Latest news with #CentralBoardofDirectTaxes
New Straits Times
2 days ago
- Sport
- New Straits Times
Malaysia team learn more from Murugappa Gold Cup
KUALA LUMPUR: The national junior hockey team continued to gain match experience at the 96th All India MCC-Murugappa Gold Cup in Chennai recently. They lost to Indian Navy 4-1, edged Central Board of Direct Taxes 4-3, lost 2-0 to Indian Oil Corporation and drew 3-3 with Hockey Karnataka. The national juniors finished fourth in their group and failed to qualify for the semi-finals. The Malaysian team are preparing for the Under-21 Junior World Cup (JWC) in Chennai and Madurai, India, from Nov 28-Dec 10. Coach Nor Saiful Zaini said his boys gained valuable experience, playing against senior players in the Murugappa Gold Cup. "The team need to improve their fitness. We need to play 40 matches before the JWC. To date we have played 13 matches — four matches in the Murugappa Cup, six against Liaoning Province in China, one against the national senior team and two against club sides. "We will either go to China or Australia to play more matches in preparation for the JWC," said Saiful. Malaysia are drawn in Group E with the Netherlands, England and Austria in the JWC.
News18
4 days ago
- Business
- News18
ITR Filing Last Date 2025: When Is The Last Date To File Return?
1/8 In a major relief to individual taxpayers, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns (ITRs) for the financial year 2024-25 (assessment year 2025-26) from July 31, 2025, to September 15, 2025. (Image: Pinterest) 'Accordingly, to facilitate a smooth and convenient filing experience for taxpayers, it has been decided that the due date for filing of ITRs, originally due on 31st July 2025, is extended to 15th September 2025," CBDT said in the press release. (Image: Pinterest) What happens if you miss the deadline? Taxpayers then need to pay interest at a rate of 1 per cent per month or part month on the upaid tax amount. (Image: Pinterest) Losses under capital gains or business/profession can't be carried forward to future years if you file late. (Image: Pinterest)
News18
4 days ago
- Business
- News18
Income Tax Department Cracks Down On Fake I-T Refunds, Conducts Raids Across States
Last Updated: The department initiates a large-scale verification operation across multiple locations, targeting those facilitating fraudulent claims of deductions and exemptions in ITRs. In a major action launched across multiple states against fake refunds, the income tax department on Monday said it has cracked down on widespread abuse of tax deductions and exemptions claimed during income tax returns (ITRs). 'The income tax department initiated a large-scale verification operation across multiple locations in the country on 14th July 2025, targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). This action follows a detailed analysis of the misuse of tax benefits under the Income-tax Act, 1961, often in collusion with professional intermediaries," the Central Board of Direct Taxes, under the Ministry of Finance, said in a statement on July 14. Tax Fraud Spread Across States According to the statement, the fraud spans several states, including Maharashtra, Tamil Nadu, Delhi, Gujarat, Punjab, and Madhya Pradesh, where recent search and seizure operations have yielded concrete evidence. To identify suspicious patterns, the department has leveraged financial data received from third-party sources, ground-level intelligence, and advanced artificial intelligence tools, it added. In several cases, the tax department found that forged email IDs had been used to file ITRs without the actual knowledge of the taxpayer, leaving them unaware that bogus deductions were being claimed in their name. The department flagged rampant misuse under various sections of the Income-tax Act, including Section 10(13A) (House Rent Allowance), Section 80C (Investment-linked deductions), Section 80D (Health insurance), Section 80G, 80GGA (Donations), Section 80E, 80EEB (Education and vehicle loan interest), and Section 80DDB (Critical illness expenses). 'Analysis reveals rampant misuse of deductions under sections 10(13A), 80GG, 80C, 80D, 80E, 80EEB, 80G, 80GGA, and 80DDB. Exemptions have been claimed without valid justification. Employees of MNCs, PSUs, government bodies, and private sector entities are among those implicated. Taxpayers are often lured into these malpractices with promises of inflated refunds in return for a small commission," the CBDT stated. In many cases, the intermediary uses fabricated information and documents to create a significant risk to the filing taxpayer, it added. The crackdown follows the deployment of advanced analytics and AI tools by the department to detect unusual deduction patterns and trace suspicious refund trends. 'To identify suspicious patterns, the Department has leveraged financial data received from third-party sources, ground-level intelligence, and advanced artificial intelligence tools," the CBDT said. In one case, an organized syndicate operating in multiple cities was found to be fraudulently withdrawing false claims amounting to Rs 1,045 crore. However, many remain non-compliant, possibly unaware of the seriousness of the matter, it added. Warning and Window for Correction Despite the scale of the fraud, the department said it is willing to offer non-compliant taxpayers a chance to voluntarily revise their returns, in keeping with its principle of 'Trust Taxpayers First'. SMS and email alerts are being sent to suspected individuals, urging them to correct or withdraw their incorrect filings before stricter action is taken. 'In line with its guiding principle of 'Trust Taxpayers First', the Department has offered an opportunity to non-compliant individuals and intermediaries to revise their returns and pay the including SMS and email campaigns, will enable taxpayers to revisit the content of their returns," it said. 'Department Poised To Take Stern Action Against Continued Fraudulent Claims' The Department is now poised to take stern action against continued fraudulent claims, including penalties and prosecution where applicable. The ongoing verification exercise across 150 premises is aimed at deterring such behaviour. The findings reflect the swift action taken by the Department, which will aid in dismantling the networks behind these crimes and ensure accountability under the law, the CBDT said in the statement. Further investigations are underway in coordination with intelligence and enforcement authorities, it added. 'Taxpayers are again advised to file correct particulars of their income and communication coordinates and not be influenced by advice from unauthorized agents or intermediaries promising undue refunds," it said. view comments First Published: News business » economy Income Tax Department Cracks Down On Fake I-T Refunds, Conducts Raids Across States 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.
