More than 20 million returns for the 2021-22 assessment year were submitted on the new income tax portal, showing signs of stabilization after long-term complaints about technical failures. The Central Commission for Direct Taxation (CBDT) said in a statement that out of a total of 20 million, more than 17 million have been electronically verified. Encouraged by the response, CBDT has asked taxpayers to submit tax returns as soon as possible.
Refunds amounting up to more than Rs 80,000 crore have been given to the citizens during the current monetary year, the CBDT said. The Central Board of Direct Taxes (CBDT) outlines the strategy for the Income Tax Department. This figure incorporates annual expense discounts of Rs 19,699 crore in 47,53,254 cases and corporate assessment discounts of Rs 60,387 crore in 1,63,021 cases, the Board tweeted on Thursday. "CBDT issues discounts of over Rs 80,086 crore to more than 49.16 lakh citizens
The Deadline for filing Income Tax Returns (ITR) for the monetary year 2020-21 has been again stretched out by the Central Board of Direct Taxes (CBDT) in a bid to give alleviation to citizens. The new cutoff time for recording ITR has been moved from September 30 to December 31, 2021. Notwithstanding, this isn't the first occasion when that the assessment office has broadened the cutoff time for documenting ITR for FY21. Beforehand, the cutoff time for documenting ITR was stretched out by CBDT
The finance ministry has summoned Infosys managing director and CEO Salil Parekh over issues with the new personal duty (I-T) e-recording entryway. The site went live recently yet has been defaced by glitches since its dispatch on June 7. Parekh has been called to show up before the finance ministry on Monday to disclose to Finance Minister Nirmala Sitharaman "regarding why even following more than two months since the dispatch of the new e-recording entry, glitches have not been settled," .
The tax authority recently stated that it will refund the new income tax portal used to file the income tax return (ITR) for the 2020-21 fiscal year. In view of the Covid-19 pandemic and the challenges faced by ordinary taxpayers, the income tax department earlier extended the deadline for submitting ITR from July 31 to September 30.
The income tax department said on Wednesday that it will refund the excess interest and late fees paid by taxpayers due to software errors when submitting the 2020-21 ITR. Although, some taxpayers disagree with interest and late fees when filing an income tax return (ITR) after July 31, 2021. Calculate interest in accordance with Article 234A of the Income Tax Law and calculate late payment fees in accordance with Article 234F.
Income tax announcement is one of the most important investment tasks every year. Although the last day for ITR submission has been extended to September 30, 2021. The income tax department launched a new electronic filing portal (www.incometax.gov.in) last month to speed up the processing of tax filings. The Income Tax department will soon launch a mobile application with all the functions of the new portal.
The Income Tax (I-T) Department said on Saturday that the central government has created three dedicated email addresses for income taxpayers to register complaints related to anonymous tax assessments, penalties and appeals. There are three email addresses for taxpayers: - firstname.lastname@example.org; email@example.com; and firstname.lastname@example.org.
Since taxes are deducted from most payments, recipients of income such as wages and interest on bank deposits give the impression that they do not need to file an Income Tax Return (ITR). Paying taxes and submitting ITR are two separate and different legal obligations, which are independent of each other. One discharge does not mean another discharge.
The UPA (United Progressive Alliance) government retrospectively imposed capital gains taxes on some companies such as Cairn and Vodafone in 2012. The center proposed a tax law (amendment) bill on Thursday to end the retrospective income tax law introduced in 2012. Once the amendment is passed, there will be no incidents like Cairn Energy or Vodafone.
The G20 finance ministers approved a tax reform for multinational companies on Saturday, aiming to end tax havens by setting the global corporate tax rate at 15%. According to NHK reports, the G20 finance ministers concluded a two-day meeting in Venice, Italy on Saturday and passed a joint communiqué.
The government on Friday extended various income tax compliance deadlines and stated that the amount paid by employers to employees for Covid-19 treatment will be tax-free. In addition, if an employee dies due to Covid-19, special payments received by family members from the employer will be exempt from income tax.
On Monday the new website for filling income tax launched and it has various features for the taxpayers. Some users said that the new features lead to the slow process of the tax filing and some other taxpayers praised the specifications of the website. According to the Department” We valued our taxpayers and the new portal of e-filling is well designed to process the taxation filling with effectively, convenience & flexibility. Our taxpayers come first and the rest are behind them.”
The decision of the Richest Countries to impose a 15% corporate tax on MNCs will benefit India because the domestic tax rates are above the border and International Investors are optimistic to invest in India. NANGIA ANDERSEN, the Indian Chairman said that The Landmark decision will be beneficial for the US Government & the region of Western Europe however the scenario is different for Low Tax European Jurisdictions.