Latest news with #IncomeTax
Time of India
a day ago
- Business
- Time of India
Cash-strapped Congress to revive crowdfunding at district level
Representative image NEW DELHI: Just over a year after Income Tax notices forced it to discontinue its newly launched "crowdfunding" platform for resource mobilisation, Congress is set to reintroduce the novel programme with a nationwide focus down to the district level, which would complement its move to empower the organisation's bottom rung. Congress has finalised a revamped crowdfunding plan where donations would be invited at the district level. A page dedicated to every district will be opened on the official party website, and each resident can pick his district to contribute to the Congress kitty. It will be different from the "donate for desh" launched in December 2023 ahead of the 2024 parliamentary elections. After it was launched on December 18, 2023, the initiative created a splash as a first of its kind in the political sphere, and made bigger news as the principal opposition party's bid to overcome the funding skew created by the later-scrapped electoral bonds scheme that was viewed to favour the governing party. Congress got Rs 25 crore in one and half months, through 3 lakh donors. But the donation platform had to be paused abruptly in view of the IT notices to Congress, that saw the department take massive "liens" on its accounts, which threatened to funnel the money generated through crowdfunding into the govt kitty. Congress treasurer Ajay Maken recently gave a plan to district presidents on how the party proposes to generate funds at district level which can be used by local units for their functioning and programmes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo According to the plan, the money generated in a district will be turned into a corpus fund, and Congress will provide a matching amount, and interest generated on the money will help finance organisational activities. Sources, however, said donations will be to AICC account only, as it alone is legally entitled to accept donations.
NDTV
2 days ago
- Business
- NDTV
How To File ITR If You Have Multiple Incomes? Simplified Steps
The Income Tax (IT) Department has started the process to file the income tax return (ITR) for the financial year 2024-25, corresponding to the assessment year 2025-26. While filing ITR is relatively easier for individuals with only one source of income, those with multiple streams may have a hard time keeping up with the regulations. As the ITR filing window is open, here is how taxpayers with income from multiple sources should go about their business: Gather all documents: This should be 101, but gathering all the documents is the first step. Collect the relevant salary slips, rental agreements, investment receipts and Form 26 AS. The latter is important for Tax Deducted at Source (TDS) and tax Collected at Source (TCS) claims during the financial year. Correct forms: Once the documents have been collected, the next step is to choose the correct ITR form. ITR 3 and ITR 4 are the two forms meant for taxpayers with income from business and other professions. Meanwhile, ITR-4 is for taxpayers who opt for presumptive business income. Assess total income to calculate tax: Income and tax calculation involves determining earnings from each source and aggregating them to determine your total taxable income. Various income sources may carry different tax implications. Deductions and exemptions: Make sure to consider potential deductions and exemptions that could lower your tax burden. The deductions will largely depend on the tax regime (old or new) you may have opted for. ITR deadline extended Earlier this week, the Income Tax Department extended the date to file the ITR to September 15 from the earlier deadline of July 31 to enable a smoother filing experience for taxpayers. ITR filing: Key deadlines to remember Individuals and non-audit cases: September 15, 2025 Audited Accounts (business or professionals): October 31, 2025 Taxpayers requiring transfer pricing cases (Form 3CEB): November 30, 2025 Belated or revised return: December 31, 2025 Failure to file the ITR may result in a notice from the Income Tax Department. If your reply is not accepted, it could lead to a penalty or in some cases, imprisonment.
