Latest news with #IncomeTaxReturns
News18
19 hours ago
- News18
Indian Traveller Gets 5-Year Schengen Visa In Just 4 Days, Internet Demands To Know How
Last Updated: A Reddit post detailing how an Indian citizen secured a long-term Schengen visa from France under the EU's "cascade regime" has gone viral. A Reddit post detailing an Indian traveller's swift and successful acquisition of a 5-year multiple-entry Schengen visa has gone viral, drawing attention to the European Union's relatively under-the-radar 'cascade" visa regime. The Reddit user, an Indian passport holder, revealed that the French consulate in Bengaluru granted them the long-term visa in just four working days. The user wrote, 'Sharing my experience for those curious about the cascade regime- it seems to be finally working well, at least in France's case!" According to the post, the user has visited 32 countries and previously held three Schengen visas from Germany and Spain, all issued within the past two years. The user's most recent Schengen visa- granted by Spain- was valid for just 45 days. Despite that, their latest application through the French consulate yielded a five-year visa. The Redditor's experience sparked a wave of curiosity among Indian travellers navigating the often unpredictable Schengen visa process as the comment section of the post quickly filled up with questions about how the user managed to do so. In the post, the user detailed the documents submitted to support their application: a cover letter requesting a longer-validity visa, previous passport and scanned pages of both new and old passports showing travel history, a 10-day travel itinerary for France, two years' worth of Income Tax Returns, along with three months of bank statements and salary slips and standard documents required for a Schengen tourist visa. 'For the cascade regime, you need at least two visas in the past three years to be eligible for a 2-year visa, but granting a longer duration visa is completely at the discretion of the visa officer," the user noted. What Is The Schengen 'Cascade" Regime? The European Commission's 'cascade" visa regime was designed to streamline access to long-term, multiple-entry Schengen visas for regular travellers from countries like India. Under this regime, if an applicant has used two Schengen visas within the last three years, they can be granted a two-year multi-entry visa. After successfully using that visa, they may apply for a five-year multiple-entry visa- provided their passport has enough validity remaining. During the validity period, visa holders enjoy near visa-free travel privileges across the Schengen area, though they can stay only 90 days in any 180-day period. These visas, however, are strictly for tourism or business and cannot be used for employment. Which Countries Accept This Visa? The multiple-entry Schengen visa allows access to all 29 countries in the Schengen zone which are: Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Germany, Estonia, Greece, Spain, France, Italy, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden, Iceland, Liechtenstein, Norway and Switzerland. view comments 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.
News18
2 days ago
- Business
- News18
ITR Filed At 5pm, Refund Received At 9pm: What Took 90 Days Once Is Taking Just 4 Hours Now!
Last Updated: ITR FY2025-26: According to the Income Tax Department's website, refunds usually take around 4-5 weeks, but the actual turnaround time is now often much shorter The process of receiving income tax refunds has become significantly quicker in the country. Previously, it could take over 90 days for taxpayers to receive their refunds. Now, many are reporting that refunds are being credited within just a few hours of filing their Income Tax Returns (ITR). The Income Tax Department has set September 15 as the last date for filing returns for the assessment year 2025-26. Refunds Issued Within Hours According to a report by Financial Express, Arun Prakash, a media professional from Noida, shared that he filed his return using the ITR-1 form at 5:03 pm and received the refund in his bank account by 9:02 pm the same evening. He even shared screenshots of the filing confirmation and refund credit to support his claim. This marks a significant shift from previous years when refunds often took several months to process. The Income Tax Department's improved digital infrastructure has drastically reduced this waiting time. Experts Highlight Same-Day Refunds Previously, refunds typically took almost 90 days. According to the department's website, refunds usually take around 4-5 weeks, but the actual turnaround time is now often much shorter. From 93 Days to 10 Days Finance Minister Nirmala Sitharaman informed Parliament last year that the average refund time in 2013-14 was 93 days. By 2023-24, it had come down to just 10 days. This improvement not only offers relief to taxpayers but also reflects the government's push towards digital governance and transparency. The accelerated refund process is made possible by a fully digital tax system. The department now uses the faster JSON format instead of the older Excel-based filing. Once a return is e-verified, refund processing begins immediately. Verified bank accounts and PAN-Aadhaar linking help ensure that refunds are credited securely and accurately. The system also cross-verifies data provided in returns with third-party sources like the Annual Information Statement (AIS) and Form 26AS. If discrepancies or inflated refund claims are detected, the process may be delayed. Tips for Taxpayers If a taxpayer has pending dues or assessments from previous years, their refund may be withheld. To ensure a smooth process, taxpayers are advised to: This new level of efficiency in refund processing is a welcome move and a clear indicator of the digital strides taken by the Income Tax Department. First Published: July 30, 2025, 13:38 IST 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.
