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Golflinks issues clarification on IT survey, denies ties to public officials or Bescom

Golflinks issues clarification on IT survey, denies ties to public officials or Bescom

The Hindu2 days ago
Golflinks Software Park Private Limited on Thursday clarified that the Income Tax searches on them have no connection to public officials, State government departments, Bescom contracts, or smart meter-related matters.
Reports on Thursday had mentioned that IT had raided Golflinks Software Park Private Limited in connection with smart meter-related matters.
'Routine proceedure'
'We formally and unequivocally clarify that the aforesaid Income Tax survey was a routine procedure carried out by the Income Tax Department under Section 133A of the Income Tax Act, 1961, and has no connection to public officials, State government departments, Bescom contracts, or smart meter-related matters,' Jacob Kuruvilla, Chief Executive Officer of Golflinks, said in a release.
He added that Golflinks Software Park Private Limited operates in full compliance with applicable laws and regulations. 'Statutory filings, including Income Tax returns, have been duly and accurately submitted within the prescribed timelines, in accordance with the provisions of the Income Tax Act and related rules,' he noted.
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How to file ITR-1 online: A step-by-step guide for salaried taxpayers also having income from house property, LTCG and other source under new tax regime
How to file ITR-1 online: A step-by-step guide for salaried taxpayers also having income from house property, LTCG and other source under new tax regime

Time of India

timean hour ago

  • Time of India

How to file ITR-1 online: A step-by-step guide for salaried taxpayers also having income from house property, LTCG and other source under new tax regime

Eligibility to file ITR-1 Different ways to file ITR-1 Step-by-step guide to file ITR-1 online on income tax e-filing website Step 3 Step 6 Step 7 Section 1: Personal Information Step 8 Section 2: Gross Total Income Gross salary – Less: Allowances exempted u/s 10 Less: Income relief claimed u/s 89A Net salary Less: Standard Deduction Income chargeable under the head Salaries Gross rent received Rs 3,60,000 Tax paid to authorities (Rs 1,000) Annual Value Rs 3,59,000 30% of Annual Value (Rs 1,07,700) Interest payable on borrowed capital (Rs 4,00,000) Arrears received during the year less 30% NIL Income chargeable under House property (Rs 1,48,700) House Property Reporting of exempt income LTCG under Section 112A not chargeable to Income Tax Section 3: Total deduction Section 4: Tax paid Section 5: Verify your tax liability Many salaried employees use ITR-1 to file their tax returns since they don't usually have complex income sources. This year, the Income Tax Department extended the deadline for filing ITR from July 31, 2025, to September 15, 2025, for FY 2024-25 (AY 2025-26).ET Wealth Online spoke to Tarun Kumar Madaan, a senior consultant at Coherent Advisors, who shared a step-by-step guide on how salaried employees can file their tax returns on the income tax e-filing ITR-1 Form is for Ordinary Resident (ROR) Individuals who have a total income of up to Rs. 50 lakh. This includes income from salary, income from one house property and other sources like bank interest, dividends, and agricultural income up to Rs 5, year, the tax department has revised the eligibility criteria for those taxpayers who can use the ITR-1 form. Now, taxpayers with long-term capital gains (LTCG) of up to Rs 1.25 lakh from listed shares and equity-oriented mutual funds can also file their tax returns using the ITR-1 Read | Who can file ITR-1 and who cannot file it You can file your income tax return in two ways on the income tax e-filing website – using either Excel utilities or Java utilities, or you can do it directly on the e-filing you file your ITR directly on the income tax e-filing website, it automatically fills in your basic information and tax details into the ITR-1 form without any manual intervention, which really saves your time and provides a step-by-step guide to file ITR-1 online for a salaried taxpayer who has opted for the new tax regime:Visit Here, click on Login. A new webpage will open on your screen. Enter your PAN/Aadhaar and password to log in to the logged in, the income tax portal will show the ITR filing webpage. Alternatively, go to E-File > Income Tax Returns > File Income Tax Return from the assessment year 2025-26 (current AY), mode of filing – online and click on continue. The assessment year is the year in which income earned in the previous financial year is assessed.A new webpage will open. Select 'Start New filing', select status as 'Individual' and click 'Continue'.Next, you have to select the ITR form. Select ITR-1 and click on 'Proceed with ITR-1'. Select 'Let's Get Started' to proceed with this year's ITR filing. Remember to keep your documents, such as Form 16, interest certificate, and others, to make the ITR filing process Read | Documents you need to file your ITR this yearSelect the reason for ITR filing. Here we have selected, 'Taxable income is more than the basic exemption limit'.Taxpayers need to keep in mind that the new tax regime is the default one. If they want to change tax regime, they can do so in the personal information section as outlined below.A new webpage will show the following sections:a) Personal Informationb) Gross Total Incomec) Total Deductionsd) Tax paide) Verify your tax liability detailsThis section shows your personal details such as name, PAN, date of birth and others. You can also edit your contact details here. In this section, you need to select the nature of employment, ITR filing Section 139(1), tax regime option (YES/NO). You should also check your bank account details to ensure that all bank accounts held by you between April 1, 2024, and March 31, 2025, are reported in your section shows the gross total income of a salaried taxpayer from various sources such as income from salary/pension, interest income, dividends, LTCG from listed equity, equity mutual funds, etc. In the online ITR form, most of the columns are auto-filled from Form 16, Form 16A, Annual Information Statement, etc.A taxpayer should verify the auto-populated information in the ITR form. If not populated, details are required to be entered of salary income in ITR-1: The columns for reporting salary income in ITR-1 form are the same as how salary income is shown in the Form 16. Click on the edit button on the right-hand side to edit salary a salaried individual opts for the new tax regime for ITR filing for FY 2024-25 (AY 2025-26), the salary details will be reported as follows:Under the new tax regime, a salaried taxpayer can claim a standard deduction of Rs 75,000 from salary income. Further, allowances such as House Rent allowance (HRA), Leave Travel allowance (LTA) are not allowed under the new tax ITR-1 form allows a taxpayer to report income from one house property only. If the taxpayer occupies the house, then it will be considered as 'Self-occupied property'.On the other hand, if the house was on rent during FY 2024-25, then rental income is required to be reported in the ITR form. Here is an example of how rental income from house property will be you have earned rental income of Rs 3.60 lakh, paid house tax of Rs 1,000 and have interest on home loan of Rs 4 lakh. From the drop-down menu, select 'let-out property'. Reporting of income will be done as follows:Madaan says, 'Under the new tax regime, a taxpayer can claim 30% standard deduction on annual value as well as deduction for interest paid on home loan in specific cases. No deduction for interest on housing loan is allowed if the house property is self-occupied. For let-out properties, there is no upper limit on the deduction for interest on a home loan, it is permitted even if the interest exceeds the annual value of the property. But under the new tax regime, the total income is computed without setting off any loss under the head 'Income from house property' against income from any other the example above, even though the interest on the home loan results in a loss of Rs. 1,48,700, this loss can't be offset against any other income if the taxpayer is following the new tax regime. 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You can verify your income tax return through different methods, including a Digital Signature Certificate (DSC), an Electronic Verification Code, an Aadhaar-based OTP, or by mailing a signed copy of the acknowledgement to CPC verification, you will receive an SMS and/or email confirmation that your ITR has been successfully filed. Now, the Income Tax Department will start processing the ITR. You will receive an intimation notice once your ITR is processed.

