Tag: income

Understanding the Importance of Filing Income Tax Returns on Time by the ITR Due Date

The Significance of ITR Filing: A Civic Responsibility
Every qualified taxpayer has a duty to file income tax returns (ITRs), which is a vital civic obligation. The procedure include disclosing one’s earnings, reimbursements, and taxes paid to the government throughout the course of a fiscal year. In addition to ensuring compliance with tax regulations, ITR filing supports national government and economic growth. In this essay, we examine the relevance of submitting an ITR and the value of paying attention to the deadline.
The ITR Calendar: Key Dates to Remember
distinct kinds of taxpayers have distinct ITR due dates that are set by the Indian Income Tax Department. These dates, which are based on the fiscal year, which runs from April 1 to March 31, are normally made public well in advance. The ITR calendar is summarized in this part, with special attention paid to the different deadlines and any extensions that may have been given by the authorities.
Consequences of Missing the ITR Last Date
The repercussions for failing to submit income tax returns by the deadline may be severe. Late submission may result in fines, interest, and in serious situations, even prosecution. Missing the deadline can also result in the loss of carry-forward losses and some tax benefits, which could result in financial losses for the taxpayer. The consequences of failing to submit an ITR on time are discussed in this section of the article.
E-Filing: Simplifying the ITR Filing Process
For the benefit of taxpayers, the Income Tax Department has adopted technology to simplify the ITR filing procedure. E-filing, also known as electronic filing, enables people to file their ITRs online, which is quick, easy, and simple. The advantages of electronic filing are covered in this part, as well as the user-friendly platforms the government offers for taxpayers to file their returns.
Seeking Professional Assistance: The Role of Chartered Accountants
Even while ITR submission has become easier thanks to e-filing, certain taxpayers may still find it difficult due to the complexity of tax legislation and computations. Accurate and prompt ITR filing may be achieved by enlisting the help of skilled experts, such as Chartered Accountants. This section investigates the function of chartered accountants in assisting taxpayers with tax returns and minimizing their tax obligations.

July 30, 2023
Rishi Sunak’s wife set to earn huge dividend income from Infosys

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Rishi Sunak’s wife, Akshata Murty, is set to earn a huge dividend income from Infosys, India’s second-largest IT firm. Murty, who is the daughter of Infosys co-founder Narayana Murthy, held 3.89 crore shares of Infosys at the end of December, according to company filings with the stock exchanges. The company declared a final dividend of Rs 17.50 per share for FY23, and if Murty retains her shareholding until the record date of June 2, she would receive Rs 68.17 crore.
Together with an interim dividend of Rs 16.50 per share declared in October last year, she would receive a total of Rs 132.4 crore. For the previous fiscal, Infosys paid a total of Rs 31 per share dividend, giving her a total of Rs 120.76 crore. At Thursday’s closing price of Rs 1,388.60 per share on the BSE, her holding is worth just over Rs 5,400 crore.
Nationality of Rishi Sunak’s wife Akshata Murty is a divisive issue in UK
While Rishi Sunak is a British national, his wife Akshata is an Indian citizen, and her non-domiciled status, which allows her to earn money abroad without paying taxes in Britain for up to 15 years, has been a divisive issue in the UK. Her non-domiciled status became an issue of discussion in Britain when Sunak first entered the race to become the prime minister in April last year.

Akshata was born in her mother Sudha Murty’s hometown of Hubballi in northern Karnataka, and did her schooling in Bengaluru, before moving to Claremont McKenna College in California, where she graduated with a dual major in economics and French. She then did a fashion designing diploma from the Fashion Institute of Design and Merchandising in Los Angeles, followed by a short work stint at Deloitte and Unilever. She thereafter pursued her MBA at Stanford where she met Rishi Sunak.
The two married in 2009 and currently live in a 7-million-pound townhouse in Kensington. Rishi Sunak and his wife also own a flat in Kensington, a mansion in Rishi’s Yorkshire constituency, and a penthouse in California.
Infosys dividend
Infosys is among the best dividend-paying companies in India, and according to Infosys filings, the promoters hold 13.11 per cent of the company. Of this, the Murthy family owns 3.6 per cent, with Narayana Murthy holding 0.40 per cent stake, his wife Sudha 0.82 per cent, son Rohan 1.45 per cent, and daughter Akshata 0.93 per cent. Other promoters include co-founder S Gopalakrishnan, Nandan M Nilekani, and S D Shibulal and their families.
On Thursday, the company disclosed that it had closed FY23 with a higher net profit of Rs 24,108 crore, earning a revenue of Rs 146,767 crore for FY23 against Rs 121,641 crore in the previous year and a net profit of Rs 24,108 crore against Rs 22,146 crore in the previous year.
As of March 31, 2023, Infosys had a headcount of 343,234 employees, up from 314,015 employees in the previous year.

