PENAL INTEREST
More taxpayers getting defective ITR notice from tax dept this year; How to rectify the defect
Defective ITR: Chartered accountants report that many of thier clients have received defective ITR notices this year. As per Amit Bansal, Partner - Direct Tax, Singhania & Co, Yes, there has been a noticeable increase in defective ITR notices and invalid returns this year." Know what to do incase you get a defective tax return notice under section 139(9).
No indexation for LTCG tax on property bought after July 23, 2024, is unfair; Will deter long term investment: View
The amendment tabled in the finance bill is a welcome move as it will provide an option to choose between LTCG tax of 20% with indexation or 12.5% without indexation for property. It would encourage honest tax payment, long-term investment and fair play. However, removal of indexation benefit for properties bought after July 23, 2024 and other Long Term Assets classes must be revisited. Here's why.
Made false deduction claim in ITR? Income tax dept wants employees to rectify this and pay the due tax or be ready for penal action
Income tax deduction: Incase you have mistakenly claimed a incorrect or wrong tax deduction or exemption and thus as a result your tax liability got reduced, then fix this as once. This is becuase if the tax department catches you and it is proved that you evaded taxes, then you can also be jailed.
Delhi HC asks Centre to clear its stand on PIL challenging exclusion of provision for unnatural sex in new criminal laws
The Delhi High Court directed the Centre to clarify its stance on a PIL challenging the absence of provisions equivalent to Section 377 in the new criminal laws, Bharatiya Nyaya Sanhita (BNS), which previously criminalised "sodomy" and "unnatural sex." The bench, led by Acting Chief Justice Manmohan, granted the Union of India's counsel ten days to address the concerns raised and set the next hearing for August 27, 2024.
Get up to 8.5% FD interest rate, 8% on savings accounts: Latest Bandhan Bank interest rates on deposits
Bandhan Bank has revised its fixed deposit interest rates for retail deposits of up to Rs 3 crore, according to the bank website. The revised FD rates are effective from August 7, 2024.
ICICI Bank hikes FD interest rates by up to 5 bps; offers highest interest fixed deposit rate of 7.8%
The bank offers the highest interest rate of 7.80% for senior citizens. For individuals, the highest interest rate on FDs can go up to 7.25%.
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ITR filing deadline missed: A belated ITR for FY2023-24 (AY 2024-25) can only be filed under the new income tax regime
How to File Belated ITR: A big disadvantage of filing a belated income tax return (ITR) is that, starting August 1, i.e., after the July 31 deadline, individuals cannot opt for the old tax regime when filing their tax return for FY24. The new tax regime is the default under the current income tax laws.
Has the last date to file ITR been extended beyond July 31?
ITR deadline extended? Last year, the government did not extend the deadline for filing income tax returns, similar to the year before. However, two years ago, the government extended the deadline for filing income tax returns due to the COVID-19 pandemic.
What is the penalty for filing ITR after the deadline of July 31, 2024?
Penalty for missing ITR filing deadline: The penalty for late filing of the Income Tax Return (ITR) applies to individuals who fail to meet the July 31, 2024 deadline. A belated ITR refers to an income tax return filed after the designated due date.
ITR filing deadline: 5 consequences of not filing your income tax return today
ITR filing deadline: Taxpayers who fail to meet the deadline for submitting a return have the option to submit a late return by December 31 of the applicable assessment year. Let's examine five outcomes of failing to file ITR before the deadline.
Old tax regime ITR filers must file income tax return by July 31 deadline or lose deductions, exemptions for FY 2023-24 (AY 2024-25)
ITR filing last date: The last date to file income tax return for FY 2023-24 (AY 2024-25) is July 31, 2024. Apart from not paying penalty of Rs 5,000, it is important to file ITR before the deadline expires to get the option to file income tax return using old tax regime.
Budget 2024: Why crypto F&O investors are happy - No STT, no TDS, no 30% tax
Budget 2024: Crypto future and options investors are happy because the budget did not impose any TDS, STT and neither section 115BBH (30% tax) provisions on it. While at the same time Budget 2024 increased STT on stock market future and options (F&O). Many now believe crypto F&O transactions are now more attractive than stock and index F&O.
Paying income tax is not enough, you must file the ITR to avoid jail in certain cases
ITR filing: You must remember to file the ITR by July 31, 2024 and also pay any pending income tax amount (if any). "There are legal provisions in the Income Tax Act that can lead to imprisonment for not filing income tax returns (ITRs) or not paying income tax when liable," says Priyanka Jain, associate partner, Vaish and Associates.
Budget 2024: Not reporting these foreign assets in ITR won’t attract the Rs 10 lakh penalty under Black Money Act
Budget 2024: It is proposed to amend the provisos to sections 42 and 43 of the Black Money Act to provide that the provisions of the said sections shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees.
ITR filing FY24: Have income from cryptocurrencies, NFTs, virtual digital assets? How to show it in ITR form
ITR filing: The Income-tax Act has established a fixed tax rate for the taxation of income from virtual digital assets (VDAs) such as cryptocurrencies, non-fungible tokens (NFTs), and other VDAs notified by the government. Here is a look at how to report income from cryptocurrencies, NFTs, virtual digital assets in your ITR.
