Latest news with #I-T
Time of India
15 hours ago
- Business
- Time of India
I-T tribunal rejects Cong plea for tax exemption on ₹199cr income
NEW DELHI: The Income Tax Appellate Tribunal Tuesday rejected an appeal from Congress against the I-T department for withdrawing a tax exemption to the party for the assessment year 2018-19 and adding Rs 199 crore as its income through donations. Tired of too many ads? go ad free now The tribunal, headed by judicial member Satbeer Singh Godara and comprising M Balaganesh, declined to interfere with the department's assessment order against Congress. The I-T order rejected Congress's tax exemption for not filing returns for AY 2018-19 by the due date, and thus, added the income of Rs 199 crore to the party, on which it will be liable to pay tax. The appellate tribunal also refused to allow Congress to net its income against the expenditure on the grounds that it had violated section 13(A) of the I-T Act. The order also found violations of receiving cash donations of more than Rs 14 lakh, which were over Rs 2,000 each. Election Commission guidelines mandate that any donation above Rs 2,000 has to be through bank transfer. Congress's appeal was first rejected by the Commissioner of I-T (Appeal) after which the party approached the tribunal in March 2023. "Whether the assessee's impugned section 13A exemption claim violates clauses (b) and (d) of the first proviso thereto is concerned, we have already held that its return filed on Feb 2, 2019, was a time barred one, and the same stands academic and rejected accordingly," the bench observed. On the question of "netting" basis - claiming corresponding expenditure against receipts - the tribunal noted that the "High Court's decision has concluded the very issue in the department's favour - the legal position is that no deduction can be allowed with respect to the expenditure incurred by the political party for any purpose whatsoever if it fails to comply with the basic requirements of the Act's section 13A. Tired of too many ads? go ad free now " "We thus conclude that given the fact the assessee has been held to have violated section 13A, third proviso in not filing its return within the prescribed due date, its impugned netting claim also deserves to be declined in very terms," the tribunal said dismissing Congress' appeal.
Time of India
19 hours ago
- Business
- Time of India
Now, Bhumre's driver gets summoned by income tax department
Chhatrapati Sambhajinagar: Jawed Shaikh, who is employed as a driver with Shiv Sena MP Sandipan Bhumre and his MLA son Vilas, was summoned by the . The department requested his presence along with his books of accounts and documents. Tired of too many ads? go ad free now Jawed Shaikh is already being investigated by the Economic Offences Wing (EOW) about why Mir Mehmood Ali Khan, a descendant of Salar Jung, gifted the driver prime land worth hundreds of crores. On July 3, Shaikh received a fresh summons under section 131(1A) of the Income Tax Act 1961, requesting his attendance in connection with proceedings under the Act in his case. Section 131(1A) grants the I-T department the authority to enforce an individual's attendance, discover and inspect any property, and issue commissions. It also allows the department to examine the assessee on oath and compel the production of necessary books of accounts and all relevant documents. The I-T department warned in its notice that any default by Jawed Shaikh would attract action under section 272A(1)(C) of the I-T Act, empowering the investigation officer to impose a penalty of Rs 10,000 for each default. Jawed Shaikh, a trusted aide of the Bhumres, became the focus of the investigation after Mir Mehmood Ali Khan gifted him prime plots valued at hundreds of crores. There are allegations that Jawed received approximately 8.5 acres in two instalments through hibanama (gift deed). The combined market valuation of these plots is about Rs 500 crores. Documents revealed that both transactions had common witnesses, and the bonds were purchased from the same notary lawyer. Applications to add Jawed Shaikh's name to the PR card for both properties were made on Feb 9, 2023, and his name was recorded on the PR card on May 25, 2023, and June 28, 2024, respectively. Tired of too many ads? go ad free now These prime plots are located in Chhatrapati Sambhajinagar city, where the economic offences wing of the city police is already investigating a related complaint. In the past few weeks, the EOW has recorded statements from Khan, four of his children, and Jawed Shaik. Unsatisfied with their responses, the EOW plans to summon them again to cooperate in the inquiry. Phone calls and messages sent to Jawed for his comments did not elicit any response.