With inputs from agencies
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( With inputs from www.siasat.com )

April 14, 2023
Telangana ranks number one in per capita income: KTR

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Hyderabad: Telangana has been ranked number one in per capita income in 2022-23, said the state minister for industries, commerce and information technology K. T. Rama Rao.
He tweeted that Telangana’s per capita income has increased from Rs.1.24 lakh in 2014-15 to Rs 3.17 lakh in 2022-23.
Minister KTR wrote that 155 per cent growth in per capita income is the highest among all states.
“Best performing state under a visionary CM KCR Garu is ranked No. 1 in India,” tweeted KTR. He was reacting to a report which quoted the Ministry of Statistics and Programme Implementation (MoSPI).
MoSPI minister of state Rao Inderjit Singh had revealed in Lok Sabha the details of the per capita income of various states. According to him, Telangana’s per capita income at current prices as of March 15 is Rs 3,08,732. Karnataka is at second position with Rs.3,01,673 while Haryana is at third with Rs.2,96,685.
KTR stated that this performance of Telangana is despite an inimical union government.
Telangana’s finance minister T. Harish Rao had told the state Assembly last month that the per capita income of Telangana is estimated to increase from Rs.1,12,162 in 2013-14 to Rs 3,17,115 in 2022-23. He stated that this is higher than the national per capita income of Rs.1,70,620 by 86 per cent.

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( With inputs from www.siasat.com )

March 31, 2023
Farmers expect better income as mustard fields in full bloom

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Umaisar Gull Ganie
Srinagar, Mar 29: The farmers across Kashmir are expecting better income this year as mustard fields are in full bloom with tourists enjoying to the fullest in the yellow fields.
Talking to the news agency—Kashmir News Observer (KNO), the farmers from various areas of the valley said that this year the weather conditions remained favourable for mustard in winter due to which there is a better crop, and that they expect a better yield as well.
Mohammad Shaban a farmer from the Qazigund area of south Kashmir’s Anantnag district, said while there was less snowfall in the plains this year, however, the timely rains helped mustard crops to grow well.
“The mustard seeds provided by the Agriculture Department have grown well than our traditional seeds and we expect good income this year,” he said.
Farmers from other districts shared similar views and said they expect a good yield this year.
Director Agriculture Kashmir, Mohammad Iqbal Choudhary told KNO that some years ago, most people were not sowing anything on their land but after taking different parameters into consideration, most of the land was found favourable for the cultivation of mustard.
“As the Government of India started oil seed mission, we wrote to the Centre that we want to be part of it, following which they provided us with around 1,800 quintal seeds,” Iqbal said, adding that the land under mustard was increased from 3,000 hectares to 1,40,000 hectare in the last two years.

“Mustard crop has turned the valley into yellow colour. Tourists travelling to Kashmir Valley are also enjoying the mustard bloom from Qazigund to Srinagar along the Jammu Srinagar National Highway,” the Director Agriculture said.
Choudhary said also said the seeds provided by the Agriculture Department have doubled the yield of farmers and increased their income.
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( With inputs from : roshankashmir.net )

March 29, 2023
Amritpal’s mentor Papalpreet served I-T notice over ‘unaccounted’ income

