IT returns: The Income Tax (I-T) Department has received as many as 6 lakh returns in the first month of Assessment Year 2024-25 (FY25). Significantly, nearly two-thirds of the verified returns have already been processed, reported sources. Over 5.92 lakh returns were filed by April 29. Out of these, over 5.38 lakh had been verified and 3.67 lakh verified returns were processed. In a first, the department had enabled the e-filing portal on Day 1 of the new financial year. “This is a giant step towards ease of compliance and seamless services,” the department said. Read Also: Income-tax return ..read more

2024 ITR filing: After obtaining Form 16, salaried individuals can begin filing their income tax returns for the fiscal year 2023–2024 in June. PAN, TAN, salary information, deductions, and tax deducted at source (TDS) are all included on the form. For salaried individuals filing income tax returns, Form 16 is essential. Income tax return submission deadline: July 31, 2024 is the deadline for submitting the Income Tax Return (ITR) for the financial year 2023–2024 (assessment year 2024–25). After obtaining their Form 16, salaried individuals can begin filing their ITR for the financial year 20 ..read more

GST Collection: The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year. Read Also: Rice millers seek waiver of GST on packed rice bags Positive Performance Across Components: Breakdown of April 2024 Collections: Central Goods and Servic ..read more

Rice millers have called for the waiver of 5% GST imposed on pre-packed and pre-labelled rice. The GST Council at its meeting in June 2022 had decided to impose 5% GST on pre-packed and pre- labelled rice of 25 kg bags and less. This has led to an increase in the price of the commodity, affecting people of middle and low income groups, who usually purchase rice in five or 10 kg bags depending on their family requirements, said a resolution adopted at the general body meeting of the Federation of Tamil Nadu Rice Mill Owners and Paddy-Rice Dealers Associations here on Sunday. Read Also:Kerala ..read more

According to the latest data from the Income Tax department, almost half of Indians have a Permanent Account Number (PAN). It said that although there is still a difference in the number of male and female PAN holders, it is rapidly narrowing. 42.10 crore men and 31.05 crore women had PAN cards as of March 31, 2024. The data further stated that over 14 crore PANs are facing the threat of becoming in-operative as they have not been linked with Aadhaar (as on March 31). Over 74.67 crore PAN had been allotted as of March 31, 2024, according to the data, a 10% increase from the 67.67 crore record ..read more

Income-tax return filing: The income tax (I-T) department has enabled all utilities and notified all forms needed to file income tax returns online in April. Typically, this exercise is not completed right at the beginning of the financial year, but later. However, this does not mean income taxpayers can start completing their yearly obligation right away. At least not all of them. Read Also: How to link PAN with Aadhaar by May 31 to avoid Income Tax Notice? Salaried, FD investors must wait Most salaried taxpayers will not be able to file their returns now. This is because TDS payme ..read more

Link PAN with Aadhaar: In cases where PANs of the deductees/ collectees have been inoperative, the TDS is deducted at higher rates. However, the income tax department has said that no action will be taken for a short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31. Know how to link your PAN with Aadhaar. As per income tax rules, if a Permanent Account Number (PAN) is not linked with a biometric Aadhaar, TDS is required to be deducted at double the applicable rate. In a circular on April 24, the Central Board of Direct Taxes (CBDT) said several grievances have be ..read more

TDS at normal rates:For those who haven’t linked their Permanent Account Number (PAN) with Aadhaar, the tax deducted at source (TDS) rate is supposed to be double the normal rate. However, after numerous complaints, the burden of deducting excess TDS on the seller has been waived under certain circumstances. The government’s recent move aims to ease the pressure on entities collecting Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) at regular rates. Read Also: I-Tax Department sets up control room for cash transactions This means that if a PAN became “inoperative” due to its no ..read more

Cash transactions: The Pune income tax department has set up a special control room for Pune and other districts of Pune division to monitor the misappropriation of money and control transactions during the election period. Suhas Diwase, district collector and district election returning officer, has appealed to citizens to be vigilant and report information that will help the income tax department monitor and curb the misuse of black money in the upcoming general elections. Citizens can register their complaints or report misuse of money by contacting the control room.  This cell will b ..read more

The Central Board of Direct Taxes (CBDT) has asked SROs or self-reporting organisations to file details of all high-value transactions that were carried out in 2022-23 by June 30. The SROs include organisations such as banks, post offices, co-operatives, fintechs and mutual fund houses. Any transaction over Rs 50 lakh, share sale and purchase of above Rs 10 lakh and post office deposits and withdrawal of Rs 5 lakh has to be reported. According to a reports, there are about 6,000 reporting entities that have either not filed the information, provided incomplete details or given it in an incorr ..read more