ITR filing 2024-25: What is the best time for maximum benefits?
The tax department received about 6 lakh returns in the first month of AY 2024-25. Almost two-thirds of these returns have already been processed.3.5 Key Points
India TodayHedge fund JAT pushes Overstock.com to mull options -filing
Hedge fund JAT Capital on Monday urged Overstock.com (OSTK.O) to consider selling certain assets and overhauling its management and compensation, warning it may seek board seats if its suggestions are ignored, a regulatory filing on Monday showed. Key Points
ReutersITRs filed between April-June 2023 nearly doubles to 1.36 crore
India Business News: In July, which is the last month of I-T return filing, over 5.41 crore returns were filed, taking the total number of filing to over 6.77 crore by the Key Points
Times Of IndiaITRs filed between April-June 2023 nearly doubles to 1.36 cr
The number of income tax returns filed between April-June 2023 nearly doubled to over 1.36 crore over the previous year, indicating early filing by taxpayers to avoid last-minute rush. In July, which is the last month of I-T return filing, over 5.41 crore returns were filed, taking the total number of filing to over 6.77 crore by the month-end. Key Points
Economic TimesWill government extend ITR filing deadline due to widespread floods in India?
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. Key Points
Economic Times
India's Go First Airways owes financial creditors $798 million - filing
Indian airline Go First, which filed for bankruptcy on Tuesday, owes financial creditors 65.21 billion Indian rupees ($798 million), its bankruptcy filing showed. Key Points
ReutersGo First Airways owes over Rs 6,500 crore to financial creditors
As of April 30, Go First Air had not defaulted on any of these dues, it said in the filing, which was seen by Reuters. However, considering the present financial situation of the corporate applicant, defaults to financial creditors would be imminent, the filing said. Key Points
Economic TimesTCS, Adani Enterprises, Sula Vineyards, LIC, HDFC Bank, ONGC stocks in focus
The Nifty futures on the Singapore Exchange were trading 6 pts or 0.03% higher at 17793 in the early morning trade. Key Points
FinancialexpressCineworld looks to raise $2.26 billion to emerge from bankruptcy - filing
(Reuters) - Cineworld Group Plc is planning to raise $2.26 billion, according to a court filing on Sunday, as the theater chain aims to emerge from Chapter 11 bankruptcy in the first half of 2023. The Key Points
ThePrintITR filing: What happens if you miss July 31 deadline
Income tax return filing: Missing the ITR deadline can lead to hefty penalties. Read on to understand the implications and avoid last-minute stress. Key Points
India Today
What is the penalty for missing ITR filing deadline?
Till FY 2019-20 (AY 2020-21), 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. However, this changed from FY 2020-21 (AY 2020-21). Here's why the penalty of FY 2020-21 (AY 2021-22) is half that of FY 2019-20 (AY 2020-21) if the ITR is filed after the expiry of the current deadline. Key Points
Economic TimesITR filing penalty: These taxpayers don't have to pay late fee for missing deadline
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. Key Points
Economic TimesAirtel arm penalised for alleged irregularity in claiming input tax credit: Filing
According to the filing, the penalty has been levied for alleged irregular input tax credit claimed during the financial year 2018-19 on the company's subsidiary Telesonic Networks. The company received the order on March 30. Key Points
Economic TimesITR filing Due Date Extension: Is the govt looking to extend the deadline to aid flood-affected areas?
