The time restriction for confirming an income tax return (ITR) has been reduced from 120 days to 30 days after electronically transmitting the ITR's data, according to the Central Board of Direct Taxes (CBDT).
The last date for filing income tax return for FY 2021-22 (AY 2022-23) is July 31, 2022. If this deadline is missed by the individual taxpayers, then they have an option to file a belated income tax return. However, filing a belated ITR comes with some costs. Read on to know more about it.
While HDFC Bank hasn’t given any a breakup of the data on slippages, numbers from state-run banks that ET looked at did not show such trends. ICICI Bank reported slippages of Rs 5,037 crore in retail loans, including rural and business banking loans, in the June quarter, compared with Rs 788 crore for corporate and SME loans.
The deadline for filing I-T returns by those taxpayers who do not have to get their accounts audited for the fiscal that ended on March 31, 2022 was Sunday. Till July 30, more than 5.1 crore tax returns were filed.
As per the regulations, Piramal, which already has a promoter stake in a life insurance firm, cannot pick up a similar stake in another life insurer. Pramerica Life Insurance Limited (PLIL) is promoted by Piramal Group.
July 31, 2022 is the due date for filing ITR for FY2021-22 for individuals whose accounts don’t need auditing. A belated ITR can be filed after this deadline but with a late filing penalty. With the Twitterati demanding extension of ITR filing, will the government extend it at the last minute?
Like other small finance banks, currently, as much as 70 per cent of Ujjivan's assets are unsecured/without collaterals, and a vast majority of its customers are micro-loan borrowers. The remaining 30 per cent are under secured loan category. The management has set a target of having half the assets in the secured segment over the next three years.
As per the current income tax laws, an individual below 60 years of age is required to file ITR if his/her gross total income exceeds Rs 2.5 lakh in a financial year. This is irrespective of the income tax regime (old vs new) chosen by him. Read on to know if you have to file ITR.
CEO Sanjiv Chadha said demand from sectors such as cement, steel and roads has been strong, together with demand for international loans from Indian companies abroad. "Since last year, when corporate margins were low we explored high-rated syndicated loans like external commercial borrowings from Indian companies abroad where margins were good and we have seen growth in that segment," he said.
The bank reported an improvement in its asset quality parameters with gross NPAs falling to 3.36% in the June quarter versus 4.61% a year ago. The net NPA came to 1.30% Provisions for the quarter were at ₹308 crore against ₹1,872 crore in the period last year, a reduction of 84%. The credit cost was 0.9%
The top 10 frequently asked questions concerning filing income tax returns have been released by the income tax department to help clear up some of the confusion.
If an individual missed the deadline to file an income tax return (ITR), then a late filing fee of up to Rs 5,000 is levied. However, there are certain individuals who can file their ITR without paying a penalty even after the expiry of the deadline. Let us take a look at who will not have to face penal consequences for missing the ITR filing deadline.
Tax revenues at the end of the first quarter stood at ₹5.06 lakh crore, 22% higher than the same quarter last year. Non-tax revenues contracted by 51.2% in the same period due to 69.4% lower surplus transferred by the RBI to the Centre, pulling down the overall revenue receipts that grew by a tepid 5.2%.
In the long term you get the opportunity to invest in the fund through its ups and downs, which may give investors the benefit of rupee cost averaging.
A combination of conventional asset classes (stocks/mutual funds/bonds/FDs, etc..) along with unconventional assets may be a prudent way to manage wealth even in the worst crisis.
Taxpayers who have concerns that are not being resolved can file a complaint on the income tax portal.Here's how to make a complaint regarding e-filing on the income tax department's website.
The success of the digital payment story is evidenced by the gross value of over Rs 320 lakh crore in FY21. And going forward, lending is likely to become even more valued given the democratisation of data, and the valuation profile of fintechs is expected to shift from payments to lending, as per the report.
How to gauge a floating rate mutual fund by analysing its risks and returns
"This is another instance of divergent ruling by different state authorities," said Harpreet Singh, indirect tax partner at KPMG in India. "In the past, Madhya Pradesh and Goa advance ruling authorities have held sale of developed land as non-taxable as in essence the transaction continues to be sale of immovable property."
The regulator has also decided to allow insurance companies to tap fund raising options, like through the debt market, without prior approval from the Irdai.
The Income Tax Return (ITR) filing deadline is July 31, 2022. Taxpayers must electronically submit their ITR before the deadline in order to avoid a fine or penalty. ITR filing on time gives a number of benefits.
Tax experts explain that unaccounted money was not used for such payments and as the taxpayer was not engaged in business, various restrictive provisions relating to payment in cash did not apply in this case.
The last date for filing ITR for FY 2021-22 (AY 2022-23) is July 31, 2022. If an individual misses this deadline to file ITR, there is a monetary and non-monetary cost. An individual filing belated ITR is required to pay a late filing fee for a maximum up to Rs 5000. Apart from this, there are certain disadvantages to filing belated ITR.
There are various allowances that are received by an individual for performing official duty. However, these allowances can become taxable if certain conditions are not satisfied. Read on to know when can these allowances become taxable and what conditions you must satisfy to avoid the allowances from becoming taxable.
Lenders may need to incorporate an assessment of both physical and transition risks across a range of climate-related scenarios. They may identify and simulate plausible and relevant scenarios, factor in the inter-linkages between climate-related risk and other risks and explore resilience to financial losses under a variety of scenarios.