Indian Express
2 days ago
- Business
- Indian Express
CBI arrests senior IRS officer on complaint by La Pinos owner
The Central Bureau of Investigation (CBI) on Friday evening arrested Indian Revenue Services (IRS) officer Anil Kumar Singal, 2017 batch, from his residence in Delhi for allegedly demanding a bribe of Rs 45 lakh through an associate to settle an Income Tax notice. The arrest followed a complaint by Sanam Kapoor, owner of La Pinos, a food franchise chain, who claimed he was being harassed with official notices after a business fallout. In 2017, Kapoor had entered into a franchisee agreement with Mumbai-based businessman Harsh Kotak, who was allegedly partnering with Singal's mother in the venture. According to Kapoor's counsel, Gagandeep Singh Jammu, the harassment began after Kapoor discovered last year that Kotak had started procuring raw materials from other sources at cheaper rates, violating their agreement. Though Kapoor had the option to terminate the franchisee contract, he was allegedly coerced into buying it back for Rs 1.6 crore—over six times the original value of Rs 25 lakh. Kapoor soon began receiving multiple notices from the Income Tax and food safety departments. Jammu alleged that Singal demanded Rs 45 lakh to 'close' the I-T notice. They then approached the CBI. On May 30, Kotak met Kapoor in Chandigarh and called him to Singal's Mohali residence the following day. The CBI laid a trap and arrested Kotak on May 31 as he accepted Rs 25 lakh from Kapoor. Later that evening, a CBI team arrested Singal from his Delhi home and seized 2.5 kg of gold jewellery and Rs 30 lakh in cash during a search. A case has been registered against both Kotak and Singal in Chandigarh. Singal will be produced before the duty magistrate in Chandigarh on Sunday.
New Indian Express
3 days ago
- Business
- New Indian Express
Bengaluru ED books top mineral export firm under Fema
The Directorate of Enforcement further added that 'it is also revealed that multiple bank accounts were opened abroad by the SKMEPL directors for parking of funds outside India and for further diversion of funds to these bank accounts for purchase of properties overseas in their and their family members' names.' The Directorate of Enforcement had initiated investigation based on 'intelligence input received from Income Tax wherein it was prima facie revealed that part of the export proceeds of SKMEPL were diverted by its buyers in the bank accounts of overseas companies wherein the directors of the company were shareholders,' the release said. 'Further, it is understood that Shantesh had acquired immovable property at 9, Hay's Mewa, London, which was valued at EUR 6.4 million, partly out of the said proceeds,' the Central agency added.
India Gazette
4 days ago
- India Gazette
Lucknow: FIR registered against Joint Commissioner Yogendra Mishra after fight with fellow IRS Officer
Lucknow (Uttar Pradesh) [India], May 30 (ANI): A police case was registered against Joint Commissioner of Income Tax Yogendra Mishra after a physical fight broke out between two Indian Revenue Service (IRS) officers in Lucknow on Thursday. The officials said the incident took place following an argument about an RTI (Right to Information) matter. The complaint was filed by Deputy Commissioner Gaurav Garg, who is also an IRS officer and the husband of IPS officer Raveena Tyagi. Based on his complaint, an FIR was registered at the Hazratganj police station. According to officials, the confrontation between the two officers escalated into a physical altercation, drawing attention within administrative circles. The fight took place during a heated exchange over the handling of an RTI issue. 'An FIR has been registered under relevant sections based on the complaint by IRS officer Gaurav Garg,' police said. Officials said that the matter is now being investigated and statements from witnesses and both officers will be recorded. Further details on the matter were still awaited. On May 28, wanted criminal Bhupendra Gwalah got injured in an encounter with Jhansi Police. He was shot at by police in an attempt to capture him. Superintendent of Police (SP) of Rural Jhansi, Arvind Kumar, said, 'He (criminal) was spotted on a motorcycle when the Moth police were conducting a check. As he saw the police, he fired at the police and ran towards the jungle.' The SP added that on investigation, the police got to know that Gwalah is a wanted criminal and there is also a case of theft against him at the Moth police station.'The encounter was conducted by the SSP, Moth station and SWAT,' SP Arvind Kumar told the police have recovered the stolen battery, a suspicious motorcycle without a number plate and a pistol along with cartridges from him. SP Kumar informed the media that the criminal had a Rs 25,000 award against him. He added, 'The interrogation and investigation of cases against him are going on.' On May 27, in a similar case in Uttar Pradesh, a wanted criminal involved in multiple cow slaughter cases was injured in a police encounter during a late-night checking operation in Uttar Pradesh's Amroha district, while another suspect managed to escape. (ANI)