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Chandigarh: Papalpreet Singh, the brain behind radical preacher and pro-Khalistan supporter Amritpal Singh, has been served a notice by the Income Tax department to explain the source of Rs 4.48 lakh credited into his account, officials said here on Friday.
Papalpreet, who has been on the run along with Amritpal since the Punjab Police launched a crackdown on March 18, faced the I-T department action under section 147 of the Income Tax Act, under which an assessing officer has discretionary powers to reopen the proceedings when there are reasons to believe that some of the income has escaped assessment.
The Income Tax notice was recovered from the house of Baljeet Kaur at Shahabad in Kurukshetra in Haryana where Papalpreet and Amritpal had taken shelter on March 19 and 20 before fleeing from there after changing their looks and leaving behind the sacred “Siri Sahib”, the officials said, adding a devout Sikh would not leave behind his kirpan.
Papalpreet and Amritpal had told the woman that “someone would be collecting the bag” left behind by them, but the plan failed as the Haryana Police raided the house and recovered it.
The Income Tax notice, issued on March 14 this year, had asked Papalpreet to submit his reply by March 20. He has not filed his response as he has been guiding the radical preacher since March 18, the officials said.
The I-T department informed Papalpreet that his assessment had been flagged as “High Risk-CRIU (Case Related Information Upload” and asked him to explain the unaccounted income of Rs 4.48 lakh.
An internal note of the I-T department stated that Papalpreet is a journalist based out of Amritsar who runs the website “Punjab Shield”, which is essentially a Khalistani propaganda site.
Rejecting his reply of February 14 where Papalpreet had stated that he earned approximately Rs 8,000 to Rs 20,000 per month from Youtube and Rs 15,000 from dairy business,” the Income Tax department asked him to submit credit transactions along with documents supporting his claim.

The Income Tax department made it clear that Papalpreet had not submitted his returns for the financial year of 2019-20 during which he had a credit entry of Rs 4,48,868 in his bank account and that needed to be explained.
Papalpreet, who is alleged to be in close contact with Pakistan’s ISI and was taking instructions from it, has been one of Amritpal Singh’s mentors who had been advising him on various issues.
The first images of Papalpreet were seen him driving a motorcycle with Amritpal riding pillion. The two-wheeler was found deserted at Phillaur in Jalandhar.
The officials said Papalpreet Singh was taking instructions from the ISI to raise the bogey of Khalistan in Punjab and was working to plunge the state into the dark days of terrorism.
They said it was on Papalpreet’s instructions that Amritpal changed his appearance from a radical Sikh preacher to an ordinary person and finally abandoned the motorcycle at a canal in Phillaur.
Papalpreet faces four criminal cases, include one under the stringent Unlawful Activities (Prevention) Act and for the Ajnala police station incident.
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( With inputs from www.siasat.com )

March 24, 2023
Cash Transaction Limit fixed: Income tax department has fixed

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If you mostly use cash for transactions then you need to be careful. The Income Tax Department can issue a notice in your name. Explain that the Income Tax Department monitors people who do more transactions in cash.
If you have more cash transactions in your transaction history, then you may be asked about the source of the money.
Let us tell you that the Income Tax Department is taking strict steps regarding financial irregularities. In such a situation, all those people who use cash for big transactions can be on their radar. Today we are here telling you what rules have been made regarding cash transactions which you need to keep in mind.
No more than 10 lakh cash in bank account or FD
If you deposit Rs 10 lakh or more in cash in any of your bank accounts in a financial year, then the Income Tax Department can ask you for its information. Please tell that its maximum limit in the current account is Rs 50 lakh. At the same time, in FD also, you cannot deposit more than Rs 10 lakh in cash in a year. If you want to deposit more amount than this, then you can pay online or through cheque.
Use of cash for credit card bill payment or investment
If you use cash more than Rs 1 lakh for credit card bill payment, then you can be asked for its information. At the same time, you cannot use much cash for investment. If you do cash transactions in any shares, mutual funds or bonds, then keep in mind that for this also you cannot use more than 10 lakh cash in a financial year. If you do this, the Income Tax Department can send you a notice.
Rules for paying for property in cash

Cash is widely used in the real estate sector. If you pay in cash to buy a property, it is important to know its rules. Let us tell you that after making a big transaction in cash with the property registrar, its report goes to the Income Tax Department. If you buy or sell a property worth Rs 30 lakh or more in cash, the Income Tax Department gets information about it. These rules should always be kept in mind otherwise you may get into trouble.
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#Cash #Transaction #Limit #fixed #Income #tax #department #fixed
( With inputs from : kashmirpublication.in )

