Hyundai Motor India gets Rs 517.34 cr tax, penalty demand from GST authority
Hyundai Motor India has received a demand of Rs 517.34 crore from tax authorities, including a penalty, for allegedly underpaying GST compensation cess on specific SUV models between September 2017 and March 2020. The company disputes the demand, citing favorable clarifications from the CBIC, and plans to pursue legal remedies.
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Time of India
16 minutes ago
- Time of India
'What's a Defender?': Ashok Gehlot's hilarious exchange with a fan asking him to buy a black Land Rover goes viral
In a light-hearted exchange that caught public attention, former Chief Minister Ashok Gehlot and a supporter's demand to get a Black Defender when he becomes the next CM of Rajasthan. Gehlot responded with a quip, asking in surprise, What is the problem with her current car? In response to this, the supporter said that he has not changed his car for a long time, and many leaders are roaming around in Defenders. The video is doing the rounds on social media. What did the supporter tell Ashok Gehlot? In the viral video, a supporter made a special demand to the former CM, saying that when he becomes the Chief Minister next time, he should have a Black Defender. After the conversation ended, many supporters present there took selfies with the former Chief Minister. Meanwhile, listening to the demand, Gehlot asked, 'What is a Defender car?' To which the supporter replied, "You should travel in a black-coloured Defender car. You have been travelling in the same car for years; nowadays, leaders change cars every third month." According to the supporter, Gehlot's car is old, and he should change it now. The youth even said, "He tries to see every time whether he has changed the car or not." The reason given for the Defender was that your (Gehlot's) car has become old-fashioned. राजस्थान के पूर्व CM अशोक गहलोत और उनके एक समर्थक की बातचीत का वीडियो वायरल सोशल मीडिया पर जमकर वायरल हो रहा है। जिसमें समर्थक गहलोत से Black Defender लेने की अपील कर रहा है। देखिए वीडियो...#AshokGehlot #Rajasthan #Defender #BlackDefender #ViralVideo Black Defender: A look at its features According to Evo India, the Black Defender, specifically the Defender OCTA Black, is a special edition that is known for its stealthy, all-black aesthetic and enhanced performance features. It builds upon the standard Defender OCTA by incorporating exclusive gloss black exterior elements, dark tint wheels, and a blacked-out interior. Performance Features 4.4-litre twin-turbo V8 engine: This engine produces 635 horsepower and 750 Nm of torque when combined with a 48V mild hybrid system. 6D Dynamics suspension: The vehicle's handling and stability are maximised by this cutting-edge suspension system. OCTA Mode: A special driving mode for off-roading at high speeds. Active Exhaust System: In OCTA mode, the Active Exhaust System produces a noticeable roar. OCTA-specific brake pads, callipers, and discs are part of the integrated power brake system, which minimises brake fade. What is the price of a Black Defender in India? According to Car Dekho, the Land Rover Defender, especially the black Santorini Black Metallic version, has a starting ex-showroom price of Rs 1.05 crore in India. While the on-road price, which includes taxes and other charges, can vary depending on the location, it usually starts around Rs 1.20 crore in New Delhi. FAQs Q. What distinguishes the Defender Octa Black Edition from the regular Defender? According to Auto Car Pro, the Defender Octa Black Edition is a special all-black version of the high-performance Defender Octa. Q. What are the price and performance specs of the Defender Octa Black in India? The Defender Octa in India starts at approximately Rs 2.59 crore (ex‑showroom), with the Edition One variant priced around Rs 2.79 crore. For the latest and more interesting auto news, keep reading Indiatimes Auto.
