Only one toll plaza to function on bypass road from Neelambur to Madukkarai from August 1
The road was taken over the National Highways Authority of India from the private concessionaire and it was collecting the toll on the stretch from June 1. From August 1, vehicles using the road would pay the toll only at one toll plaza near Madukkarai. A private consultant was preparing a report to widen the road and the report was expected to be ready in the current financial year, an official press release said.
Income Tax Day celebrated
The Income Tax Department celebrated 166th Income Tax Day at Sri Krishna College of Engineering and Technology in Coimbatore with the participation of senior officers from other departments, tax payers, tax professionals, and office-bearers of various trade associations of Coimbatore.
Arun C. Bharat, Chief Commissioner of Income Tax, Coimbatore, presided over the event.
The Chairman of CBDT explained in his address that was telecasted the role of the Department in drafting New Income Tax Act, 2025, smooth transition to new Income Tax Act, promoting tax payer services, role of department in curbing tax evasion and technological upgradation in department.
Competitions were conducted to school and college students around Coimbatore and prizes and certificate of appreciation were distributed to the students during the function, according to a press release.
Exporters participate at fair in the US
As many as 20 textile and apparel exporters from Tiruppur, Karur, and Chennai are participating in the Texworld NYC 2025 exhibition that is going in the US till July 25.
A press release from the Tiruppur Exporters Association said the Tamil Nadu government has put up a pavilion at the fair so that exporters of garments and home textiles from the State can display their products and interact with the buyers in the US.
Recognition for Pad Man
The GITAM University has conferred honorary Doctorate in Literature on Arunachalam Muruganantham, popularly known as Pad Man, for his contributions to menstrual hygiene and women's health. He is continuing his work particularly in conflict-affected and war prone regions. Discussions are also under way for a Hollywood adaptation of his story, and an official announcement is expected soon, he said in a press release.
Pollution control solutions
Coimbatore-based MAK India has developed and field-tested patented solutions for pollution of air, water, and soil, the company claimed.
For sewage water pollution, it suggested an integrated technology from DRDO, CSIR, and MAK using Anaerobic Bio Digestion (ABD) along with hybrid sewage treatment plant using hydrodynamic cavitation and ozone polishing. For municipal solid waste management, it suggested burning of non-recyclable waste at more than 1000°C with no external fuel, recovering the heat energy for waste drying and biochar production. For industrial effluent, it suggested salt free dyeing that is developed by the SITRA.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
8 hours ago
- Economic Times
Tax experts warn home sellers: Common mistakes can cost lakhs in capital gains tax. Check what to do and what not
Synopsis Sujit Bangar highlights common errors in property sales that lead to overpayment of taxes. He recounts a client's case where ₹1.87 lakh was nearly overpaid due to missed deductions like stamp duty, registration fees, renovations, and home loan interest. Bangar advises sellers to maintain thorough documentation of eligible costs to legally minimize capital gains tax. Agencies By properly documenting all eligible costs and understanding the tax rules, property sellers can legally reduce their capital gains tax liability—and avoid overpaying by lakhs. Sujit Bangar, Founder of has highlighted some costly mistakes that many people make when selling their homes—errors that can lead to significantly higher tax payments. In a recent LinkedIn post, Bangar shared the case of a client who nearly paid Rs 1.87 lakh extra in taxes due to overlooked deductions.'One of our clients (Ram) was about to pay Rs 1,87,500 extra in taxes while selling his house. We added all legally allowed costs and successfully reduced his tax burden,' Bangar emphasized that when calculating capital gains, taxpayers often underestimate what qualifies as part of the cost of acquisition or improvement. Many limit it to just the purchase price, missing out on legitimate deductions allowed under Section 55 of the Income Tax to Bangar, the following expenses can be added to your cost of acquisition—provided you have proper documentation: Stamp duty and registration fees Brokerage or commission Capital improvement costs Legal and documentation charges Society transfer fees Home loan interest (if not already claimed under Section 24(b)) In Ram's case, the client only deducted the original purchase price of Rs 80,00,000 from the sale price of Rs 1.2 crore, ignoring the following expenses: Rs 80,000 in brokerageRs 4,70,000 in registration and stamp dutyRs 6,00,000 spent on major renovationsRs 50,000 in legal chargesRs 3,00,000 in home loan interest"Proper documentation helped us identify these costs and reduce his taxable gains significantly," Bangar also warned that not all expenses are deductible. Costs not allowed under Section 55 include:Routine repairs and maintenanceMunicipal/property taxesMortgage repaymentTenant eviction compensationCosmetic upgrades (if not capital in nature)Only capital improvements—those that increase the value or extend the life of the property—are eligible, he to Bangar, cost incurred for modular kitchen, adding an extra floor, major structural renovations are also eligible but fixing broken taps, painting walls, or routine servicing are to Bangar, home loan interest can be claimed but if you haven't done so under Section 24(b). You can either:Claim it as a deduction under home loan benefits, or add it to the cost of acquisition. But not both—so plan accordingly for maximum cautioned that the Income Tax Department uses AI to flag suspicious claims, and added:Don't submit forged or backdated billsAvoid including personal expensesAlways keep original invoices and proof of payments By properly documenting all eligible costs and understanding the tax rules, property sellers can legally reduce their capital gains tax liability—and avoid overpaying by lakhs.
