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Late filing of IT returns may lead to fines being imposed on the taxpayer.
New Delhi: The Income Tax Department on January 13 said it has issued refunds worth over Rs 1.73 lakh crore to more than 1.57 crore taxpayers in the ongoing fiscal till January 11. Of this, personal income tax refunds are worth Rs 57,139 crore, while corporate tax refunds are worth Rs 1.15 lakh crore. CBDT […]
After an incredibly tough year, there are high expectations from this year’s Union Budget. Measures that will put more disposable income in the hands of the common man and boost economic sentiment would be most welcome. I would like to see a new section being created in the Income Tax Act to provide enhanced, comprehensive […]
Mumbai: SBI economists have pitched for avoiding new taxes and urged the government to settle past litigations. “There must not be any new taxes in the Budget. Let us have a tax holiday budget, with carefully crafted policies for immediate fiscal lubrication. A gamechanger in the budget could be an honest attempt to settle cases […]
New Delhi: Income tax returns filed this year have risen by about 5 percent to nearly 6 crore, the I-T Department said. Over 5.95 crore income tax returns (ITRs) for the fiscal year ended March 31, 2020 (2019-20) were filed by January 10. The ITR filing deadline for individuals ended on January 10 while for […]