March 20, 2023
Income Tax: Get this work done in 10 days, otherwise you

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Bank FD: There are many banks in the country that offer interest rates ranging from 6.50 per cent to 7.60 per cent on tax saving FDs. By investing in tax saving FDs, you can save tax under section 80C of the Income Tax Act, 1961. However, only those people who have opted for the old tax regime.
Income Tax Return: Fixed Deposit (FD) can be a good option for people looking for an option to save tax before the end of FY 2023. Many banks and post offices offer tax saving FDs with a maturity period of five years. This option can help you save maximum tax, especially if you have already explored other options like post office schemes, National Pension System (NPS), home loans and mutual funds.
Tax Saving
There are many banks in the country that offer interest rates ranging from 6.50 percent to 7.60 percent on tax saving FDs. By investing in tax saving FDs, you can save tax under section 80C of the Income Tax Act, 1961. However, only those people who have opted for the old tax regime can avail tax exemption through this. Under the new tax regime, the option of tax saving through FD is not available.

Tax Saving FD
It is important to note that only individuals and Hindu Undivided Families (HUFs) can invest in Tax Saving FDs. Minors can invest with the help of their parents. The maximum amount that can be invested in a tax saving FD is up to Rs 1.5 lakh. At the same time, there are about 10 days left for the next financial year to start. In such a situation, by getting a tax saving FD done in this financial year, its benefit can be availed while paying income tax. At the same time, it should also be known that the maturity period of tax saving FD is five years.
Income Tax Return
If you are looking for an option to save tax before the end of FY 2023, then tax saving FD can be a good option. Many banks offer this option with attractive interest rates and it can help you save tax under section 80C of the Income Tax Act, 1961. However, it is important to consider the maturity period and liquidity requirements before investing.
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( With inputs from : kashmirpublication.in )

March 20, 2023
Salman Khan’s net worth 2023, annual income & more

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Mumbai: Salman Khan aka ‘Bhaijaan of Bollywood‘, is undoubtedly one of the most popular actors not just in India but across the world. With a career spanning over three decades, Salman Khan has starred in numerous blockbuster films and has a massive fan following across the globe.
Apart from his movies, Salman’s luxurious lifestyle including his staggerings earnings and properties have always been the topic of interest among his fans. In this write-up, let’s have a look his current net worth and how much he is earning every year including his remuneration per movie.
Salman Khan’s Net Worth 2023
According to multiple reports, the estimated net worth of Salman in 2023 is over 350 million USD (Rs 2850cr).
Annual Earnings, Fee Per Movie
Reports suggest that Salman Khan earns a staggering amount of Rs 220cr annually and around 16cr per month. Huge! Isn’t it? While these figures may seem astounding to some, given Salman’s immense popularity and stardom, they come as no surprise.
Bhaijaan is among the top paid actors in India today. His remuneration is Rs 100 crore plus (including share profits from total revenue). He became the first actor to get Rs 130 crore as acting fees in 2017 with Tiger Zinda Hai. Pinkvilla says that the actor had gets 60 to 70% of the total profits from his films.
Salman Khan’s Upcoming Projects
In terms of work, Salman Khan is currently gearing up for the release of his upcoming film Kisi Ka Bhai Kisi Ki Jaan. Apart from this, he also has Tiger 3. He was seen playing cameo in Shah Rukh Khan‘s Pathaan.
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( With inputs from www.siasat.com )

March 16, 2023
Cash keeping limit at Home : Big news! Income Tax Department
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Do you know how much cash you can keep in your home? What is the limit fixed by the Income Tax Department on this matter. Know what is the rule
Rules of Cash in Home: If you have a habit of keeping most of the cash in your house, then it can also harm you a lot. Those who are businessmen, they often have to keep cash at their home, even if they deposit it in the bank the next day. It’s ok though. But some people have a lot of cash, and they keep it in their house, and later they get caught. If you do the same, then this news can prove to be useful for you. We are going to tell you what rules the Income Tax Department has made for this. Whose information you must have.
Cash comes out of the house in the raid
As per the rules of the Income Tax Department, you should know the limit of keeping cash in your house. It may be known that in the last several months, assembly elections were held in the states, in which it was found that there was a lot of cash deposited in people’s homes. Cash amounting to crores of rupees is being recovered from the officers every day. In such a situation, the question arises that how much cash should the common man keep in his house, so that no action is taken against him?

