Banks set limits on UPI transactions

The Unified Payments Interface (UPI) has made it easier for people to make payments without having to go to the bank and stand in long lines. People are now using UPI for both small and large payments. However, many people are not sure what the UPI limits are for their banks. Here is a list of the …

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CBDT amends income tax rules

The Central Board of Direct Taxes (CBDT) has amended the income tax rules to facilitate strategic disinvestment of public sector companies by expanding the scope of a tax exemption on shares received below fair market value, showed an official order. The Income-tax (Eighth Amendment) Rules, 2023 issued on Thursday is effective from 1 April. As …

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Introduces Turbo UPI: Revolutionizing the Speed of Payments

Turbo UPI allows end-users to complete their payment in-app, with no redirections or dependence on third-party UPI apps. With Turbo UPI, payments will be 5x faster with a significantly-improved success rate of 10%! UPI was launched back in 2016 with the Collect flow. A customer enters their VPA, switches over to a third-party UPI app and makes a payment. Although innovative at …

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Excellent results from tech in detecting tax evasion

The income tax department is using technology extensively to identify and detect tax evasion, which has given excellent results, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said Friday, adding that the use of technology will be scaled up to deepen and widen the tax base. Gupta said technology had also helped in providing ease to taxpayers through expeditious …

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Income tax department lens on deposits under small savings schemes

Income tax department has detected ‘benami’ deposits of ₹50 lakh and above in small saving schemes such as the Kisan Vikas Patra and National Savings Certificate (NSC) in the name of minor children or household help. The department has been sending notices in instances where the deposits are of ₹1 crore or more, officials told …

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Not linking PAN and Aadhaar will hinder income tax return-filing process, investments in mutual funds and stocks

Yet to link your PAN (permanent account number) and Aadhaar? You need to hurry and complete the process before June 30. Not taking action in time will result in your 10-digit PAN becoming inoperative from July 1. Moreover, there will be other repercussions too. If the tax department owes you a refund for excess taxes …

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Income tax return filing: Another critical mistake to avoid is failing to report income from all sources

Here are some of the most common mistakes committed by individual taxpayers while filling out the ITR Mistakes to be avoided while filing ITR 1) Selecting the incorrect ITR Form One of the most common mistakes when filing an ITR is using the wrong ITR form. Using an incorrect form leads to a defective filing that …

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Misusing PAN cards of 635,000 people for over five years and created 2,660 shell companies

An official from the state GST department said that it could be estimated at more than ₹10,000 crore. The Gautam Budh Nagar police have busted a gang of eight people who were unscrupulously misusing permanent account number (PAN) cards of 635,000 people for over five years and created 2,660 shell companies to evade Goods and Services Tax (GST) worth multiple …

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Excel Utility of ITR-1, ITR-2, ITR-3, ITR-4 for AY 2023-24 is available for filing

For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand. ITR 1 Document Utility Excel Based  (Version 1.1) (2.40MB) Date of release of latest version of utility05-May-2023 Date of release of first …

Excel Utility of ITR-1, ITR-2, ITR-3, ITR-4 for AY 2023-24 is available for filing Read More »

EPFO pension scheme: Big news! Deal with PAN Aadhaar link to EPS pension related work in June, otherwise there may be trouble

Financial Deadline in June: In the month of June, the deadline for many financial tasks is getting closer. In such a situation, you should complete these tasks as soon as possible. PAN-Aadhaar Linking: The month of May is in its last phase and June will begin in the next few days. With the beginning of …

EPFO pension scheme: Big news! Deal with PAN Aadhaar link to EPS pension related work in June, otherwise there may be trouble Read More »

SFT filers may please note: Due to heavy traffic on the reporting portal

SFT filers may please note:Due to heavy traffic on the reporting portal, some filers may have encountered difficulties in filing SFT returns. It is informed that the functionality for filing of SFT returns will remain open for a couple of days more to enable smooth filing of SFT returns. In case of any specific issue/query, …

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Avoiding Income Tax Department Queries Will Invite Full Income Tax Return (ITR) Scrutiny

Avoiding Income Tax Department Queries Will Invite Full Income Tax Return (ITR) Scrutiny

Avoiding queries from the Income Tax Department will attract full scrutiny of the income tax return (ITRs) filed, the Central Board of Direct Taxes (CBDT) has said in new guidelines for the financial year 2023-24. The income tax department will examine tax returns based on where the survey was undertaken or where the income tax …

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Kind Attention Statement of Financial Transactions (SFT) filers!