Taxpayers are rushing to file their income tax returns in India before the July 31 deadline, with over 4 crore returns already filed. There is no current proposal to extend the deadline. However, there may be a consideration for extending the deadline in flood-affected states Key Points
mintSpiceJet board to meet on July 12 to consider options for raising fresh capital
In May, SpiceJet clarified and assured investors that it has no plans of filing for insolvency even as it faces a financial crunch. “There is absolutely no question of filing for insolvency. Any rumours regarding the same is completely baseless. We are focussed firmly on reviving our grounded fleet and getting more and more planes back into the air,” Ajay Singh, Chairman and Managing Director, was quoted as saying in a media release. Key Points
Economic Times
ITR filing last date 2023: Don't miss this final step after filing your income tax return. What tax department says
ITR filing last date is July 31, 2023. Over 5 crore tax returns have been filed so far, with 88% e-verified. Key Points
mintNew forms or old? Clarity on annual company filings soon
The clarification is expected before the peak filing season begins this year. The new forms will be web-based and will enable real-time checking of data keyed in. Key Points
mintJet Airways appoints two directors, CFO
Grounded Jet Airways on Thursday announced the appointment of two whole time directors and a non-executive director. Sundaram Ramesh has been appointed as a Whole Time Director and Chief Financial Officer, Gautam Acharya as a Whole Time Director and Rajesh Prasad as a Non-Executive Director, according to a regulatory filing. Key Points
Economic TimesITR filing charges of six different websites compared
Read here to know what are the charges for expert assisted and self-assisted ITR filing across six different websites- Clear, TaxBuddy, Quicko, Tax2Win, myITreturn and Taxspanner. Further if you are not sure of filing your ITR by your own virtue, you can always hire an CA from either these websites or from outside. Charges for this service is extra. Key Points
Economic TimesIncome Tax Return (ITR) filing for AY 2023-24 starts. CBDT enables Excel Utilities for ITR-1, ITR-4
ITR filing for AY 2023-24: ITR filing for income earned in FY 2022-23 has started. The Income Tax Department today enabled offline Excel-based utilities for filing ITR-1 (Sahaj) and ITR-4 (Sugam). Key Points
Financialexpress
Reddit Sees More Than 20% Sales Growth in 2024 in IPO Roadshow
Reddit Inc. is telling potential investors in its initial public offering that it expects revenue in 2024 to grow by more than 20% versus the previous year, according to a person familiar with the situation. Key Points
mintTelangana assembly polls to be held on November 30, nomination filing would begin today
The polling will be held on November 30 from 5 AM to 5 PM, barring some places where it ends at 4 PM. The counting of votes will be taken up on December 3. Key Points
FirstpostTrai imposes over Rs 1 cr penalty on Voda Idea for failure to curb pesky calls, SMS
New Delhi, Sep 29 (PTI) Telecom regulator Trai has imposed over Rs 1 crore penalty on Vodafone Idea for failure to curb pesky calls and SMS, the company said on Friday. The Telecom Regulatory Authority of India (Trai) levied the fine on September 28, Vodafone Idea (VIL) said in a regulatory filing on Friday. “Failure […] Key Points
ThePrintA lawyer uses ChatGPT for research, cites non-existent cases
A U.S.-based lawyer who used ChatGPT in a case cited non-existent trials and sources, The New York Times reported. Key Points
The HinduGSTR-1 vs GSTR-3B vs GSTR-9: How do three returns differ for businesses
Ease of doing business for MSMEs: There are around 22 types of GST returns, of which around 4 are suspended and eight are view-only in format. The remaining 11 have to be filed depending on the taxpayer category. Key Points
Financialexpress
Has the ITR filing deadline been extended beyond July 31?
The last date to file income tax return for AY 2023-24 (FY 2022-23) was July 31, 2023. Despite asking for extension, the government has not extended the deadline for ITR filing. This is the second time that the government has not extended the deadline. Last year also the due date to file ITR was not extended. Key Points
Economic TimesITR filing: Not linking PAN with Aadhaar can cost you Rs 6,000
Now that the deadline for PAN Aadhaar linking is over, your PAN card will be tagged as in-operative. So to make it operative again it takes a maximum of 30 days, during which time you may miss out the deadline for filing of your income tax return. Read on to find out what happens now. Key Points
Economic TimesNew ITR-V, ITR acknowledgement forms notified: Read updated instructions carefully or else penal consequen
New ITR-V, acknowledgement form for income tax return: The income tax department has notified a new ITR-V and acknowledgement forms for FY 2023-24 (AY 2024-25). The notified new forms will be effective from April 1, 2024. Here is all taxpayers should know about the new ITR-V and acknowledgement forms. Key Points
