Many taxpayers turned to Twitter to express their dissatisfaction with the income tax department's official handle. The department has provided solutions in response to numerous taxpayer tweets.
Tax department’s helpdesk which is open all day today to assist taxpayers with ITR filing, tax payment, and other associated services.
However, if one missed July 31 deadline they can file a belated ITR till December 31, 2023. Note that Individuals have to pay a penalty of up to Rs 5,000 under Section 234F of the Income Tax Act, 1961.
ITR filing deadline: The income tax return filing deadline is July 31, 2023. Many taxpayers and CA associations are requesting for an extension of the ITR filing deadline in certain states as a result of floods in certain areas disrupting the lives if individuals.
The deadline to file income tax return (ITR) for individuals without audit is July 31, 2023 for FY 2022-23 (AY 2023-24). However a survey has found out that 14% of the tax filers won't be able to comply with this deadline. On top of that 27% people are still yet to file their ITR.
As some of the contesting counsel veered towards a consensus that under Section 16(3) of the Hindu Marriage Act, 1956 a child born to a void or voidable marriage would be entitled to an equal share with children born to the legitimate wife/husband from the parent’s property, some others propped a doubt as to whether that property would include the self-acquired property of the parent or the inherited ancestral property.
The Union government on Monday notified 8.15% as the interest rate on deposits under the EPF scheme for 2022-23, as recommended by the retirement fund body’s Central Board of Trustees in March this year. On Monday, EPFO also directed its field offices to credit the interest into the accounts of over 6 crore active members as of March 2023. Interest rate on PF accounts declared in March this year was marginally higher than the four-decade low of 8.1% declared by the government in 2021-22.
the Reserve Bank of India (RBI) announced the creation of a new centralised web portal for searching for unclaimed deposits older than ten years. As now bank customers must visit through the websites of various institutions to claim their deposits.
The Insurance Regulatory and Development Authority of India (Irdai) urged insurance companies to handle flood-related claims in North India on fast track basis.
However, the industry claims the move threatens to make the $20 billion online gaming sector unviable.
“The clarification that food and beverages supplied in cinema halls should be taxed at 5% is a welcome step and provides relief to the industry, avoiding prolonged disputes,” says Pratik Jain, Partner, Price Waterhouse & Co LLP.
“When bought together, it is treated as a composite supply and the principal supply there is watching the movie, or giving access to the cinema hall, which is chargeable at 18% tax. Food happens to be incidental, and billing is done in a consolidated way. But if you just buy the cinema ticket for entry, and purchase food subsequently, it will not be billed with the ticket, andyou will pay 5%,” Central Board of Indirect Taxes and Customs chairman Vivek Johri told TOI.
The EPFO while extending deadline to July 11, 2023 said that it is a last opportunity for eligible pensioners and EPF members to apply for higher EPS pension. However, at the same time it allowed employers to upload wage details by September 30, 2023. Does this mean there is still a chance for deadline extension by EPFO to apply for higher EPS pension?
HDFC Bank’s special fixed deposit (FD) scheme for senior citizens with higher interest rate, called Senior Citizen Care, will end soon after multiple extensions.