In financial year 2013-14 (FY14), 23 individuals earned more than Rs 100 crore and had a combined income of Rs 29,290 crore. Cut to FY21, and the number of those earning more than Rs 100 crore increased to 136, though their combined income rose to Rs 34,301 crore, State Bank of India researchers said in … Read more
The total number of persons filing Income tax increased to 74 million in the assessment year 2022-23 (AY23) from 70 million in AY22, State Bank of India researchers said in a new report released Friday. Recently, the income tax department provided a breakdown of the individual taxpayers’ returns filed across different categories of gross total … Read more
The Income Tax Department (ITD) recently issued advisories to specific taxpayers regarding discrepancies between the information they disclosed in filed income tax returns (ITR) and data received from various reporting entities. The ITD addressed the social media posts discussing communications about discrepancies in TDS/TCS deductions and ITR filing data, stating that these communications aim to … Read more
In its endeavour to improve the taxpayer experience on the e-filing portal, the income tax department introduced Tax Information Network (TIN 2.0) last year. The entire tax payment has shifted from the erstwhile TIN-NSDL to TIN 2.0 with effect from April 1, 2023. “The new e-Pay tax payment platform TIN 2.0 is an official … Read more
The Central Board of Indirect Taxes and Customs (CBIC) has issued a detailed procedure for sanction, post-audit, and review of refund claims under Goods and Services tax, in the light of the receipt of reports of different practices being followed by the officers, creating confusion for taxpayers. CBIC clarified that while passing the refund sanction … Read more
NEW DELHI: The finance ministry on Friday said taxpayers are required to report in the annual GST return of 2018-19 only the values of transactions pertaining to that financial year. In a statement, the ministry said certain representations have been received stating that certain tables in the auto populated GSTR-9 for the year 2018-19 also … Read more
NEW DELHI: GST-registered businesses will soon get pre– filled Return form, GSTR-3B, GST Network Chief Executive Officer Prakash Kumar said on Monday. “We are moving towards providing taxpayers with a pre– filled GSTR-3B form so that they can pay their taxes at ease. To start with, an option to edit the form would be provided … Read more