Latest news with #ITRs
Hindustan Times
2 days ago
- Business
- Hindustan Times
Car loan fraud: STF Meerut busts huge racket, mastermind nabbed
The Meerut unit of UP Police Special Task Force (STF) on Wednesday arrested the mastermind of an inter-district gang that had been fraudulently financing luxury cars using fake documents and Aadhaar-linked address manipulation. The gang would then sell these vehicles at a profit without repaying the loans, defrauding banks of crores of rupees. The arrested accused, identified as Anangpal Nagar, was apprehended near Krishna Public School on Kila Parikshitgarh Road on Wednesday. The STF recovered a Toyota Fortuner worth ₹40 lakh from his possession, which had been financed fraudulently. According to STF SP Brajesh Kumar Singh, the team had been receiving inputs about a syndicate active across various banks, taking car loans using fake residential addresses—often rented houses. The gang would manipulate Aadhaar card addresses to match loan paperwork, obtain vehicle loans, and then default on repayments while secretly selling the vehicles to unsuspecting buyers. During interrogation, Nagar confessed that he used to visit multiple banks along with his associates to finance high-end vehicles. After securing the loans, they would vacate the loan-registered addresses to avoid recovery agents or legal notices. A few months later, the financed vehicles would be sold off for profit. The investigation revealed that Anangpal had even gone to the extent of creating a fake Udyam (enterprise) registration in the name of a woman friend. The bogus firm, Preeti Dairy, was registered online, using the address Flat No 601, Ansal Town, Modipuram, Meerut. To maintain a good credit score and avoid suspicion, Anangpal and his associates used fraudulent documents to open multiple bank accounts, manipulating ITRs (Income Tax Returns) and routing money transfers between accounts to create the illusion of legitimate transactions. All these accounts were opened using fake addresses. Singh stated that further inquiries are being conducted to identify and apprehend other gang members involved in the scam. The operation has exposed a well-organised network of financial fraudsters targeting the vehicle finance sector through loopholes in documentation and verification systems. Authorities have advised banks to strengthen verification protocols, especially in cases involving high-value auto loans and newly registered businesses.
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Business Standard
3 days ago
- Business
- Business Standard
Sept 15 is new deadline to file ITR but that's not for everyone: Here's why
The Central Board of Direct Taxes (CBDT) recently extended the deadline to file Income Tax returns (ITR) for non-audit cases from July 31 to September 15, 2025. Not all taxpayers are covered under this extension though. If your accounts are subject to audit, your ITR deadlines remain unchanged. Who didn't get the ITR extension? While salaried individuals and small business owners not subject to audit now have more time, taxpayers whose accounts need to be audited must still file their returns on the original dates as per the Income Tax Act. These include: Important dates for audit cases Here's a quick look at the unchanged deadlines for audit-related filings: September 30, 2025: Last date to submit tax audit reports under Section 44AB (for non-transfer pricing cases) October 31, 2025: Deadline for filing ITRs in audit cases November 30, 2025: ITR due date for taxpayers with transfer pricing requirements Such taxpayers must plan well in advance, as no extension is provided beyond these dates. For non-audit cases: New relief timeline Those not required to undergo audit, like salaried individuals and small businesses under presumptive tax, can now file returns by September 15, 2025, instead of the earlier July 31 deadline.
News18
5 days ago
- Business
- News18
ITR Filing 2025 Begins: Who Needs To File Income Tax Return? All You Need To Know
Last Updated: ITR filing for FY 2024-25 has begun, with a deadline of September 15 for non-audit ITRs; check a detailed guide on who needs to file the income tax return. ITR Filing 2025: The filing of income tax returns has commenced for the financial year 2024-25 (assessment year 2025-26), with a deadline of 15 September for non-audit ITRs. The Income Tax Department permitted Excel Utility-based return filing on 30 May, but online filing is yet to begin. As of 10:30 am on 2 June, a total of 54,389 income tax returns have been filed, of which 48,975 have been verified. Who needs to file an ITR? Here's a detailed guide: Whether you are a salaried employee, a freelancer, a business owner, or even someone without taxable income, there are several situations where filing an ITR is either mandatory or highly recommended. 1. Income Above Basic Exemption Limit For AY 2025-26, the basic exemption limit under the new tax regime is Rs 4 lakh, applicable to all individuals irrespective of age. Under the old tax regime, the exemption limits remain at Rs 2.5 lakh for individuals below 60 years, Rs 3 lakh for senior citizens, and Rs 5 lakh for super senior citizens. (Note: Under the old tax regime, these limits apply before claiming deductions under sections like 80C, 80D, etc.) Who Should Voluntarily File ITR? According to income tax experts, even if you are not legally required to, filing an ITR can be extremely beneficial: To claim income tax refunds (e.g., TDS deducted from salary or bank interest). For visa or loan applications (ITR is accepted as proof of income). To carry forward losses (only allowed if ITR is filed on time). To build financial credibility (helps in business registration, securing funding, or applying for tenders). ITR-1 To ITR-7: Which ITR Form To Choose? ITR-1 (Sahaj): For resident individuals (not HUFs) with income up to Rs 50 lakh from salary, long-term capital gains tax up to Rs 1.25 lakh under Section 112A, one house property, other sources (interest, etc.), and no capital gains or business income. ITR-2: For individuals and HUFs with income from capital gains, more than one house property, foreign income/assets, but no