Karnataka Minister K J George Clarifies IT Interaction As Routine, Denies Link To Smart Meter Project
Karnataka Minister K J George Clarifies IT Interaction As Routine, Denies Link To Smart Meter Project

India.com

time7 hours ago

  • India.com

Karnataka Minister K J George Clarifies IT Interaction As Routine, Denies Link To Smart Meter Project

Karnataka Energy Minister K J George on Friday said the recent interaction with the Income Tax Department was a routine regulatory exercise and had no connection with the state's smart meter initiative or any project under the Energy Department. In a post on social media platform X, George refuted reports linking the IT searches to government contracts and clarified that the exercise was related only to the verification of income tax filings of companies associated with him. In view of the misinformation being circulated regarding myself and the companies under my chairmanship, purportedly in connection with the KJ George (@thekjgeorge) August 1, 2025 George said that the interaction with the Income Tax Department was "a routine regulatory exercise solely about the verification of our companies' income tax filings." He added, "There is no connection whatsoever to any government project or department, including the Smart Meter program or the Energy Department." The minister's social media post comes in the wake of reports following Income Tax searches at the Embassy GolfLinks Business Park in Bengaluru earlier this week. Some reports had linked the searches to alleged irregularities in the smart metering project. George said all teams concerned had extended full cooperation during the process and reiterated their commitment to transparency and legal compliance. He further stated that no entity associated with the Energy Department was under any form of scrutiny. "The smart metering project in Karnataka is being implemented with complete transparency, due diligence, and adherence to all regulatory norms," he added. The government of Karnataka's smart meter initiative, launched to curb power losses and improve billing efficiency, has been a key part of the government's push toward a digitally enabled and accountable power sector.

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