Page 36 - It Act News Today : Breaking News, Live Updates & Top Stories | Vimarsana

A significant number of individuals have adopted a casual approach towards filing their income tax returns (ITRs). In the past, these practices often went unnoticed, allowing many to evade the scrutiny of the tax office. However, the situation has changed, and individuals might not be as fortunate now as the income tax department employs sophisticated software to flag suspicious returns., Personal Finance News, Times Now

ITR Filing 2023: Taxpayers who miss the deadline will have the option to file a belated ITR.

The CIT (Exemptions) had argued that the society's activities didn't qualify as 'charitable purpose' under Section 2(15) of the I-T Act, as they were limited to specific companies and didn't benefit the general public. Therefore, the application was rejected.

Get latest articles and stories on Business at LatestLY. New Delhi [India], July 18: Today, you can choose from various investment avenues that offer lucrative returns. Among these tools are small savings schemes like the monthly income scheme. Like other instruments, these schemes offer returns depending on the interest rates decided by the government. Business News | Should You Invest in Small Savings Schemes Amid the Rising Interest Rates?.

AIS or Annual Information Statement (AIS) is a statement launched by income tax department in November 2021. The aim was to provide consolidated view of the financial transactions undertaken by an individual of which tax department has information about. However, for financial transaction to reflect in AIS, the reporting entity must be notified by the income tax department.