Will have to tell the source if caught
If you are caught by the investigating agency, then you will have to tell the source of the cash. If you have earned that money in the right way, then you must have its complete documents. Also, if his Income Tax Return is filled, then you do not need to panic. If you are unable to tell the source, then big investigative agencies like ED, CBI take action against you.

this much will be the fine
How much fine will you have to pay if you are caught with unaccounted cash at home? According to the Central Board of Direct Taxes (CBDT) in this regard, if you are unable to tell the source of money kept at home, then you may have to pay a fine of up to 137 percent.
keep these things in mind
- Transaction of more than Rs 20 lakh in cash in a financial year can attract a fine.
- It is necessary to give PAN number for depositing or withdrawing cash more than Rs 50,000 at a time.
- If a person deposits 20 lakh rupees in cash in 1 year, then he will have to give information about PAN (PAN) and Aadhaar (Aadhaar).
- Fine up to Rs 20 lakh may have to be paid for not giving information about PAN and Aadhaar.
- You cannot shop for more than Rs 2 lakh in cash.
- A copy of PAN and Aadhaar card will have to be given if purchases of more than Rs 2 lakh are made in cash.
- The person can come on the radar of the investigating agency on the purchase and sale of property worth more than Rs 30 lakh in cash.
- At the time of payment of Credit-Debit Card card, if a person pays an amount of more than Rs 1 lakh in one go, then investigation can be done.
- Can’t take cash more than Rs 2 lakh from your relatives in 1 day. This has to be done through the bank.
- The limit for donating in cash has been fixed at Rs 2,000.
- No person can take a loan of more than 20 thousand in cash from another person.
- You will have to pay TDS if you withdraw more than Rs 2 crore cash from the bank.
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( With inputs from : kashmirpublication.in )
March 15, 2023
Cash Transactions Notice: Big news! Income tax notice will come

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New Cash Transaction Rule: The Income Tax Department has become very cautious about cash transactions these days.
In the last few years, the Income Tax Department and various investment platforms like banks, mutual fund houses, broker platforms, etc. have tightened the cash transaction rules for the general public. Let us know the complete details about it.
Now these investment and lending institutions allow cash transactions only up to a certain limit. The Income Tax Department can send a notice if there is even a slight violation.
There are many such transactions, which are monitored by income tax. If you do large cash transactions with banks, mutual funds, brokerage houses and property registrars, they will have to inform the Income Tax Department. Let us know about 5 such transactions, which can land you in trouble.
Bank Fixed Deposit (FD)
Cash deposit in bank FD should not exceed Rs 10 lakh. The Central Board of Direct Taxes (CBDT) has announced that banks will have to disclose whether individual deposits in one or more fixed deposits exceed the prescribed limit.

Bank savings account deposit

The limit for cash deposit in a bank account is ₹10 lakh. If a savings account holder deposits more than ₹10 lakh during a financial year, the Income Tax Department can send an Income Tax notice. Meanwhile, cash deposits and withdrawals in a bank account that cross the limit of ₹10 lakh in a financial year must be disclosed to the tax authorities. In current accounts, the cap is ₹50 lakh.
Credit card bill payment
As per CBDT rules, payments of Rs 1 lakh or more in cash in lieu of credit card bills should be reported to the Income Tax Department. Additionally, if ₹10 lakh or more is paid in a financial year to settle credit card bills, the payment should be disclosed to the tax department.
Sale or purchase of real estate
The property registrar will have to disclose to the tax authorities any investment or sale of immovable property for an amount of ₹30 lakh or more. Therefore, in the purchase or sale of any real estate property, taxpayers are advised to report their cash transactions in Form 26AS as the Registrar of Property will definitely report about the same.
Investment in Shares, Mutual Funds, Debentures and Bonds
Investors investing in mutual funds, stocks, bonds or debentures should ensure that their cash transactions in these investments do not exceed ₹10 lakh in a financial year.
The Income Tax Department has prepared the Annual Information Return (AIR) statement of financial transactions to trace high-value cash transactions of taxpayers. The tax authorities would collect details of abnormally high value transactions in a particular financial year on this basis.
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( With inputs from : kashmirpublication.in )

February 26, 2023