All about floater funds and guide to whether it makes sense to invest in it. Read to know more
Salaried individuals use either ITR-1 or ITR-2 to file their income tax returns. The income tax return form to be used by an individual depends on the sources of his/her income, his/her residential status and assets held by him/her. If you met any of the criteria mentioned below, then you will be required to file a tax return using ITR-2.
TDS certificates such as Form 16/Form 16A are important documents that can help an individual to file ITR easily. However, with the deadline approaching fast, an individual can use other documents such as Form 26AS, and AIS to file their ITR and avoid penalty of up to Rs 5,000. Read on to know how you can file ITR using Form 26AS and AIS.
You must file income tax returns in accordance with Indian tax laws if your income is greater than the basic exemption threshold. You must still pay tax if you meet certain requirements even though your taxable income is below the threshold level.
The Annual Information Statement or AIS is the statement containing details of the financial transactions undertaken last year. The statement was launched last year in November 2021. However, being a new document it contains many errors making it difficult for individual taxpayers to file ITR. Not checking and correcting AIS may lead to income tax notice as well.
A salaried individual can file his/her income tax return either using ITR-1 or ITR-2. However, to know which ITR form is applicable to you, one must know all the sources of income during the financial year. Filing ITR using an incorrect ITR form will lead to defective ITR filing.
Previously, an individual was allowed time till the end of the financial year, i.e., March 31 to file belated ITR by paying a maximum penalty of up to Rs 10,000. Here's why the penalty this year is half that of FY 2019-20 (AY 2020-21) if the ITR is filed after the expiry of the current deadline.
Budget 2021 announced that if an employee's own contribution in the EPF account exceeds Rs 2.5 lakh in the financial year, the interest earned on excess contribution will be taxable. The new rule is effective from April 1, 2021 (i.e., FY 2021-22). This year ITR forms ask an individual to provide details of the taxable EPF interest. However, individuals are struggling because interest is yet to be credited in EPF accounts.
On the first day of ET Future of Money Summit, top leaders and experts will focus on the theme of financial inclusion, women and money, fintech startup innovations, digital assets, role of blockchain and CBDCs.
Rupee has lost 6.77% to the greenback this year, ranking seventh among Asian currencies. But the rupee has fared much better against other major currencies. It has gained between 3% and 10% against the Euro, Pound and the Yen this calendar year.
The bidders have raised concerns about potential investments in the bank being subject to CAG's scrutiny in the future. IDBI Bank also follows CVC guidelines for investigating internal complaints of suspected wrongdoing, which the bidders have raised as a concern.
The AIS Consolidated Feedback file (ACF) allows taxpayers to obtain all of their AIS feedback, excluding feedback, 'Information is correct,' in one pdf for easier understanding.
The Taxpayer Information Summary (TIS), which contains significant summaries of the taxpayer's information, is a crucial element of the AIS.
ARCION ARC’s bid is in partnership with Cerberus Capital, a strong contender for Yes Bank’s portfolio. JC Flowers ARC and Cerberus were the only two entities that submitted binding bids for Yes Bank Rs 48000 crore bad loans.
Floater funds are open-ended schemes which allow for investment throughout the year, there is no lock-in period applicable, and the funds invested can be withdrawn at any time.
Dr. Bhagwat Kishanrao Karad, MoS - Ministry of Finance, Government of India will deliver the inaugural keynote address at ET Future of Money Summit 2022, scheduled for July 26-27. Other prominent speakers include Rajesh Bansal, CEO, Reserve Bank Innovation Hub (RBIH), Sanjeev Sanyal, Member, EAC PM, Nilesh Shah, MD, Kotak Asset Management Co, and Nithin Kamath, CEO and Founder, Zerodha.
The subject has assumed importance because banks have never invoked a government guarantee in the past. Senior bank officials conveyed their reservations on the subject to the NARCL management at a meeting last week, the people cited above said.
Banks including State Bank of India and Axis Bank have doubled consolidated balance sheet size to $35 billion in the last two years since the unified regulator assumed formal status. Prime Minister Narendra Modi is likely to visit GIFT City this Friday after a gap of five years, launching a host of new initiatives.
In view of their deteriorating financial positions, the RBI has imposed withdrawal restrictions, capping Saibaba Janata Sahakari Bank's withdrawals at Rs 20,000 and The Suri Friends' Union Co-operative Bank's at Rs 50,000.
Defending the state-run banks' performance, she said one has to look at different parameters like financial inclusion and connecting up with the masses while assessing a lender's performance and not from investors' favourites like cost to income ratio.
Prior to the introduction of AIS, the taxpayer's Form 26AS contained the majority of the information (also known as the tax passbook). Here are some key differences between Form 26AS and AIS.
It is tax season, and once you have filed your income tax return (ITR), you can check to see if the Income Tax Department has accepted and processed your ITR. In specific cases where differences are detected, you may be required to react to the ITD notification.
For salaried taxpayers, the deadline to submit an ITR (AY 2022-23) is July 31, 2022. This year's deadline comes on a Sunday, a day off from work. It is advised that you submit your ITR before the deadline of July 31, 2022, for this reason.
"Conservatively, we expect India corporate banking business revenue to grow at around 10% (a year) in dollar terms in (the) next three-four years, which translates to 16-17% in rupee terms considering the depreciation," K Balasubramanian, head of corporate banking, South Asia, told Reuters on Thursday, noting Citi has been ramping up hiring.
All you need to know about floater funds and their benefits