Mint
9 hours ago
- Mint
Income Tax: What happens if you don't file ITR for multiple years? Legal and financial consequences explained
Failing to submit your Income Tax Returns (ITR) for several years can have serious consequences for individuals. Repeated delays, omissions attract mounting penalties, legal complications, and other associated challenges. Such mismanagement of tax filing can create financial barriers and cause a rift in long-term planning. As a well-informed taxpayer, you should focus on meeting deadlines and following the rules and regulations set by the income tax department. Do keep in mind that the ITR deadline for the Assessment Year 2025-26 is September 15, 2025. Serial non-filing or income tax submission is met with stern action by authorities: Section 234F of the Income Tax Act imposes a ₹ 5,000 penalty for those with income above ₹ 5 lakh, and ₹ 1,000 for those below this threshold. These penalties are imposed if the prescribed ITR submission date is missed. This makes timely filing crucial to avoid additional charges. 5,000 penalty for those with income above 5 lakh, and 1,000 for those below this threshold. These penalties are imposed if the prescribed ITR submission date is missed. This makes timely filing crucial to avoid additional charges. Section 234A levies 1% monthly interest on overdue taxes until payment is made. This section of the Income Tax Act thus penalises taxpayers for delaying payments, causing their outstanding tax liability to significantly grow with every passing month. Prosecution risk increases for willful defaults (Section 276CC). The punishment in this regard ranges from three months to up to seven years imprisonment and steep fines for serious tax evasion or repeated violations. The cost of non-compliance is not just limited to penalties: Taxpayers forfeit the chance to carry forward losses, including business and capital losses, leading to missed tax planning opportunities. For example, short-term capital loss can be carried forward to the next eight assessment years immediately following the year in which the loss occurred. That is why not filing taxes can result in harming long-term tax savings as well. Inability to claim tax refunds if ITR remains unfiled, resulting in direct financial loss. This simply means that, for example, in case you have a tax deduction at source (TDS) deduction on dividends through stock holdings. Then this amount can only be claimed by filing your taxes on time. Lack of recent ITRs also negatively impacts eligibility for personal loans and credit cards, as financial institutions treat ITR documents as proof of income. Missed returns can disrupt visa processing and business registrations, where tax compliance records are mandatory. Basically, if you aspire to begin any new business, then filing taxes on time and on a consistent basis is something indispensable. The government now permits updated return filings (ITR-U) for up to four previous years. Still, this comes with an extra tax and surcharge that can even reach 70% of the total overdue liability. While this provides much-needed reprieve, the high cost underlines the need for timely compliance. Hence, prompt action to regularise past filings mitigates both escalating legal trouble and rising financial penalties. For all personal finance updates, visit here. Disclaimer: This article is for informational purposes only and does not constitute legal or tax advice. Tax laws and regulations are subject to change, and individual circumstances may vary. Readers are advised to consult a qualified tax professional or legal expert before making decisions related to income tax filings or compliance.
News18
10 hours ago
- News18
Selling Inherited Gold Jewellery? Here's What Retirees Need To Know About New Tax Rules
Last Updated: Retirees selling inherited gold must follow Income-tax Act, 1961. Gold is a capital asset, taxed as capital gains. New LTCG rule from July 2024 taxes gains at 12.5%. Retired individuals looking to sell inherited gold jewellery should be aware of the latest tax rules under the Income-tax Act, 1961. According to a Moneycontrol report, gold—even if inherited—is treated as a capital asset, and any profits from its sale are taxed as capital gains. Inheritance Timeline Matters A retired taxpayer recently approached experts, stating she had received gold jewellery from her late mother on three occasions: during her wedding in 1981, and at birth ceremonies of her children in 2001 and 2005. The jewellery had originally been inherited by her mother from her own parents. As per provisions highlighted in the Moneycontrol article, in cases of inheritance, both the date and cost of acquisition are considered from the original owner. For gold inherited in 1981, the seller can take either the actual cost to the mother or the fair market value (FMV) as of 1st April 2001, whichever is higher. For jewellery received in 2001 and 2005, the cost will trace back to the mother—or grandmother, if she was the original owner. The Income Tax Act allows sellers of capital assets (like gold) to substitute the original purchase cost with the Fair Market Value (FMV) as of April 1, 2001, only if the asset was acquired before that date (either by you or the person you inherited it from). If no cost documents are available, Moneycontrol suggests relying on historic gold prices supported by a valuer's certificate or jeweller association data. New LTCG Rule Effective July 2024 As per the Finance Act (No. 2) of 2024, effective 23rd July 2024, the holding period for gold to qualify as long-term capital asset is reduced from 36 to 24 months. Gains from gold sold after this period will now be taxed at a flat 12.5% without indexation, according to Moneycontrol. Since the jewellery in this case has been held for decades, the entire gain will qualify as long-term capital gains (LTCG), subject to the new 12.5% tax. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