Hindustan Times
24-07-2025
- Business
- Hindustan Times
ITR filing 2025: What happens if you miss filing return before deadline?
The Central Board of Direct Taxes (CBDT) has revised the last date for the filing of Income Tax Returns (ITR) for the financial year 2024-25 (Assessment Year 2025-26). The final date to file the ITR for them has now been moved to September 15.(MINT_PRINT) The new deadline is September 15, 2025, while the original one was July 31, 2025, according to the CBDT circular. This means that those individuals who have not yet filed their ITR can do so within the next three weeks. However, it is advisable for the taxpayers to file their ITR ahead of the deadline to avoid a last-minute hassle. Who has to file Income Tax Return? Income Tax Return or ITR is a consolidated statement of your income, tax payable, liabilities and tax refunds. The ITR is a form that shows your gross taxable income for a given financial year. Also Read: Income tax dept extends belated, revised ITR deadline: Details here All those individuals residing and earning an income in India are not liable to audit must file in Income Tax Return. It includes all those individuals whose income exceeds ₹5 lakh annually. Therefore, you must file ITR if: - Your annual income is ₹5 lakh or above - You are a company or a firm - You want a tax refund - You have a financial asset outside the country - You are an institution, political party, real state investment trust or an infrastructure investment trust. What happens if you don't file ITR? Since the last date of filing ITR has been moved to September 15, 2024, the non-audit taxpayers have to file their ITR before the deadline. In case an individual misses the deadline, one can still file a late return by December 31, 2025, along with late fees and interest. The late fees or penalty varies based on the individual's income. The penalty for those individuals, whose income exceeds ₹5 lakh per annum is ₹5,000. On the other hand, for those under the lower income groups, the penalty is ₹1,000. The late fine also includes an interest at 1 per cent per month or part of a month on the unpaid tax amount under Section 234A. Meanwhile, belated or revised returns can be filed till December 31, 2025 and updated returns can be filed till March 31, 2030.
Economic Times
24-07-2025
- Business
- Economic Times
Taxpayer wins Rs 1.4 lakh penalty case despite claiming false income tax deductions to reduce income by 50%; Know the details
ET Online ITAT: Penalty of Rs 1.4 lakh deleted despite a taxpayer claiming false income tax deductions to reduce his income by 50%; Know the details The Income Tax Department imposed a penalty equivalent to 17% of Mr Shinde's salary after it was proved that he had claimed false income tax deductions to under-report his income by about 50% to lower his net income tax liability. The penalty imposed by the income tax department amounted to Rs 1.4 lakh. Shinde's actual salary was Rs 8 lakh a year, which he reported as only Rs 4 lakh. Although this might look like a fair punishment for someone who wilfully evaded paying income tax, Mr Shinde argued in court that he was just an innocent employee with a technical background. He said that like him, many other employees from companies like Ceat, Bosch, HAL, Mahindra and Mahindra among others, relied on a tax consultant named Mr Patil to file their Income Tax Returns (ITRs). Patil assured them that he was an expert in tax law and could legally calculate a lower tax, leading to a refund of the TDS deducted by their employer. Shinde's lawyers told ITAT Pune: 'The assessee was unaware about the contents of the Income Tax Return (ITR) filed by Patil & truly believed that the returns are filed legally as per the provisions of the Income Tax Act.' Shinde also informed the court that as soon as he found out about this illegal act of claiming false tax deductions, he had filed a complaint in the Economic Offence Wing, Maharashtra Police against Patil. Moreover, Shinde also paid the full tax amount plus interest, just like he was supposed to, without claiming any bogus tax deductions. However, the income tax department stated that even though he returned the owed tax with interest, he should still face penalty for committing this offence and for not voluntarily submitting a revised first, Shinde filed an appeal against the penalty of Rs 1.4 lakh that the tax department slapped on him with the Commissioner of Appeals (CIT (Appeals)). However, CIT (Appeals) rejected the appeal, leading Shinde to take his case to ITAT Pune. There, he won the case and the entire penalty of Rs 1.4 lakh was cancelled. The main reason why Shinde won this case is