business or professional income. ITR-3: For individuals and HUFs with income from a business or profession, including partners in firms. ITR-4 (Sugam): For resident individuals, HUFs, and firms (other than LLPs) with presumptive income under sections 44AD, 44ADA, or 44AE, and income up to Rs 50 lakh (for individuals). ITR-5: For partnership firms, LLPs, AOPs, BOIs, cooperative societies, and other persons not filing ITR-7. ITR-6: For companies other than those claiming exemption under section 11 (income from charitable or religious activities). ITR-7: For persons including trusts, political parties, research institutions, universities, or funds claiming exemption under sections 139(4A) to 139(4F). Due Date for Filing ITR for AY 2025-26 Individual taxpayers not subject to audit: September 15, 2025 Businesses requiring audit: October 31, 2025. Late filing attracts a penalty under Section 234F and may delay refunds. Frequently Asked Questions (FAQs) A: No, unless you fall under specific cases like high-value transactions or owning foreign assets. A: Yes, it is recommended for refunds, visas, loans, and establishing a financial history. Q: I'm a student earning via freelancing. Should I file ITR? A: Yes, if your income exceeds Rs 4 lakh or TDS has been deducted. top videos View all Q: What if I miss the deadline? A: You can file a belated return until 31 December 2025, with a penalty and interest. Location : New Delhi, India, India First Published: June 02, 2025, 10:54 IST News business » tax ITR Filing 2025 Begins: Who Needs To File Income Tax Return? All You Need To Know
Mint
6 days ago
- Business
- Mint
I-T department is cross-verifying claims in real time. You've been warned.
NEW DELHI : For a long time, people have been getting away with making inflated or false claims in their income tax returns (ITRs). Unless returns are picked up for post-filing scrutiny by officials, the income tax (I-T) department can do little to stop individuals from beating the system. But this income tax season, this is going to change. The I-T department is rolling out an integrated verification system designed to automatically cross-check information against multiple government databases at the time of ITR filing. Imagine a taxpayer filling out inaccurate details of their investment claim—home loan details, house rent allowance (HRA), or insurance—the system will immediately throw up an error and prompt the taxpayer to modify the return. Also Read: How you can save tax by getting a mobile phone, laptop or car lease from office Meaning: Taxpayers will be caught red-handed if they try to play smart. 'You can no longer fake a loan account number or a policy document number," said Ashish Karundia, founder of Ashish Karundia & Co., Chartered Accountants. 'These are now directly mapped to your permanent account number (PAN) or Aadhaar." Cross-platform data sharing Insurance companies, for instance, already share data with the government. So, if a person tries to claim a deduction using someone else's insurance policy number, the system can identify the discrepancy. The real-time verification now extends to HRA claims, loans for housing and education, and even deductions on electric vehicles. Each claim is verified using backend integrations with banks and platforms such as the m-Parivahan app. "As soon as a taxpayer inputs any detail, say a loan number or an insurance policy, the system cross-verifies it instantly with the information they already have. If something doesn't match, it throws an error and prompts the taxpayer to modify their return," Karundia added. To be sure, so far, verification has been happening manually and after the detection of a post-filing discrepancy. 'The I-T department would look at your return, flag inconsistencies, and then issue a notice. It was slow and added to the workload of tax officials," he said. Now, the department aims to entirely automate this process. To do so, the newly notified ITR forms require taxpayers to provide a detailed breakup of income tax deductions through specific drop-down fields, replacing the earlier practice of entering a single consolidated figure, according to CA Vijaykumar Puri, Partner at VPRP & Co LLP. Also Read: Legal minefield: Decoding capital gains tax on the sale of leasehold and tenancy rights He explained how earlier, someone could simply write ₹1.5 lakh under Section 80C without specifying if it was in PPF, ELSS, or LIC. 'Now, taxpayers must specify the exact amounts invested in instruments like PPF, ELSS, or LIC. This added transparency will not only deter fake claims but also give the tax department clear visibility into the nature of each deduction," he said. A nudge towards the new tax regime The move from human-led scrutiny to system-led verification is crucial for ensuring better compliance and fewer fraudulent claims. 'It significantly reduces the scope for manual oversight and any manipulation. It eliminates case-by-case verification, conserves departmental resources, and ensures quicker, more reliable compliance," he added. Less human involvement also means that people won't be able to fabricate investment proofs like rent receipts for claiming HRA deduction. 'When people know that everything is digitally captured, the chance of fraud automatically goes down," Karundia said. Karundia explained that the move is a step closer to former finance minister Arun Jaitley's broader strategic vision of lower tax rates, fewer exemptions, and minimal discretion introduced. In essence, by automating cross-verification and reducing human intervention, the I-T department is pushing taxpayers towards an exemption-less new tax regime. Also Read: Capital gains on equities: Here's all you need to know when filing tax returns this year The I-T department on 27 May extended the ITR filing due date for FY25 (AY26) from 31 July to 15 September. The decision was made after a delay in issuing the notification of ITR forms.
Deccan Herald
30-05-2025
- Business
- Deccan Herald
I-T dept makes available excel utility for ITR-1, ITR-4; taxpayers can start filing ITRs
With the enabling of these utilities, taxpayers can start filing their ITRs for income earned in 2024-25.