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Business Standard
4 days ago
- Business
- Business Standard
E-verification of ITR: Here is how to complete your tax filing process
Filing your Income Tax Return (ITR) is only half the job done. To complete the process, you must verify your return within 30 days of filing. The Central Board of Direct Taxes (CBDT) offers various electronic methods to e-verify your ITR. Here's a guide for taxpayers to ensure they do not miss this crucial step. Why e-verification is important According to CBDT guidelines, failing to verify your ITR within the deadline renders it invalid. This means your return will not be processed, and it will be considered as if you never filed it. To avoid penalties or loss of refunds, it is essential to verify promptly. Ways to e-verify your ITR The Income Tax Department offers several convenient online options: Aadhaar OTP: Link your Aadhaar to PAN and generate a one-time password (OTP) sent to your registered mobile. Net banking: Log in to your bank account through net banking and select the 'e-verify' option on the e-filing portal. Demat account EVC: For investors, the EVC can also be generated via your demat account. Step-by-step guide to e-verify Here's how you can e-verify using Aadhaar OTP: -Log in to the Income Tax e-filing portal ( -Go to 'e-File' > 'Income Tax Returns' > 'e-Verify Return'. -Select 'I would like to e-verify using OTP on mobile number registered with Aadhaar'. -Enter the OTP received on your registered mobile. -Submit and you will see a success message. -Net banking Here's how you can verify through your bank account: -On the e-Verify page of the Income Tax portal, select 'Through Net Banking' and click Continue. -Choose your bank from the list and click Continue. -You will be redirected to your bank's Net Banking login page. Log in using your credentials. -Look for the link to log in to the Income Tax e-Filing portal from your bank's site and click it. -You will be logged out of Net Banking and automatically logged in to the e-Filing portal. -On the e-Filing dashboard, navigate to your ITR/Form and click e-Verify. -A success message will appear with a Transaction ID. Save this ID for future reference. A confirmation will also be sent to your registered email and mobile number. For other methods, the steps are similar but involve selecting the relevant option and authenticating via your bank or demat account.
NDTV
5 days ago
- Business
- NDTV
How To File Your ITR For AY 2025-26: Step-By-Step Guide For Online And Offline Modes
Filing your Income Tax Return (ITR) is a crucial step that not only fulfils a legal requirement but also facilitates smooth financial transactions, such as availing loans, credit cards, and visas. Recently, the Central Board of Direct Taxes (CBDT) extended the ITR filing due date for the Assessment Year (AY) 2025-26 from July 31 to September 15, aiming to provide a hassle-free experience for taxpayers. To aid in this process, the Income Tax Department has made available Excel utilities for ITR-1, ITR-2, ITR-3, and ITR-4 forms, alongside online filing options for ITR-1 and ITR-4. Importantly, filing your ITR and paying any pending self-assessment tax by the new due date exempts you from interest payments under Section 234A. Here's a step-by-step guide to help you navigate the ITR filing process, both online and offline, through the official Income Tax e-filing portal. How to File ITR Online (Through the Income Tax Portal) 1. Log In to the Portal Visit and log in using your PAN (as user ID) and password. 2. Navigate to the ITR Filing Section Click on 'e-File' > 'Income Tax Returns' > 'File Income Tax Return'. 3. Select the Assessment Year Choose 'AY 2025-26' for filing FY 2024-25 returns and select the online mode, then click 'Continue'. 4. Choose Your Filing Status Select your status as Individual, HUF, or Others. Most taxpayers fall under 'Individual'. 5. Pick the Correct ITR Form Choose the appropriate ITR form based on your income type: ITR-1 for salaried individuals with income up to Rs 50 lakh. ITR-2 for capital gains or more complex income sources (excluding business/profession). ITR-4 for presumptive income from business or profession. 6. State Reason for Filing Select the applicable reason: Taxable income exceeds the basic exemption limit. Filing is mandatory due to specific criteria. Other applicable reasons. 7. Review and Confirm Information Your personal and financial details will mostly be pre-filled. Check: PAN, Aadhaar, and bank details. Salary and income details (auto-fetched from Form 16 and Form 26AS). Deductions under Sections 80C, 80D, etc. Validate all entries before proceeding. 8. Pay Tax Dues and Submit If there's any outstanding tax liability, pay it. Review the summary, confirm, and submit the return. 9. E-Verify Your Return You must e-verify the return within 30 days to complete the filing. Choose from: Aadhaar OTP Net banking Electronic Verification Code (EVC) Or send a signed ITR-V to CPC, Bengaluru How to File ITR Using the Offline Utility (JSON Upload) 1. Download the Offline Utility Go to the Downloads section of the Income Tax Portal and install the Common Offline Utility. 2. Access the Utility and Choose 'File Return' Launch the utility and click on 'File Return'. 3. Download Pre-filled Data Choose 'Download Pre-Fill', enter your PAN and AY 2025-26, and log in using your portal credentials. 4. Start Filing Your Return Click 'File Return' again. Select your status (Individual, HUF, or Others) and choose the right ITR form. 5. Fill in General and Income Details Enter personal and bank account details. Income details will be auto-populated from Form 26AS; ensure accuracy and include any missed income. 6. Preview and Validate Verify tax computation, deductions, and refund/balance tax payable. After final validation, download the JSON file. 7. Upload on Income Tax Portal Log in to the portal. Go to 'File Now', select the correct Assessment Year, Filing Type, and ITR Type. Upload the JSON file and proceed. 8. E-Verification Similar to online mode, complete the filing by verifying the return within 30 days through one of the available options.