India Today
a day ago
- Business
- India Today
7 Reasons Your Tax Refund Is Still Pending
7 Reasons Your Tax Refund Is Still Pending 21 Jul, 2025 Credit: Getty Claiming deductions like HRA or medical insurance without valid proof can stop your refund. If the tax office doubts your claim, they'll hold your refund and may ask for documents. Wrong Deduction Claims If the details in your tax return don't match your Annual Information Statement (AIS) or Form 26AS, your refund can be delayed until you fix the difference. Mismatch in ITR and AIS Data A simple mistake in your bank account number or IFSC code can stop your refund. Your account must also be pre-validated and linked on the I-T portal. Incorrect Bank Details If your bank account name does not match your PAN name — for example, in joint accounts or if there's a spelling mistake — your refund may get stuck. Bank Account–PAN Mismatch Sometimes, the refund is issued but doesn't reach you due to an inactive account, a changed IFSC code or incomplete KYC. In such cases, you need to raise a refund reissue request. Refund Issued but Not Credited If you owe tax from previous years, the department can adjust it against your refund. You'll get an email or SMS about this. Sometimes the full refund is used to clear dues. Tax Adjusted Against Dues If your return is selected for scrutiny or detailed checking, your refund will be kept on hold until the process is finished, which can take extra time. Return Under Scrutiny
New Indian Express
a day ago
- Business
- New Indian Express
Select Committee recommends dropping mandatory ITR filing for claiming refunds
According to the Select Committee report, stakeholders who advocated for the omission of this sub-clause argued that Clause (ix), as initially proposed, had the effect of denying a refund to a person if the Return of Income was delayed beyond the specified due date. However, tax experts have contended that the legislature's intent is not to deny a refund to an assessee solely because the income return has been filed after the due date. They argue that the presence of clause (ix) in section 263(1)(a) leads to an unintended interpretation that an assessee must file the Return of Income within the due date to claim a refund. "The clause (ix) does not serve any purpose since it is certainly permissible for a person to furnish a belated return. Accordingly, the omission of the same would avoid unnecessary confusion and unintended hardship to the assessee,' they explain. Who are exempted from filing I-T returns? Individuals earning below the taxable income threshold are exempt from paying income tax. This limit stands at ₹2.5 lakhs annually under the old tax regime and ₹3 lakh under the new tax regime. Additionally, those whose only income source is agriculture or farming are typically exempt from filing income returns, though a threshold for agricultural income may necessitate filing. Certain Non-Resident Indians (NRIs) are also exempt if their income exclusively comes from dividends or interest, or if it's already subject to TDS. Lastly, senior citizens over 75 years of age, whose income consists solely of pension and interest, can also be exempt from filing their ITR.
Time of India
2 days ago
- Business
- Time of India
Can't determine man's income from I-T return in maintenance case: HC
1 2 Kolkata: Income tax return cannot be conclusive proof of earning, and an individual's actual income would indeed be very different from the figures shown in the I-T return, the Calcutta High Court stated, reprimanding a man, seeking to lower the maintenance amount to his wife from the Rs 20,000 that a family court had set. The judge increased the maintenance amount to Rs 25,000 with a 5% hike every two years, considering the issue of automatic adjustment for inflation. The man, in his I-T return, showed an annual earning of Rs 5,13,890. "In the present time and age, there has been a drastic change in society concerning marital obligations. This sharp fluctuation demands a change in the judicial approach towards the grant of maintenance as well, as maintenance is no longer a handout to barely cover subsistence. Rather, it has now become a tool to preserve lifestyle stability. As a sequel, it fundamentally repositions spousal support as a continuity of living, not compensation for separation," Justice Bibhas Ranjan De said. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata The court pointed out that the man was ready to pay Rs 15,000 to his driver but not Rs 20,000 to his estranged wife, with whom he had a son (25), and "who had spent a considerable period of her life with him". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gentle Japanese hair growth method for men and women's scalp Hair's Rich Learn More Undo "It would be pertinent to mention that any settlement to be arrived at between parties must take into account actual living standards and the cost of inflation. On the other hand, it reinforces the idea that women, who have devoted years to domestic responsibilities, deserve to maintain a comparable life after separation," the HC held. The woman had approached the Calcutta HC, seeking an increase in the maintenance amount from Rs 20,000 to Rs 30,000, But the man argued for a reduction, citing his retirement from service, his own medical expenses and the fact that their son, now 25, was no longer dependent. In response to his I-T return statement, the HC said, "The figures reported therein are subject to taxpayer's understanding and interpretation, which is not always accurate or comprehensive. In addition to that, there is always a possibility of under-reporting... . That is why courts often look beyond I-T returns while determining a person's income, especially in proceedings such as maintenance cases."