Time of India
16 minutes ago
- Time of India
Error in ITR Utility: Penal interest is automatically getting added to taxpayers who don't have to pay advance tax, check the details
Academy Empower your mind, elevate your skills What is the error with the ITR utility's Section 234C interest calculation? "As per the second proviso to section 234C(1) of the Income-tax Act, 1961, interest under this section is not leviable if the net tax liability, after reducing TDS, TCS etc. is less than Rs 10,000. However, it has been observed that the current version of the online ITR utility computes interest under section 234C without considering the effect of such TDS/ TCS credits. As a result, interest is erroneously calculated and populated even in cases where the net tax liability falls below the prescribed threshold (Rs 10,000)." "Although the field for section 234C interest remains editable in the utility, concerns persist as to whether manual overrides may lead to adverse outcomes during return processing, such as adjustments, CPC notices, or delays in refunds. However, it is pertinent to note that the said issue does not persist in offline Excel utility wherein the TDS and TCS credit are effectively provided." Excel Utility – ITR 2 (offline) Suresh Surana ITR-2 excel utility Online Interface – ITR 2 ITR Online utility What can happen if the tax department does not fix this issue? Excess payment of Section 234C interest: 'If this issue is not rectified by the tax department, it may lead to additional tax implications for taxpayers. Firstly, incorrect auto-computation of interest under section 234C, despite net tax liability being below Rs 10,000 may result in excess payment of interest, which is not legally warranted. This increases the effective tax outflow for the assessee without statutory basis.' 'If this issue is not rectified by the tax department, it may lead to additional tax implications for taxpayers. Firstly, incorrect auto-computation of interest under section 234C, despite net tax liability being below Rs 10,000 may result in excess payment of interest, which is not legally warranted. This increases the effective tax outflow for the assessee without statutory basis.' Tax notice: 'Secondly, if taxpayers opt to manually override the pre-filled interest field to reflect the correct amount, there is a risk of mismatches during return processing at CPC, potentially leading to system-generated intimations under section 143(1). These may propose adjustments on the grounds of discrepancy in self-assessment tax or interest computation, even though the taxpayer is in compliance with law.' 'Secondly, if taxpayers opt to manually override the pre-filled interest field to reflect the correct amount, there is a risk of mismatches during return processing at CPC, potentially leading to system-generated intimations under section 143(1). These may propose adjustments on the grounds of discrepancy in self-assessment tax or interest computation, even though the taxpayer is in compliance with law.' Delay in tax refund: 'Additionally, unresolved mismatches can cause delays in refund processing, particularly for salaried individuals or those with TDS or TCS driven refunds. In some cases, taxpayers may be compelled to respond to unnecessary notices or file rectification requests, increasing administrative burden.' What can taxpayers do? Mismatch with Department's Records: " If the ITR shows less interest than actually payable, it may result in processing mismatches, leading to refunds being withheld or delayed. If the ITR shows less interest than actually payable, it may result in processing mismatches, leading to refunds being withheld or delayed. Penalties or Notices: In rare cases, the department might treat it as under-reporting of tax liability, especially if the shortfall is significant or repetitive. In rare cases, the department might treat it as under-reporting of tax liability, especially if the shortfall is significant or repetitive. Revised Returns or Rectifications: Taxpayers may have to file rectifications (u/s 154) or revised returns, causing additional compliance burden." Who is liable to pay advance tax? When is Section 234C interest levied? Advance tax paid on or before 15th June is less than 12% of the assessed tax. Advance Tax paid on or before 15th September is less than 36% of the assessed tax. Advance Tax paid on or before 15th December is less than 75% of the assessed tax. Advance Tax paid on or before 15th March is less than 100% of the assessed tax. Due date for payment of advance tax Advance tax to be payable On or before June 15 of the previous year At least 15% of advance tax On or before September 15 of the previous year At least 45% of advance tax On or before December 15 of the previous year At least 75% of advance tax On or before March 15 of the previous year 100% of advance tax Note: Any tax paid, on or before 31st March, shall also be treated as advance tax paid during the financial year. Chartered Accountant Aditi Bhardwaj shared on micro-blogging website X (formerly Twitter) that there is an error in calculating Section 234C interest in the Income Tax Return Utility. She and other Chartered Accountants with whom we spoke highlighted that if this error in ITR utility's Section 234C related to interest calculation is not fixed then many tax payers may get automated tax notices or face issues at the time of their ITR processing, for no fault of give you a brief about Section 234C interest, it is levied when you have a tax liability above Rs 10,000 but failed to pay the minimum amount of advance tax via the four prescribed time said on X, 'Please note that, as per law, interest under section 234C is not applicable when the net tax liability is less than Rs 10,000. However, the current ITR software auto-calculates and populates this interest incorrectly. Requesting @IncomeTaxIndia to kindly review and