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New Delhi [India], July 14 (ANI): The Income Tax Department initiated a large-scale verification operation across multiple locations in the country on Monday, targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). This action follows a detailed analysis of the misuse of tax benefits under the Income-tax Act, 1961, often in collusion with professional intermediaries, as per a statement from Central Board of Direct Taxes. Also ...Read More >
New Delhi, July 14 (SocialNews.XYZ) Vandana Gurnani, Secretary, Ministry of Labour and Employment, exhorted Global Capability Centres (GCCs) on Monday to leverage existing government schemes for hiring talent in the country. She urged the GCCs to engage with government initiatives such as the Employment Linked Incentive Scheme, which holds substantial potential for job creation, and the National Career Services Portal, a comprehensive platform with partnerships across major firms offering job m ...Read More >
New Delhi: With stricter checks and new rules for tax returns, more and more people in India are running into trouble with their Income Tax Returns (ITR). Many are getting notices about "defective returns" under Section 139(9) of the Income Tax Act. This can mean delays in getting your refund, possible penalties, or even your return being declared invalid if you don't fix the problem quickly. One common issue is with the ITR-1 form. In the past, if you had any capital gains (even if they were t ...Read More >
New Delhi, Jul 14 (PTI) The Income-Tax Department on Monday launched multi-city raids as part of a tax evasion probe against those entities which assist certain individuals avail bogus deductions in their returns by claiming a variety of exemptions, official sources said. They said false deductions claimed by persons in lieu of making political donations to registered or unregistered political parties, payment of medical insurance, tuition fee and certain category of loans are among those cases ...Read More >
New Delhi: Income Tax refunds have jumped 474% in the last 11 years to Rs 4.8 lakh crore in 2024-25, significantly outpacing the 274% growth in gross tax collections, sources said on Sunday. Also, there has been an 81% decrease in number of days it takes to issue income tax refunds, decreasing from 93 days in 2013 to just 17 days in 2024. As of 2013-14, the last year of the UPA rule, refunds issued by the Income Tax department were at Rs 83,008 crore. Whereas, at the end of 2024-25, the 11th ye ...Read More >
New Delhi [India], July 13 (ANI): India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly double the pace of tax collections, Ministry of Finance sources told ANI. The numbers paint a striking picture of administrative efficiency gains. Between 2013-14 and 2024-25, refunds issued to taxpayers have skyrocketed by 474 per cent, rising from Rs 83,008 crores to Rs 4,76,743 crores. This growth significantly outpaces the 274 pe ...Read More >
New Delhi, July 13 (SocialNews.XYZ) The average number of days it takes for taxpayers to get refunds from the Income Tax Department in India has come down drastically from 93 days in 2013 to a mere 17 days in 2024, reflecting the increased efficiency in the system on the back of rising digital infrastructure that enables faceless online disbursals. The introduction of pre-filled returns, automation in refund processing, real-time TDS adjustments and online grievance redress mechanisms has led t ...Read More >
New Delhi: More than 1.16 crore Income Tax Returns (ITRs) have already been filed for Assessment Year 2025-26, and over 1.09 crore have been verified. However, many taxpayers are still awaiting their refunds, leading to widespread concern. Why Refunds Are Getting Delayed This Year According to CA Dr. Suresh Surana, multiple procedural and technical reasons are causing the delay. One major issue is that ITR utilities -- used to file tax returns -- were released much later than usual. ITR-1 and ...Read More >
New Delhi: India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly twice the pace of tax collections, sources from the Ministry of Finance told ANI. The data highlights significant gains in administrative efficiency. Between FY 2013-14 and FY 2024-25, refunds issued to taxpayers surged by 474%, rising from ₹83,008 crore to ₹4,76,743 crore. This increase far outpaces the 274% growth in gross direct tax collections during th ...Read More >
NEW DELHI: Recent reductions in income tax burdens, benign inflation, lower interest rates and a favourable outlook for agricultural production are expected to support rural incomes and bolster overall consumption in India, according to a new report. Given that private final consumption expenditure constitutes nearly 60 per cent of India's GDP, it has a strong bearing on India's overall growth outlook. A sustained recovery in consumption is also vital for a meaningful pick-up in private sector ...Read More >
