The Income Tax Department will soon send notices to individuals who have not filed income tax returns (ITRs). The notices will be sent to even those whose income tax has been deducted at source, The Economic Times reported on Sunday.
Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said that the department will be sending notices to only those taxpayers for which it had definitive information. He said the department's focus was on improving taxpayer services, from bringing down the period of refund to updated returns or solving a large tax dispute
The Central Board of Direct Taxes (CBDT) has said that all income tax returns (ITR) that are validly filed electronically up to AY 2020-21 with refund claims under section 143 (1) would now be processed by April 30, 2024, unless otherwise prescribed.
CBDT in the circular dated January 31, 2024, said, "The matter has been re-considered by the Board in view of pending taxpayer grievances related to the issue of refund. To mitigate the genuine hardship being faced by the taxpayers on this issue, Board hereby further extends the time till 30.04.2024 in respect of returns of income validly filed electronically up to AY 2020-21.
The government has collected
over Rs 600 crore as penalty for delay in linking PAN with Aadhaar, and about
11.48 crore Permanent Account Numbers are still not linked with biometric
identity, Parliament was informed on Monday.
“Number of PANs not linked with Aadhaar, excluding exempted categories, is
11.48 crore as on January 29, 2024,†Minister of State for Finance Pankaj
Chaudhary said in a written reply in the Lok Sabha.
To a question regarding the details of government earning through late penalty
of Rs 1,000 from the persons who have not linked their PAN and Aadhaar after
the last date of June 30, 2023, Chaudhary said “the total collection of fee
from persons who have not linked their PAN with Aadhaar is Rs 601.97 crore from
July 1, 2023 to January 31,2024â€.
As per Notification No. 26/2022 – Central Tax dated 26th December 2022 two new tables Table 14 and Table 15 were added in GSTR-1 to capture the details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 of the Act or liable to pay tax u/s 9(5). These tables have now been made live on the GST common portal. These two new tables will be available in GSTR-1/IFF from January-2024 tax periods onwards. Please click here for the complete advisory. Thanking you, Team carahul.com
Read More →To facilitate the taxpayer registered under GST with more methods of payment, two new facilities of payment have now been provided under e-payment in addition to net-banking. The two new methods are Cards and Unified Payments Interface (UPI). Cards facility includes Credit Card (CC) and Debit Card (DC) namely Mastercard, Visa, RuPay, Diners(CC only) issued by any Indian bank. Please click here for the complete advisory. Thanking you, Team carahul.com
Read More →Mandatory Bank Account Details Submission as per law: All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules framed thereunder to furnish details of their bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 Days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN. A new functionality is being developed with the following features and will be deployed in near future:- 1.Failure to furnish the bank account in the stipulated time: It would result into following: a) Taxpayer Registration would get suspended after 30 days and intimation in FORM REG-31 will be issued to the Taxpayer. b) Get the Taxpayer debarred from filing any further GSTR-1/IFF. 2.Revocation of Suspension: If the taxpayer updates their bank account details in response to the intimation in FORM REG-31, the suspension will be automatically revoked. 3.Cancellation of Registration: If the bank account details are not updated even after 30 days of issuance of FORM REG-31, the registration after suspension may also be taken up for cancellation process by the Officer. Taxpayers are requested to take immediate action to provide the necessary information and avoid any adverse consequences. Thanking you, Team carahul.com
Read More →The existing taxation structure for corporates with a 22 per cent tax is "very reasonable" when compared to an economy of the size of India and hence the concessional tax regime which was in force for four years for new manufacturing units was not extended beyond March 2024, Revenue Secretary Sanjay Malhotra said. In an interview with PTI, Malhotra said the Interim Budget 2024-25 provides for continuity in taxation regime and the benefits given to taxpayers in the last years are showing results in the form of huge buoyancy in personal income tax.
Read More →The Income Tax Department will soon send notices to individuals who have not filed income tax returns (ITRs). The notices will be sent to even those whose income tax has been deducted at source, The Economic Times reported on Sunday. Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said that the department will be sending notices to only those taxpayers for which it had definitive information. He said the department's focus was on improving taxpayer services, from bringing down the period of refund to updated returns or solving a large tax dispute.
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