Latest news with #AIS
NDTV
an hour ago
- Business
- NDTV
ITR Filing 2025: Final ITR Date And What Salaried Taxpayers Need To Know
Salaried individuals across India have been granted additional time to file their Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26). The Central Board of Direct Taxes (CBDT) has officially extended the ITR filing deadline for non-audit cases, including salaried taxpayers, from the usual July 31, 2025, to September 15, 2025, as per its recent circular. This extension comes amid reported delays in the availability of updated ITR forms and e-filing utilities on the Income Tax Department's portal. Additionally, many taxpayers faced issues with the late reflection of TDS data in Form 26AS and AIS, prompting calls for more time to ensure accurate filing. However, experts warn that while the return filing deadline is extended, the payment of any self-assessment tax due must still be completed by July 31, or else penal interest under Section 234A may apply. Notably, the extension also impacts refund interest positively. As per Section 244A, taxpayers who are due refunds may receive up to 33% higher interest, as the interest accrues from April 1, regardless of the extended deadline. However, this interest is taxable and must be reported in the ITR. Late filing beyond September 15 will attract a penalty of Rs 5,000 (if income exceeds Rs 5 lakh) and Rs 1,000 for lower incomes under Section 234F. Belated or revised returns can still be filed until December 31, 2025, while updated returns (ITR-U) can be submitted up to March 31, 2030. Taxpayers are encouraged to file early to avoid last-minute technical issues on the e-filing portal.
Mint
6 hours ago
- Business
- Mint
Income tax 2025: Documents you must download before filing your return
As you are set to file your income tax return (ITR) for FY 2025, you are recommended to cross check the details given on key documents which can be downloaded on income tax portal (form 26AS) and provided by employer (form 16). Cross verifying details in these documents is recommended to avoid entering the wrong info as you file your tax return for FY 2024-25. 'It is advisable to first download the forms in pdf format from Income Tax Portal. There should not be any mismatch in data as per 26AS and TIS (taxpayer information summary),' says CA Pratibha Goyal, a Delhi based chartered accountant. 'One should also ensure not to blindly rely on the AIS data. For example, the sale purchase of shares should be matched with the data provided by your broker, and interest on deposits should be matched with what is shown bank interest certificate, and so on,' she adds. Annual Information Statement (AIS): This gives a comprehensive view of information which is displayed in Form 26AS. Taxpayers can share feedback on information displayed in AIS. It shows reported value as well as modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information). Form 26AS: This document includes consolidated Annual Information Statement for the entire year. It entails the details of Tax Deducted at Source (TDS), Tax Collected at Source (TCS), advance tax, self-assessment tax, regular assessment tax deposited apart from the refund received during a year. It also includes the details of any specified financial transactions (SFT), details of tax deducted on sale of immovable property under section 194 IA (in case of seller of such property), TDS defaults (if any), information relating to demand and refund and information relating to pending and completed proceedings. Form 16: It works as a proof that the employer has deposited tax deducted at source (TDS) with tax authorities. In other words, it is a TDS certificate issued by an employer to an employee. If there is a mismatch in TDS, the taxpayer should intimate the employer for deducting TDS from your income. Your employer or deductor is supposed to file a revised TDS return. Also, if there is other tax credit mismatch provided in the Income Tax Return by you, then you may file a revised tax return if you have not received an intimation under section 143(1); or you may file a request for rectification (if you have received an intimation under section 143(1). For all personal finance updates, visit here
The Hindu
a day ago
- Politics
- The Hindu
Quarters for MLAs, officials in Amaravati to be ready by December: Narayana
Quarters for MLAs, MLCs and All India Services (AIS) officers in Amaravati capital city are expected to be completed by December, while the remaining buildings are targeted for completion by March 2026, Minister for Municipal Administration and Urban Development, P. Narayana, said on Monday. He stated that the construction of 4,000 flats—originally initiated during the previous TDP government—for MLAs, MLCs, AIS officers, secretaries, ministers, and judges in Amaravati is progressing swiftly, with tenders already finalised. Mr. Narayana, accompanied by engineers of the A.P. Capital Region Development Authority (APCRDA) and other senior officials, inspected the ongoing infrastructure development works and directed officials to adhere to the set timelines. He also reviewed the progress of housing and other official buildings meant for legislators and senior government officers. According to the Minister, 90% of the required manpower has been deployed, and machinery is expected to be fully mobilised by the end of July. Internal works are being prioritised during the monsoon to avoid weather-related delays. Mr. Narayana stressed that, unlike the previous YSR Congress Party (YSRCP) government—which he said created hardships for farmers and contractors—the current administration is proceeding with legal clarity in the tendering process. Reaffirming the goal of completing Amaravati's core infrastructure within three years, he said 72 companies have been allotted land in the capital region. Chief Minister N. Chandrababu Naidu has personally interacted with these companies, and most have committed to starting work by December, he added. The Minister also mentioned that discussions on the second phase of the Land Pooling Scheme (LPS 2.0) would be taken up by a Cabinet Sub-Committee. Meanwhile, representatives from Norman Fosters are scheduled to meet contractors soon to review the progress of Amaravati's iconic building projects.