because ITAT Pune recognized his good behavior. Shinde, pointed out the illegal actions of his tax consultant (Patil) and also returned the full amount of the income tax owed, along with interest, just as the law required. ITAT Pune said: '....It is found that when the notice under Section 148 was issued, the appellant (Shinde) has disclosed his correct income & paid the due tax before issue of notice. We also find that the Assessing Officer of Income Tax Department has accepted the return (ITR) as it is which was furnished by the appellant (Shinde) in response to the notice u/s 148. We cannot accept the contention of Ld. DR (income tax department lawyer) that the revised return (revised ITR) was not voluntary, therefore the penalty u/s 270(A) of the Act is inevitable….'Check out the info below to find out why and under what circumstances Shinde managed to win this income tax penalty case despite claiming false tax deductions to declare lower income and pay less tax. How did this income tax penalty case for claiming false tax deductions start? According to ITAT Pune judgement dated May 8, 2025. Here's the timeline of events: FY 2017-18: Patil filed Shinde's ITR declaring taxable income of Rs 4 lakh (407,090) by claiming multiple income tax deductions. Patil filed Shinde's ITR declaring taxable income of Rs 4 lakh (407,090) by claiming multiple income tax deductions. May 28, 2019: Shinde came to know that Patil claimed excess tax refund by claiming many false tax deductions. He immediately paid back the due tax with interest. However, the revised ITR could not be filed voluntarily since the date to file one was over. Shinde came to know that Patil claimed excess tax refund by claiming many false tax deductions. He immediately paid back the due tax with interest. However, the revised ITR could not be filed voluntarily since the date to file one was over. February 2020: The Income Tax Department Assessing Officer (AO), on the basis of information received from the Income Tax Officer, (Investigation), that Shinde has claimed excess deductions, initiated proceeding under Section 147 after obtaining approval from the authorities and accordingly, a notice under Section 148 was issued. The Income Tax Department Assessing Officer (AO), on the basis of information received from the Income Tax Officer, (Investigation), that Shinde has claimed excess deductions, initiated proceeding under Section 147 after obtaining approval from the authorities and accordingly, a notice under Section 148 was issued. March 11, 2020: Shinde filed an ITR in response to notice under Section 148, declaring taxable income of Rs 8 lakh (8,32,990). Shinde filed an ITR in response to notice under Section 148, declaring taxable income of Rs 8 lakh (8,32,990). March 2, 2021: The Income Tax Department completed the assessment of Shinde's ITR under Section 147 by accepting it. The Income Tax Department completed the assessment of Shinde's ITR under Section 147 by accepting it. September 12, 2021: The Income Tax Department Assessing Officer (AO) imposed a penalty of Rs 1.4 lakh (1,46,760) under Section 270A(8) for under-reporting of income in consequence of misreporting. Shinde filed an appeal in CIT (A) against this penalty order. The Income Tax Department Assessing Officer (AO) imposed a penalty of Rs 1.4 lakh (1,46,760) under Section 270A(8) for under-reporting of income in consequence of misreporting. Shinde filed an appeal in CIT (A) against this penalty order. September 27, 2024: CIT (Appeals) dismissed Shinde's appeal and confirmed the penalty of Rs 1.4 lakh (1,46,760) imposed u/s 270A(8). It is this order of CIT (Appeals) against which Shinde filed an appeal before ITAT (Pune). Also read: Income Tax Bill 2025: Income from house property taxation related two key amendments suggested by select committee, know the impact ITAT Pune's investigation found that Shinde was cheated by Patil to conduct this tax fraud According to the judgement order, here's what ITAT Pune said:(No part of the judgement is altered and the same is presented below as it is) 'We find that the assessee (Shinde) is a salaried employee & belongs to a technical background. The return (ITR) of most of the employees of CEAT LTD, Bosch Company, HAL & M & M including that of the assessee (Shinde) was filed by a tax consultant namely Patil. We further find that the assessee (Shinde) came to know from other employees in the company that Patil with his expertise is able to legally calculate lower tax, resulting in a refund of TDS deducted by the employer. The assessee (Shinde) was unaware about the contents of the Income Tax Return filed by Patil & truly believed that the returns (ITR) are filed legally as per the provisions of the Income Tax Act. The assessee being from technical background does not understand ABCD of Income Tax & therefore completely relied on the above named tax consultant, who without informing him & others, claimed excess deduction under chapter VI-A of the IT Act & claimed refund. It was Patil who cheated all the employees & claimed excess deduction in their returns without informing them for his own benefit. The fact of the cheating came to light when a survey u/s 133A was conducted at the premises of Patil. When the fact that this kind of fraud was made in the name of a number of persons all of them complaint to the Economic Offence Wing of Police, against the tax consultant Patil. It is also apparent that there is no mistake of the assessee but it was the hidden interest of the tax consultant who triggered the gun by using the shoulders of the assessee & many more for his own benefit.' Also read: Capital gain on property: How to pay lower LTCG tax using indexation benefit What did ITAT Pune say about Shinde's action post the fraud coming to his notice According to the judgement order, here's what ITAT Pune said: It is also found that as soon as the fact of excess deduction claimed, came to the knowledge of the assessee (Shinde) he immediately paid the due tax with interest, even before the issue of notice under Section 148 & contacted another genuine tax consultant who prepared and furnished correct return in response to the notice under Section 148. We find that the Assessing Officer has levied a penalty under Section 270(A) of Rs 1,46,760 on the basis of the fact that the correct income was not returned voluntarily but only after issue of notice under Section 148. It is also found that when the notice under Section 148 was issued the appellant (Shinde) has disclosed his correct income & paid the due tax before issue of notice. We also find that the Income Tax Department Assessing Officer has accepted the return as it is, which was furnished by the appellant (Shinde) in response to the notice under Section 148. ITAT Pune final judgement ITAT Pune deleted the tax notice and thus the penalty of Rs 1.4 lakh stood what ITAT Pune said: We cannot accept the contention of Ld. DR (Income Tax Department lawyer) that the revised return was not voluntary therefore the penalty under Section 270(A) is inevitable. In this regard the contention of counsel (Shinde's lawyer) is also important wherein he stated that the due tax along-with interest was already paid before the issue of notice under Section 148 & admittedly the return of income (ITR) could not be filed as the due date was already over. We find force in the arguments of the counsel of the assessee (Shinde) that the amount of tax & interest was deposited voluntarily much prior to the issue of notice under Section 148 since the income tax with interest was deposited by the assessee on 28-05-2019 whereas the notice under Section 148 was issued on 25-02-2020. Judgement: 'Considering the totality of the facts of the case, we are of the considered opinion that this is not a fit case to impose penalty u/s 270(A) & accordingly the order passed by Ld. CIT(A)/NFAC is set-aside & the Assessing Officer is directed to delete the penalty of Rs 1,46,760 imposed u/s 270(A). Thus, the grounds of appeal raised by the assessee are allowed.' What is the significance of this judgement for other taxpayers? ET Wealth Online reached out to a number of lawyers and chartered accountants to get their take on the importance of this judgement for other taxpayers. Here's what they said: Rahul Sateeja, Partner, DMD Advocates, says: 'This ruling marks a significant development in tax penalty jurisprudence. It emphasises that even under the newer Section 270A regime, tax penalties are not merely about ticking boxes but involve a fair process that considers the taxpayer's intent and actions. The key takeaway from this ruling is that it reassures taxpayers that if they are honest and proactive—even when faced with mistakes or misleading advice—they are protected by law. Salaried taxpayers and those relying on consultants now see a tribunal recognising their situation and not penalising them for third-party misleading advice or fraud.' Gopal Bohra, direct tax partner, N. A. Shah Associates LLP says: 'In this case, the taxpayer was unaware about the incorrect or excessive claims made by the consultant in his income tax return and had relied entirely upon the consultant's expertise. Subsequently, when he came to know about the incorrect or excessive claim in his return, he promptly recomputed the correct tax liability and interest thereon and voluntarily