rectify this issue in the utility and online portal. While the field is editable in the form, we would like to ensure that manually overriding it will not create issues during processing.'Also read: Wife pays no income tax after selling two houses for Rs 6 crore gifted by her husband, wins case in ITAT Mumbai; here's how it happened We have asked experts about this problem and here's what experts said to ET Wealth Online:'Yes, the CA (Aditi Bhardwaj) is right. Interest under section 234C is not applicable if net tax liability is less than Rs 10,000. But the ITR utility is wrongly calculating it, and shows less interest than what is actually to be paid. As per our working, the utility is doing incorrect calculations.'The concern raised by the CA (Aditi Bhardwaj) regarding the automatic computation of interest under section 234C in the Income Tax Return (ITR) utilities is relevant screenshots of the online Interface and offline Excel utility is provided as below:Source: CA (Dr.) Suresh SuranaSource: CA (Dr.) Suresh SuranaSurana explains that If the tax department does not fix this issue in the ITR utility, the following can happen:Surana says: 'Therefore, timely intervention by the tax department is essential to ensure accurate computation, smooth processing, and reduction in avoidable disputes.'Also read: Shinde wins Rs 1.4 lakh tax penalty case despite claiming false income tax deductions to reduce income by 50%; Know the details Soni agrees with Surana and adds that if this issue is not fixed immediately then the 'Centralised Processing Center (CPC) may later raise a demand for shortfall in interest under Section 234C, as per correct computation, even though the utility showed a lower amount.'Soni explains that you need to file an recitification request or revised ITR if this issue is not says:According to the Income Tax Department website, 'Every person, whose estimated tax liability for the Financial Year is Rs 10,000 or more, shall pay his taxes in advance in the form of "advance tax". However, a resident senior citizen (i.e., an individual of the age of 60 years or above) not having any income from a business or profession is not liable to pay advance tax.'If a taxpayer's income tax liability is more than Rs 10,000 then that taxpayer needs to discharge the tax liability by following a specified advance tax interest under Section 234C shall be levied if payment of advance tax in an instalment is less than the prescribed percentage (given in the above table). However, the interest shall be levied if:According to the Income Tax Website , the advance tax is payable by an taxpayer in 4 instalments on or before the prescribed due dates as specified in the below table:
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Business Standard
16 minutes ago
- Business Standard
Influencers to F&O traders: here's what ITR utility update means for you
As India's digital economy evolves and more taxpayers report income from non-traditional sources like content creation and speculative trading, the Income Tax department has overhauled its ITR utility to introduce a revised list of 'Nature of Business/Profession' codes. This change, effective from assessment year (AY) 2025–26, is designed to bring more clarity, compliance and alignment with sector-specific practices. Why did the Income Tax department make this change? The update is a response to the changing economic landscape. 'The revised codes aim to better capture emerging income sources, like social media influencing or F&O trading, while reducing ambiguity in disclosures,' said Parag Jain, chartered accountant & tax head at 1 Finance. The older codes were too generic, leading to inconsistent classification and potential compliance gaps. The change also boosts the department's analytics and cross-platform matching. 'It is a strategic move to enhance digital governance, improve compliance, and match data with GST and MCA systems,' said Deepak Kumar Jain, founder & chief executive officer of Vivek Jalan, Partner at Tax Connect Advisory Services LLP, noted that the classification will also help the department compare profitability within sectors using AI tools, which may affect how returns are scrutinised. What changes for small businesses, freelancers, and professionals? The new codes help taxpayers report income more accurately. For example: A freelance graphic designer must now use code 14010 instead of the generic 0607 A mobile retailer should now choose code 09019 instead of selecting 'Others' F&O traders must now use code 21010, replacing older catch-all financial activity codes YouTubers and influencers have a new code: 16021 'These help align disclosures with actual income and reduce mismatches,' Parag Jain said. Sonu Jain, chief risk officer at 9Point Capital, added that better classification can also ensure eligibility for presumptive schemes under Sections 44AD/44ADA. What if the wrong code is selected? While there's no explicit penalty, the risks are real. 'Wrong codes can trigger AI-based scrutiny, mismatches, or even notices,' Parag Jain noted. 'This is especially critical if the data doesn't match with GST or MSME/Udyam records,' Deepak Kumar Jain added. Jalan pointed out that if declared profits diverge significantly from industry norms, for instance, an influencer showing just 20 per cent profitability where the average is 50 per cent, they may need to furnish expense justifications. What should taxpayers and CAs do now? Experts agree there's no need to revise past filings. 'This is a forward-looking change,' Sonu Jain said. However, accuracy this year is essential. 'Use the latest ITR utility, match codes with GST/MSME records, and verify presumptive scheme eligibility,' Deepak Kumar Jain advised. In short, the ITR utility's new codes aren't just a formality. They are a signal that the tax system is adapting to modern income sources and taxpayers must adapt too.