New Delhi: A recent report says that lower income taxes, easing inflation, falling interest rates, and a good outlook for farm output are likely to boost rural incomes in India. This could lead to higher spending across the country. Since household consumption makes up nearly 60 per cent of India's GDP, any rise in rural demand can have a big impact on the nation's overall economic growth. A steady rise in consumption is crucial for a strong rebound in private sector investment. "We expect priv ...Read More >
MUMBAI : Shiv Sena (UBT) MP Sanjay Raut on Friday posted a video on X purportedly showing the state's social justice minister Sanjay Shirsat of the Shiv Sena sitting in a room along with a partially opened bag containing what look like bundles of currency notes. Shirsat, however, rubbished the claim, saying the bag only contained clothes.The allegation came a day after it emerged that Shirsat had received a notice from the income tax department seeking an explanation for increase in his financia ...Read More >
New Delhi [India], July 12 (ANI): Ahead of the Bihar assembly elections, Union Minister and Lok Janshakti Party (Ram Vilas) president Chirag Paswan received a death threat on social media, his party spokesperson Rajesh Bhatt said on Friday. Bhatt also filed a complaint at the Cyber Police Station in Patna in the matter. As per the written complaint, the death threat was issued by an Instagram user under the name 'Tiger Meraj Idisi'. 'The threat was issued due to Paswan's growing popularity. T ...Read More >
Mumbai: Shiv Sena (UBT) MP Sanjay Raut Friday posted a video on X purportedly showing social justice minister Sanjay Shirsat of Shiv Sena sitting in a room with a partially opened bag containing what look like bundles of currency notes. Raut said Union home minister Amit Shah should take note. Shirsat rubbished the claim, report Chittaranjan Tembhekar & Chaitanya Marpakwar.The allegation came a day after it emerged that Shirsat had received a notice from the income tax department seeking an expl ...Read More >
Mumbai: Shiv Sena UBT MLA Aaditya Thackeray has questioned if Maharashtra Minister and Shiv Sena leader, Sanjay Shirsat, will be sacked from the Devendra Fadnavis-led cabinet over an alleged video of a bag full of cash in his room. "This man in the video is a cabinet minister in the Government of Maharashtra. The crucial question is will CM Fadnavis ji sack this man? He has received an Income Tax notice, yesterday, his scams have been exposed by us in recent times, but the arrogance of this man ...Read More >
Mumbai, July 11 (IANS) A political row has erupted in Maharashtra after a video was shared on Friday on social media by Shiv Sena-UBT MP Sanjay Raut, who levelled serious allegations against Shiv Sena Minister Sanjay Shirsat, purportedly showing him in possession of a big bag full of cash at his home, suggesting that Prime Minister Narendra Modi, Union Home Minister Amit Shah and Chief Minister Devendra Fadnavis must take a note of it. Raut in his social media post on X said, "This thrilling vi ...Read More >
Mumbai: After being served with a Income Tax notice, a video of Minister for Social Justice of Maharashtra Sanjay Shirsath smoking cigarette beside a bag full of cash has been taking rounds on internet. The minister was served notice after his wealth has increased by Rs 31 crore in five years. Sanjay Raut Reacts To Video Of MLA Sanjay Shirsat Shiv Sena (UBT) party leader Sanjay Raut had targeted Shirsath, referring to this video by tweeting the video where MLA Sanjay Shirsat seen sitting on a ...Read More >
Mumbai, July 11: The Income Tax Department has officially released the Excel-based utilities for ITR-2 and ITR-3 forms for the Assessment Year (AY) 2025-26, enabling individuals with more complex income sources, including capital gains, cryptocurrency, and professional income, to begin filing their tax returns. The announcement was made via the department's official X, formerly Twitter, handle, saying, "Attention Taxpayers! Excel Utilities of ITR-2 and ITR-3 for AY 2025-26 are now live and avail ...Read More >
New Delhi, Jul 11 (PTI) Shares of Tata Consultancy Services (TCS) dropped nearly 3.50 per cent on Friday after its June quarter earnings failed to enthuse investors. The bellwether stock declined 3.46 per cent to settle at Rs 3,265.40 apiece on the BSE. During the day, it dropped 3.57 per cent to Rs 3,261.35. On the NSE, it went lower by 3.47 per cent to Rs 3,264.50. The company's market valuation eroded by Rs 42,295.44 crore to Rs 11,81,450.30 crore. The stock was the biggest laggard among ...Read More >
VMPL New Delhi [India], July 11: Owning a home is a dream for many families, as it represents security and long-term stability. A home loan often helps to fulfil this dream by providing financial support to purchase property. A home loan is a financial product that helps an individual to purchase residential property by borrowing funds from a lender. Understanding the potential benefits of a home loan may allow an individual to make better decisions. This article details out some key benefits o ...Read More >