Missing ITR filing deadline can cost you much more than just late filing fee
Cost of missing ITR filing deadline: Missing income tax return filing deadline of July 31 not only leads to payment of penalty of up to Rs 5,000. There are other benefits as well that an individual loses if the income tax return is filed after the expiry of deadline (i.e. belated ITR).
How to file ITR after July 31 deadline?
The deadline for submitting your income tax return (ITR) for the fiscal year 2023-24 is fast approaching on July 31, 2024. If you haven't filed your ITR yet and are worried about meeting the July 31 deadline, are there any other options available to you?
Gig workers find it tough to assess advance tax payment, have to cough up 3% interest charge even for a day’s delay
The rise of side gigs has led to challenges in paying advance taxes on time. Individuals must navigate complex rules to avoid penalties. Experts suggest reforms to make the process more manageable for taxpayers.
ITR filing: How to file income tax return when you have more than one Form 16 due to job change
Form 16 is a TDS certificate that provides information on the salary paid and tax deducted by an employer. Employers must issue Form 16 to employees by June 15. This allows individuals to file their ITR by July 31, 2024 for the financial year 2023-24. Those who change jobs in a year need Form 16 from each employer.
EPFO recovers ₹61 crore dues from SpiceJet
The EPFO has recovered ₹61 crore from SpiceJet towards provident fund dues, with the remaining amount under assessment. SpiceJet denies the EPFO's claim of partial recovery and states that all dues have been deposited. The airline acknowledges a lag in some deposits but affirms clearing dues as a top priority. EPFO has initiated an inquiry for penal damages and interest on delayed payments. Compliance with monthly filing deadlines is crucial to avoid interest charges of 12% per annum.
Section 302 no longer murder, 420 not cheating, 376 not rape as IPC evolves into BNS
With the arrival of new criminal laws under the Bharatiya Nyay Sanhita (BNS), familiar sections of the Indian Penal Code (IPC) have undergone significant changes. Crimes once defined under well-known sections like 302, 420, and 376 have now been redefined, reflecting a modernised legal framework aimed at addressing contemporary challenges in criminal justice.
India's new criminal laws: Legal experts break down the nitty gritties of some key changes in Bharatiya Nyaya Sanhita
Bhartiya Nyay Sanhita vs IPC: India has enacted three new criminal laws, the Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS), and Bharatiya Sakshya Adhiniyam (BSA), to modernize the criminal justice system. The BNS reduces the number of sections from 511 to 358 and introduces 21 new offences, including hate crimes and mob lynching. It also introduces offenses like terrorism, organized crime, and hate speech, and redefines sedition as acts endangering national integrity.
Curtain falls on British-era laws, new criminal laws come into effect on July 1
Three new criminal laws—the Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Adhiniyam—will replace India's colonial-era legal framework starting Monday. These laws introduce modern provisions such as Zero FIR, online complaint registration, and electronic summonses. Key changes include mandatory crime scene videography for heinous crimes, streamlined sections, and enhanced protections for women and children. Union Home Minister Amit Shah emphasized that these laws prioritize justice and transparency, replacing outdated penal systems with Indian-centric legal standards to address contemporary social realities and crimes.
Advance tax first instalment payment deadline: Who has to pay, penalty for missing last date
Advance tax payment: Individuals with a net income tax liability exceeding Rs 10,000 in any financial year must make advance tax payments. Net tax liability is the estimated tax amount after deducting the TDS (tax deducted at source) within the financial year. If your total tax liability after considering TDS is more than Rs 10,000, you are expected to pay advance tax.
Banks in a GST fix over RBI's directive to levy penal charges
The Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear that the indirect tax on such levies would attract the goods and services tax (GST). The new rule, which came into force from April 1, 2024, was brought in by the central bank to ensure "reasonableness and transparency" in disclosure of penal interest. However, banks have asked the tax authorities to spell out their stand on the issue.
US court levies $194 million penal charges on TCS for misappropriation of trade secrets
A US court ruled TCS liable for misappropriation of trade secrets, penalizing around USD 194 million. TCS to appeal. Ordered to pay damages and face injunctions, but expects no major financial or operational impact.
New ITR-V, ITR acknowledgement forms notified: Read updated instructions carefully or else penal consequences can apply
New ITR-V, acknowledgement form for income tax return: The income tax department has notified a new ITR-V and acknowledgement forms for FY 2023-24 (AY 2024-25). The notified new forms will be effective from April 1, 2024. Here is all taxpayers should know about the new ITR-V and acknowledgement forms.
No penal interest on TDS for crypto investors who failed to file the TDS return by May 31, 2023: CBDT
Virtual digital assets tax: Purchaser of virtual digital assets (VDA) like Bitcoin (BTC), Ethereum (ETH), Solana (Sol), Algorand (Algo), Shiba Inu (SHIB) etc should deduct TDS before making payment to any resident. Such TDS deducted must be reported using Form 26QE within a specified deadline. Failure to report it will attract penalties.
Senior Citizens’ Savings Scheme (SCSS): Can I deduct penal interest while filing ITR?
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