ALC celebrates Income Tax Day
Vijay, an alumnus of Andhra Loyola College (ALC), highlighted the simplicity of online tax portals and the stability of current tax policies, encouraging seamless compliance. The overall objective of the session was to foster a 'Together for a Strong Nation' spirit among the youth. Discussions covered practical aspects of taxation, including popular tax deductions under Section 80C, the convenience of online taxpayer services, and the crucial link between Intellectual Property Rights (IPR) taxation and innovation. This comprehensive session empowered students with real-world knowledge vital for both personal financial management and active participation in nation-building.
Approximately 200 students from the Commerce and BBA departments actively participated in the programme, demonstrating a keen interest in understanding their future financial responsibilities. Certificates were distributed to the prize winners as part of the celebration. Fr Kiran Kumar, Vice-Principal II year, Dr L Subha, Dean of Student Activities, Nirmala Rani, Head of the Department of Commerce and Durga Pavani, Head of the Department of Business Administration also participated.
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Indian Express
10 hours ago
- Indian Express
India not ‘tariff king', says Commerce Secretary Sunil Barthwal
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Time of India
14 hours ago
- Time of India
Influencers, F&O traders among five new professional codes in ITR 3
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: In a first, the Income Tax department has introduced five new professional codes in the Income Tax Return Form-3 (ITR3), recognising social media influencers , speculative traders, commission agents, and future and options traders as move is part of the department's efforts to capture the evolving nature of professions in the digital age with people opting for such career options, officials said."This year, we have added five new codes for professions and will continue to add more to bring them within the formal economy," a senior official told to tax officials, the number of influencers' with more than ₹20 lakh gross annual income has risen sharply in the last two years. In some cases, the annual income was more than ₹2-5 crore, higher than professionals in many other sectors. In some cases, their net worth exceeded ₹100 crore, the official said, requesting many cases, these influencers were brought under the tax scanner as they were either not filing returns or were filling wrong returns. "By assigning them proper professional code, they will be able to file returns correctly, and this will also help the field formations as they would know which bracket they would fall into," the official far, many social media influencers use to either file returns as either business income or by choosing the "Other" experts anticipate that the latest change by the tax department will usher greater accuracy in income reporting and compliance, ultimately contributing to a more streamlined tax collection process "With the ever-evolving business landscape, it is of utmost importance to enact separate codes for emerging business," said Amit Maheshwari, tax partner, AKM Global, a tax and consulting firm. "For taxpayers, it brings more clarity in choosing the right category while filing returns, especially for emerging business and specialised services that were earlier forced to choose mismatched codes."The move will not only align income disclosure with the type of profession or business activity but will also help them in improving data analytics capabilities of the department, enhance compliance monitoring, and reduce misreporting.
Time of India
16 hours ago
- Time of India
Debt by cash transactions of over Rs 20,000 not legally enforceable: Kerala HC
The Kerala High Court on Friday declared that a debt created by a cash transaction of above Rs 20,000 in violation of the Income Tax Act is not a " legally enforceable debt " unless there is a valid explanation for the same. Justice P V Kunhikrishnan made the declaration while allowing a plea for setting aside the conviction and sentence of a man accused in a cheque dishonor case . Explore courses from Top Institutes in Please select course: Select a Course Category Others Management Technology CXO Data Analytics Product Management Digital Marketing Leadership Artificial Intelligence Data Science healthcare Public Policy Operations Management Cybersecurity MBA Degree MCA others Finance Data Science Project Management PGDM Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details The accused was sentenced to one year and imposed with a fine of Rs 9 lakh by a sessions court for the offence of dishonour of cheque due to insufficiency of funds in the account under section 138 of Negotiable Instruments (NI) Act. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Animal Advocate Begs: Never Do This With A Senior Dog ExpertsInPetHealth Learn More Undo In his appeal in the High Court against the sessions court decision, the accused claimed that as the amount of Rs 9 lakh given to him by the complainant was in cash, it was an illegal transaction according to the Income Tax laws. "Therefore, a debt created by an illegal transaction cannot be treated as a legally enforceable debt," the accused had claimed. Live Events Agreeing with the accused's contention, Justice Kunhikrishnan said that if a criminal court "indirectly legalises such illegal transactions in violation of the IT Act" by treating them as a legally enforceable debt, it will be against the aim of the country to discourage cash transactions above Rs 20,000. The High Court said that discouraging cash transactions above Rs 20,000 was also "a part of the 'digital India' dream of our country, which is propounded by our Prime Minister to save our economy and to curb a parallel economy in our country". "If the debt arises through an illegal transaction, that debt cannot be treated as a legally enforceable debt. If the court regularises such transactions, that will encourage illegal transactions by the citizens. Even black money will be converted into white money through the criminal courts," the High Court said. It further said that in such cases the accused should challenge such transactions in evidence and has to rebut the presumption under section 139 of the NI Act that "the holder of a cheque received it for the discharge of a debt or other liability". In the instant case, the accused had rebutted the presumption by claiming that the complainant does not have the source to loan out Rs 9 lakh and therefore, the debt alleged to be due to him cannot be treated as a legally enforceable one, the HC said. It allowed the accused's revision petition and acquitted him by setting aside his conviction and sentence by the lower court. The High Court said if anybody pays an amount in excess of Rs 20,000 to another person by cash in violation of the IT Act and thereafter receives a cheque for that debt, he should take responsibility to get back the amount, unless there is a valid explanation for such cash transactions. "If there is no valid explanation in tune with provisions of the IT Act, the doors of the criminal court will be closed for such illegal transactions," the HC said. It also made it clear that its findings would be prospective in nature.