Mumbai: Deputy Chief Minister Eknath Shinde's close associate and social justice minister Sanjay Shirsat has received a notice from the income tax department regarding the increase in his assets between 2019 and 2024. Shinde himself confirmed this while speaking to media persons at Vidhan Bhavan on Thursday. "I was given time until Wednesday, but I have requested some more time," said the minister, adding that the notice was based on a complaint filed by someone. He raised the political temper ...Read More >
Lucknow: The Enforcement Directorate (ED) on Thursday registered a money laundering case against Jamaluddin alias Chhangur Baba, the alleged mastermind of an illegal religious conversion syndicate in the state. ED is now preparing to take him into custody.The probe stems from suspected foreign remittances exceeding Rs 100 crore into around 40 bank accounts linked to the accused and his associates.ED has sought the details of income tax returns of all 40 entities of Chhangur Baba in the last 10 y ...Read More >
MUMBAI : The annual information statement (AIS), introduced by the Income Tax Department to enhance transparency, is instead creating hassles for taxpayers by reporting incorrect incomes, according to chartered accountants. Introduced in 2021, the AIS gives a snapshot of financial transactions -- ranging from securities and mutual funds to property deals and fixed deposits -- during a fiscal year, sourced from multiple reporting entities such as banks, registrars, depositories, and sub-registra ...Read More >
Patna: Protests erupted across Bihar on Wednesday against the Election Commission's special intensive revision of electoral rolls even as the Supreme Court agreed to hear one more plea challenging the poll panel's move. Top leaders of the Opposition Mahagathbandhan, including Leader of Opposition in the Lok Sabha Rahul Gandhi, converged in Patna for the protests. Burning tyres were seen on highways in several parts of Bihar, throwing traffic out of gear in districts such as Muzaffarpur, Nawada ...Read More >
Bengaluru : In a first for India's tax-tech landscape, ClearTax, the country's leading tax filing platform by fintech company Clear, today announced the nationwide launch of ClearTax AI - a personal, multilingual AI-powered tax assistant designed to make Income Tax Return (ITR) filing accessible, simple, and stress-free for every Indian, regardless of income source, geography, or digital fluency. Tax filers can now file their taxes in under three minutes simply by chatting in their preferred la ...Read More >
Patna: Leader of opposition in Lok Sabha, Rahul Gandhi, on Wednesday alleged that the special intensive revision (SIR), ahead of the Bihar assembly elections, was just an extension of the "Maharashtra model" of "fudging electoral rolls".His remarks drew sharp criticism from BJP, who said that Rahul was allegedly attempting to pressure the judiciary ahead of a key Supreme Court hearing over the issue.Rahul had come from Delhi to join the protest march, which began from the Income Tax roundabout. ...Read More >
Patna, July 9 (SocialNews.XYZ) Hours after Leader of Opposition (LoP) in the Lok Sabha, Rahul Gandhi, accused the Centre and Election Commission of trying to "steal" the Bihar Assembly elections through voter list revision, Bihar Deputy Chief Minister Samrat Choudhary hit back, calling the protest a 'drama.' "Leaders like Rahul Gandhi come to Bihar for a picnic. He has nothing to do with Bihar's problems or development. He just comes, does drama, and leaves. He should at least look at Patna's a ...Read More >
Patna, July 9 (SocialNews.XYZ) Amid the Bihar Bandh called by the Opposition against the Special Intensive Revision (SIR) of the voter list just ahead of the Assembly elections in the state, RJD National Vice-President and Lalu Yadav's close aide Shivanand Tiwari has given a significant suggestion to Congress MP Rahul Gandhi and RJD leader Tejashwi Yadav. The protest, spearheaded by the Rashtriya Janata Dal (RJD), Congress, and other alliance partners, is aimed at halting the ongoing voter list ...Read More >
Patna, July 9 (UNI) Congress leader Rahul Gandhi today led a protest march during statewide Chakka Jam called by opposition Grand Alliance (GA) in Bihar against the ongoing Special Intensive Revision (SIR) of electoral rolls in the state. Accompanied by the leader of Opposition in Bihar assembly Tejashwi Prasad Yadav, national general secretary of the Communist Party of India (Marxist Leninist) CPI(ML), Deepankar Bhattacharya and leaders of CPI, CPM and VIP, Rahul took out the protest march fro ...Read More >
Jaipur: Government banks across Rajasthan were closed, and around 11,000 bank employees and officers in the state joined the nationwide strike on Wednesday to press for their demands. The protest is part of a larger movement by bank employees in support of 17 key demands. According to Mahesh Mishra, General Secretary of the Rajasthan State Bank Employees Union, major banking associations have supported the strike. PNB, Bank of India, Indian Bank and Union Bank of India are observing strikes, ...Read More >
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