A Statement of Financial Transactions (SFT) is a document that must be filed by certain prescribed entities in India. The SFT provides information on specified financial transactions or any reportable account registered/recorded/maintained by the entity during the year. The information in the SFT is used by the Income-tax Department to keep a track of specified …

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Bombay High Court Affirms 12.5% Addition on Bogus Purchases in Contractor’s Appeal

The Bombay High Court Affirmed 12.5% Addition on the Bogus Purchases in the Contractor’s Appeal. Facts  The Appellant/assessee is a partnership firm engaged in the business of road repairs/construction as an contractor for Municipal Corporation of Greater Mumbai (M.C.G.M). Return of income was filed relevant to the assessment year 2009-10 declaring a total income of …

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“SVLDRS: Inclusion of Taxpayers Pending Investigation in the Scheme”

The Delhi High Court ruled that taxpayers are not excluded by SVLDRS against whom investigation is pending. Facts  The petitioner has filed the present petition impugning an order dated 02.03.2020 (hereafter ‘the impugned order’), whereby its declaration dated 26.12.2019 under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 was rejected. The petitioner also impugns a …

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Big GST raid: Tax evasion of over Rs 1000 crore detected at jewellery stores

The single-day raid was conducted across 33 jewellery stores in the districts of Thrissur, Malappuram, Palakkad, Kannur, and Kozhikode The GST intelligence wing detected tax evasion of over Rs 1000 crore after a single-day raid at 33 jewellery stores across Thrissur, Malappuram, Palakkad, Kannur, and Kozhikode. The merchants who were caught were made to pay …

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Government to create worlds’ biggest grain facility; allocates Rs 1 lakh crore to the scheme

The world’s largest food storage scheme has been approved in the co-operative sector today. This scheme will be implemented at the cost of Rs 1 lakh crore. Under this scheme, a godown of a capacity of 2000 tonnes will be constructed in every block. An inter-ministerial committee will be formed for this: Union Minister Anurag …

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CBDT amends Rules 45/46A and Form 35 to enable filing before JCIT(A)

CBDT has amended the Income-tax Rules, 1962 to enable the filing of an appeal before the Joint Commissioner (Appeals) (JCIT(A)). The amendments were made in Rules 45 and 46A, and Form 35. The amendments were made in pursuance of the Finance Act, 2023, which introduced a new designated Income-tax Authority of Joint Commissioner (Appeals). The …

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Understanding Loan Pre-Approval and Its Benefits: A Comprehensive Guide

In today’s fast-paced world, financial flexibility is essential, whether you are planning to splurge on a brand new mobile, purchase a car, or fund your dream business venture. For many individuals, obtaining a loan is an integral part of achieving these goals. Today a lot of loan apps have made applying for online loan very …

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Income Tax Return: Big update from Income Tax for employed, must file ITR by this date; Otherwise…

ITR Filing: If you are employed or do your business then you must file income tax return. According to the Income Tax Department, people with an annual income of Rs 3 lakh should file ITR. The last date for filing ITR for the financial year 2022-23 (FY 2022-23) has already been announced by the Income …

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Income tax return filing status

Income Tax Return filing status; ITRs were filed till May 28 for AY 2023-24, Latest updates and data

Income Tax Return (ITR) filing for Assessment Year 2023-24: As many as 14,65,641 ITRs were filed till May 28 for AY 2023-24, according to data on the Income Tax e-filing website. Of these, over 12 lakh ITRs have been verified and the tax department has processed 3834 returns. Till the end of April 2023, there …

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Tax Compliance Tracker – June, 2023

Income Tax & GST Compliance Tracker – June, 2023

Tax Compliance Tracker – June, 2023   Sl.   Compliance Particulars       Due Dates   1 ​​Due date for deposit of Tax deducted/collected for the month of May, 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day …

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Income tax cash transaction

Cash transaction was restricted by Income Tax Section 269ST

A new Section 269ST has been added to the Income Tax Act as a result of the measures taken by the Finance Act 2017 to curb black money. A cash transaction was restricted by Section 269ST and was only allowed to be worth up to Rs. 2 Lakh per day. No one will receive any sum of …

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Income Tax return filing for FY 2022-23: Which income tax return form applies to you

Central Board of Direct Taxes (CBDT) has notified income tax return (ITR) forms for the Financial Year (FY) 2022-23 (assessment year or AY 2023-24) via notifications dated February 10, 2023 and February 14, 2023. It has also released the excel utility for ITR-1 and ITR-4 on April 25, 2023 and for ITR-2 on May 11, 2023 through its …

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Everything you need to know about the Senior Citizen Savings Scheme

Senior citizens are always on the lookout for better returns with low risk that gives them a regular flow of income. There is an opportunity for them in this context in the Senior Citizen Savings Scheme, where recent changes have made it more attractive. The scheme gives senior citizens a chance to ensure that they …

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