Telegraph
a day ago
- Telegraph
Iran's multi-front war against the West is going badly – but not in this one theatre
And now the Houthis and their smuggler allies are complicating this further by fitting the wrong sort of AIS transponder. Vessels over 300 tons should have a full Class A transponder, but smuggling ships are fitting themselves with Class B transponders intended for yachts and small craft. These don't require as much data to be transmitted. Class B kit does transmit a Maritime Mobile Service Identity (MMSI) number which is supposed to be unique to each vessel but this also can be falsified. A Lloyds List investigation has shown that one vessel in particular, the Almas, had both Class A and Class B systems fitted and was toggling between the two. This is hardly sophisticated electronic warfare but it's definitely deceptive and, a lot of the time, effective given the sheer volume of ships at sea at any one time. Even calling in to Djibouti and being inspected prior by the UN Verification and Inspection Mechanism for Yemen (UNVIM) is no guarantee of righteousness. Vessels have done this and then met up with any one of a thousand non-AIS-fitted dhows between there and their destination port in Yemen and transferred systems at sea. It's a needle-in-a-haystack job that a small UNVIM team with no enforcement capability would struggle to keep up with even before the needles start making themselves look like hay. And this is only one route in. There are two solutions that will help with this. First is to reinvigorate an international inspection regime off the ports like the one Saudi Arabia had in place prior to 2022. As with dark fleet ships and those cutting cables, you still need something of a legal mechanism in place to board and detain them, but unless we get that in place, we will forever be playing catch up. The ships doing this will need to be defended and armed. I'm not talking about a US Arleigh Burke class destroyer level, but something with teeth. Of note, during the last two attacks, there were no warships in the area to either intercept the attacks or assist afterwards. All allied navies now, even the US Navy, cannot spare resources for 'just in case' tasks and the supposed ceasefire saw everyone move away from the area. Ultimately it comes down to international cooperation and funding and what's clear in this case, is that both are insufficient. The second solution is to stop trusting AIS as providing accurate records of where a ship has been. It can't do that. It was designed primarily as an anti-collision system, informing nearby vessels of a ship's presence and its course and speed, and for that it works pretty well. But twenty years ago its lack of accuracy made it inadmissible in UK courts even for fishery protection cases. Today it has shown itself as vulnerable to jamming, spoofing and general misuse as you'd expect from a system designed so long ago and never intended to be used for identification and tracking over entire journeys. What's frustrating is that there are many better sources of data, and sometimes these are used, but invariably, due to the diversity of sources they use, the end product is classified and cannot be publicly revealed. This needs to be rectified or weapons smugglers, sanctions busters and cable cutters will continue to exploit the holes in the current system. That brings us back to international cooperation and funding, which itself will be determined by priorities. You can cost what closing the Bab El Mandeb means for shippers and consumers, and for many classes of goods we are now paying that price and have been for a long time. You can't cost the principle of allowing a major chokepoint to remain closed. It's not all doom and gloom. Just this week, the Yemeni National Resistance Forces (NRF), led by General Tareq Saleh and loyal to the internationally recognised Yemeni government which continues to resist the Houthis, conducted what US Central Command described as 'the largest seizure of Iranian advanced conventional weapons in their history.' Some 750 tons of munitions and military hardware, much of which sat at the higher end of the capability spectrum outlined above, has now been impounded. Much will be learned from this haul, as well as denying its use to the Houthis. Ultimately, what is needed here is what has been needed all along – a comprehensive solution. I've outlined just two parts of this – more aggressive interdiction and more accurate vessel monitoring, but these need to be merged with ongoing intelligence gathering, diplomatic efforts with surrounding countries and an economic squeeze on the facilitators and beneficiaries, of which there are many. Only then will we be sure that a ceasefire isn't just an opportunity for one side to rearm.
Mint
a day ago
- Business
- Mint
ITR filing FY 2024-25: Keep THESE documents ready before you file your income tax returns
Taxpayers in the country are now gearing up for filing their income tax returns for the Financial Year 2024-25 i.e., assessment year 2025-26. Keeping the same thing in mind, prudent taxpayers should focus on gathering crucial documents ahead of the recently extended filing deadline of September 15, 2025. Once the relevant documents are gathered it will help in seamless submission of income tax details and filing of accurate returns. Below are seven key documents that you must keep ready when filing your income tax returns: A valid and operational Permanent Account Number (PAN) linked with your Aadhaar is mandatory for income tax purposes under Section 139AA of the income tax act. Furthermore, bank account details including account numbers and IFSC codes are essential for claiming and receiving refunds. Then we come to the significant tax deduction certificates and documents such as Form 16 (salary details) and Form 16A (non-salary TDS data) along with the consolidated Form 26AS. All these documents are extremely important. They are fundamental in nature. These documents holistically detail tax deducted at source (TDS) details, advanced tax paid and refunds. In addition to the Form 26AS, you should as a prudent taxpayer download your Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) by logging into the e-filing portal to verify income sources, deductions, dividend details and credits. You should also keep original receipts for investments made under Sections 80C, 80D, 80E, housing loan interest, rent agreements, insurance policy number details along with documented donations to charitable institutions such as hospitals, non-government organisations along with other similar institutions, especially under the old tax regime. Through your respective broker, asset management company or registrar, you should apply and request them to provide you with your capital gains statements, including details of equities, mutual funds, property sales and share buybacks. This will help your chartered accountant in calculating your total tax liability smoothly. If you are someone who has earned income or holds assets abroad then you must keep clear records such as bank account statements, Form 67 (used for claiming tax relief under the Double Taxation Avoidance Agreement or DTAA). Not on this, you should also keep complete details of foreign investments or property. These documents are crucial for accurate income tax calculation, filing and proper compliance with the law of the nation. Past year returns, audit report details (Form 3CB-3CD) along with reports of international or specified domestic transactions (Form 3CEB) are essential for audit applicable cases. As a well informed taxpayer you should verify Form 16 against Form 26AS and AIS, particularly for any mistakes, errors or omissions in pre-filled data. This is important because new excel and online filing utilities are now active for ITR-2 and ITR-3 along with a host of other important digital improvements on the official website of income tax. Disclaimer: This article is for informational purposes only and does not constitute professional tax advice. Readers should consult a qualified tax advisor for guidance specific to their financial circumstances.
