Latest news with #I-T
Mint
4 days ago
- Business
- Mint
Income Tax: Why is trusting AIS blindly not a great idea? This is what taxpayers can do
The income tax return (ITR) filing deadline on September 15 is drawing closer. Taxpayers are supposed to access necessary information through a multitude of documents, including Form-16, 26AS and Annual Information Statement (AIS). While 26AS includes information related to TDS (tax deducted at source) and TCS (tax collected at source), all other details pertaining to the taxpayer are reflected in the Annual Information Statement. However, taxpayers are recommended to examine the information given on AIS carefully and cross-verify it with other related documents. Annual Information Statement provides complete information about a taxpayer for a particular financial year. It entails information about taxpayers' incomes, financial transactions, and tax details, among others. AIS can be accessed by logging into income tax e-filing account or through the mobile app 'AIS for Taxpayer'. There could be occasions where the information recorded in AIS is different from the actual figure. The Income Tax portal ( states that in case the information given in AIS is wrong, duplicated, or pertains to someone else, taxpayers can share their feedback on it. Pratibha Goyal, a Delhi-based chartered accountant, highlights a few cases that she encountered while filing returns for her clients. There was a case, she told Livemint, wherein a mother-son duo sold a joint property for less than ₹ 50 lakh. 'The buyer in that case had reported the transaction as a sale from the son only. So, TDS in the mother's AIS was not shown. As a result, this had to be taken note of while filing the income tax return,' she said. In another case, Goyal mentions, a sale of securities was written twice. One of the most feasible ways to rectify the mistake is to cross-verify information with that on a related document. Goyal recommends that taxpayers reconcile the information with that on the related document. For instance, if it is related to interest received from a bank, then instead of relying on the AIS alone, the taxpayer can cross-check the information against the certificate issued by the bank. A taxpayer can access details related to AIS and submit their response (if needed) by logging into their income-tax e-filing account, according to the information available on the I-T portal. For all personal finance updates, visit here
Time of India
5 days ago
- Business
- Time of India
Raise benchmark, earn taxpayer trust: Nirmala Sitharaman to I-T officers
New Delhi: Finance Minister Nirmala Sitharaman on Monday asked income tax officers to raise their benchmark in timely execution of policies and earn taxpayer trust through their conduct. Lauding income tax (I-T) officers for their nimbleness in adapting to newer technologies and drafting the new income tax bill within just six months, Sitharaman nudged them to clear OGE backlog as early as possible. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Artificial Intelligence MCA MBA Others Cybersecurity CXO Public Policy Digital Marketing healthcare Finance Technology Project Management Data Analytics PGDM Operations Management others Degree Data Science Design Thinking Data Science Leadership Product Management Management Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details OGE -- or order giving effect -- refers to an order that an I-T officer has to pass when a taxpayer wins a case against the department in appeal against assessment. "Good policies alone are not enough, what matters actually is timely execution... I think all these years you (tax officer) have done your maximum best. Now is the time to raise the benchmark," she said at the 166th Income Tax Day event here. "You're capable of being even better. Let's earn the trust of the taxpayers through our conduct," she said. Live Events She said income tax day is the moment to reaffirm the unsaid social contract between the state and the taxpayer. "We really cannot afford to have that fray at the edges. We cannot afford that unsaid social contract between the state and the taxpayer to become loose, become diluted," Sitharaman said. Giving awards to officers who were involved in drafting the new income tax bill, 2025, Sitharaman said 60,000 man hours were needed in drafting the proposed law which has been made the Income Tax 1961 simpler. "Since 1961, it has not been touched, layers and layers got added to it. A comprehensive review had not happened. So, that work which was taken up required that many number of hours," Sitharaman said.
Economic Times
5 days ago
- Business
- Economic Times
I-T dept working to give shape to rules, procedures under new Income Tax Bill: CBDT chief
The Income Tax department is working to give shape to the rules, forms and procedures for the new Income Tax Bill, 2025, which aims to simplify the six-decade old direct tax law. Speaking at the 166th Income Tax Day event here, Central Board of Direct Taxes (CBDT) Chief Ravi Agarwal also said the department is following the principle of 'enforcement with empathy', wherein it is enabling taxpayers to review and voluntarily update their finances. Agarwal said "work is already underway to give shape to its rules, forms, and procedures, a critical next step... These will define how the law functions and practice. And I am confident that just like the bill, these too would reflect our shared commitment to clarity, simplicity, and taxpayer convenience". The new Income Tax Bill, 2025, was introduced in Parliament on February 13, 2025, and was referred to a parliamentary panel. The panel was submitted its report to Parliament on July 21 suggesting some changes to the I-T bill. Agarwal said the Income Tax department will continue to play its role in making India Viksit Bharat by collecting fair taxes, fostering voluntary compliance, and ensuring that are systems are worthy of trust citizens that put in place. Agarwal said the department has been using data analytics for voluntary compliance. "Our 'Nudge campaign', which is a short form for non-intrusive usage of data to guide and enable taxpayers, today uses behavioural insights and transactional level data to detect discrepancies. "Be it disclosed income, incorrect deductions, or high risk claims. Rather than launching compliance measures at once, we are now enabling taxpayers to review and voluntarily update their filings. This is enforcement with empathy and it reflects department's evolving mindset to trust persons," Agarwal added.
Time of India
5 days ago
- Business
- Time of India
I-T dept working to give shape to rules, procedures under new Income Tax Bill: CBDT chief
The Income Tax department is working to give shape to the rules, forms and procedures for the new Income Tax Bill, 2025, which aims to simplify the six-decade old direct tax law. Speaking at the 166th Income Tax Day event here, Central Board of Direct Taxes (CBDT) Chief Ravi Agarwal also said the department is following the principle of ' enforcement with empathy ', wherein it is enabling taxpayers to review and voluntarily update their finances. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Artificial Intelligence MCA Product Management Cybersecurity MBA Design Thinking Public Policy Finance Healthcare Project Management Data Science others PGDM CXO Technology Operations Management Digital Marketing Leadership Management Others Degree Data Science Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details Agarwal said "work is already underway to give shape to its rules, forms, and procedures, a critical next step... These will define how the law functions and practice. And I am confident that just like the bill, these too would reflect our shared commitment to clarity, simplicity, and taxpayer convenience ". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unsold Container Homes in National Capital Region - Prices You Won't Believe! Shipping Container Homes | Search Ads Search Now Undo The new Income Tax Bill, 2025, was introduced in Parliament on February 13, 2025, and was referred to a parliamentary panel. The panel was submitted its report to Parliament on July 21 suggesting some changes to the I-T bill. Agarwal said the Income Tax department will continue to play its role in making India Viksit Bharat by collecting fair taxes, fostering voluntary compliance, and ensuring that are systems are worthy of trust citizens that put in place. Live Events Agarwal said the department has been using data analytics for voluntary compliance. "Our 'Nudge campaign', which is a short form for non-intrusive usage of data to guide and enable taxpayers, today uses behavioural insights and transactional level data to detect discrepancies. "Be it disclosed income, incorrect deductions, or high risk claims. Rather than launching compliance measures at once, we are now enabling taxpayers to review and voluntarily update their filings. This is enforcement with empathy and it reflects department's evolving mindset to trust persons," Agarwal added.
Time of India
7 days 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.