deposited. This he has done before any notice could be issued by the tax department and this proactive approach saved him from penal consequences. While the applicability of this decision to other cases would depend on the specific facts involved, however, this may serve as a relevant precedent in a situation where a taxpayer voluntarily pays the correct tax and interest before receiving any notice, and is able to demonstrate bona fide reliance on third party consultant along with a lack of his personal knowledge of the tax laws.' Kunal Savani, Partner, Cyril Amarchand Mangaldas, says: 'This is a welcome judgment, particularly in times where taxpayers often face genuine hardship in filing a revised ITR beyond the prescribed due date. The judgment also underscores the bona fide of a taxpayer and the principle that the taxpayer must approach with clean hands, as was demonstrated in this case, where the taxpayer proactively paid the taxes along with applicable interest immediately upon being made aware of the consultant's error, and notably, even before receiving any demand notice.' Ritika Nayyar, Partner, Singhania & Co., says: 'The judgment lays emphasis that due to the assessee's bonafide intentions, proactiveness to make things right, no intention of tax evasion would have weightage over mistakes done in ITR without his knowledge, even if it led to under reporting of income. If the assessee due to his different technical background, fully relied on his tax consultant, who undertook a fraudulent act for which the assessee had no knowledge and as soon as he became aware, he rectified it suo moto, and should not be held responsible or punished ( be it financially) for someone else's malafide act. So if one is aware and prompt in his corrective actions, along with facts and evidence, he can demonstrate his genuine position and get relief from such a penalty.' Jay N. Bhansali, Advocate, Bombay High court, says: 'In the said case, involving peculiar facts, the Appellate Tribunal held that improper deduction claimed in reliance on professional advice—being influenced by an advisor's hidden agenda—should not attract penalties if there was no willful intent by the taxpayer to evade tax. It further clarified that taxpayers who voluntarily correct such errors and pay taxes before detection may be spared from penal consequences. The ruling reaffirms the principle that not every ineligible claim warrants a penalty, especially in cases of bona fide error. With the Income-tax Department intensifying scrutiny of improper deductions, this decision offers timely relief to similarly affected taxpayers.' N.R. 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Hindustan Times
22-07-2025
- Business
- Hindustan Times
ITR filing 2025 last date extended
The last date for the filing of Income Tax Returns (ITR) for the financial year 2024-25 (Assessment Year 2025-26) has been extended. while the date for the filing of the return has been extended, the payment of any due self-assessment taxes must be finished by July 31.(Reuters) The Central Board of Direct Taxes has released a new deadline for ITR filing for non-audit cases, including salaried taxpayers. The final date to file the ITR for them has now been moved to September 15, 2025, from the earlier date July 31, 2025, according to the CBDT circular. Filing beyond this date will lead to a penalty of ₹5,000 (if income exceeds ₹5 lakh) and ₹1,000 for lower income groups under Section 234F. Belated or revised returns can be filed till December 31, 2025, and updated returns (ITR-U) can be filed till March 31, 2030. However, while the date for the filing of the return has been extended, the payment of any due self-assessment taxes must be finished by July 31. If not, penal interest under Section 234A may be accrued. The extension comes after alleged delays in the availability of updated ITR forms and e-filing facilities on the Income Tax Department's portal. Apart from this, the late reflection of TDS data in Form 26AS and AIS also led to challenges for the taxpayers, who urged for extension to ensure precise filing. The deadline extension also leads to a positive reflection on the refund interests. Taxpayers who are due refunds may get up to 33 per cent higher interest under Section 244A. This is because the interest is accrued from April 1, despite the extension. This interest is taxable and must be reported in the ITR. The Income Tax Department introduced a new Excel-based offline utility for filing the Income Tax Return-1 and Income Tax Return-4. Under this utility, taxpayers will be able to validate their returns by creating a JSON file and uploading it to the e-filing portal.
