh organisations’ wishlists for finance minister Nirmala Sitharaman ahead of the Budget, which she will present on 1 February.

Defence

A soldier with 'Arjun', a black kite trained to down enemy drones, during the Yudh Abhyas exercise being held in Auli, Uttarakhand | Suraj Singh Bisht | ThePrint

It’s a plane, no it’s a bird! Army’s training eagles & falcons to swoop down on hostile drones

The birds are also being trained for surveillance at Remount Veterinary Corps Centre in Meerut, with cameras fitted to their heads to record videos.

A Gujarat gamble: A likely reason Rahul is not giving Modi a fight this assembly election

I'd rather not buy idea that Rahul's holding his fire until 2024. More likely, Congress believes Karnataka offers best chance of winning a Gujarat-sized state if Gujarat is too challenging.