Economic TimesReddit looking to raise $748 million from the sale of 22 million shares in IPO, eyeing $6.5 billion valuation
Reddit and some of its current shareholders plan a sale of 22 million shares for $31 to $34 each, seeking a valuation of as much as $6.5 billion in the listing, sources told Bloomberg News. Key Points
mintVarun Beverages to acquire PepsiCo's South Africa bottler Bevco
Varun Beverages Ltd (VBL), a major PepsiCo franchise bottler globally, announced the acquisition of South Africa's Beverage Company (Bevco) and its subsidiaries at a Rs 1,320 crore enterprise value. The move aims to expand VBL's presence in the African market, where Bevco holds PepsiCo franchise rights. VBL anticipates completing the cash transaction before July 31, 2024 Key Points
Economic Times
Jubilant FoodWorks to acquire additional 51.16% stake in DP Eurasia for Rs 670 crore
Jubilant FoodWorks Ltd (JFL), the operator of Dominos Pizza and Dunkin Donuts, intends to acquire an additional 51.16% stake in DP Eurasia NV, the exclusive master franchisee of Domino's Pizza in Turkey, Azerbaijan, and Georgia. The acquisition, valued at EUR 73.36 million (Rs 670 crore), will be executed through a subsidiary. Currently, JFL's wholly-owned arm, Jubilant FoodWorks Netherlands B.V, holds 48.84% of DP Eurasia's ordinary shares Key Points
Economic TimesCBIC raises threshold for filing appeals before CESTAT and courts
The Central Board of Indirect Taxes and Customs (CBIC) has increased the threshold for filing appeals before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) by ten times to Rs 50 lakh, aiming to reduce litigations. The thresholds for appeals in high courts and the Supreme Court have been doubled to Rs 1 crore and Rs 2 crore, respectively. Key Points
Economic TimesApple CEO Tim Cook makes $41 mln from biggest stock sale in two years
Apple (AAPL.O) Chief Executive Officer Tim Cook made $41.5 million after taxes in his biggest share sale in two years, a U.S. securities filing showed. Key Points
ReutersMaruti Suzuki hit with Rs 2,159 crore Income Tax Draft Assessment Order
Maruti Suzuki, India's leading automobile manufacturer, has received a draft assessment order from the Income Tax department for FY 2019-20, amounting to Rs 2,159 crore. The order proposes certain additions/disallowances to the company's income tax return. Maruti Suzuki plans to challenge the order and stated that it will not impact its financial or operational activities. Key Points
Economic TimesWhen is the last date to file a belated ITR?
Now that the deadline for income tax return (ITR) filing is over, you can only file a belated ITR by paying a penalty and interest on the income tax due amount. Nonetheless it is better to file a belated ITR than not filing any ITR, despite having a net taxable income. Key Points
Economic Times
Manappuram Finance shares plunge 12%
“The ED is conducting a search at our registered office. We are extending full cooperation to the department, including providing complete information sought by them,” the company said in an exchange filing. Key Points
FinancialexpressGo First files for bankruptcy, owes over Rs 11,000 crore: Check debt breakdown
The airline’s total liabilities to all creditors stood at over Rs 11,000 crore. This includes dues to banks, financial institutions, vendors, and aircraft lessors. Key Points
India TodayAmazon CEO Andy Jassy got total pay of Rs 10 crore in 2022, 99 per cent less than what he got in 2021
According to the company's annual proxy statement filing, the executive got a total pay of $1.3 million (around Rs 10 crore) in 2022. This is a 99 percent drop from the total $212,701,169 income that he received back in 2022. Key Points
India TodayStocks to Watch: Tata Motors, Adani Green, ONGC, Titan, Muthoot Finance
India's factory output, inflation data along with major Q4 earnings of IT companies alongside global trends will dictate the market this week. Additionally, foreign funds flow, movement of the rupee, and crude oil prices performance will also have their share of setting the tone. Key Points
mintMorgan Stanley CEO's total pay rose 13% to $39.4 mln in 2022
Morgan Stanley Chief Executive James Gorman's total compensation rose nearly 13% to $39.4 million in 2022 versus a year earlier, according to a filing Thursday. Key Points
Reuters
Indian startups go to court to stop Google’s new in-app billing system
The filing marks the latest tussle between Google and rival startups, which have repeatedly criticized the U.S. company for what they say are unfair business restrictions. Key Points
FinancialexpressIn pay hike, JPMorgan Chase CEO Jamie Dimon gets $36 million salary for 2023
The board granted Dimon a $1.5 million salary and $34.5 million of performance-based incentive compensation, according to a regulatory filing Thursday. Key Points
Hindustan TimesByju's Alpha sued by loan agent for $1.2 billion
The lawsuit was filed by Glas Trust Company and investor Timothy R. Pohl against Byjus Alpha, Tangible Play, Inc. and Riju Ravindran. The two companies being sued are units of Think and Learn Private, the edtech empire founded by Byju Raveendran. Ravindran is a director of Think and Learn, according to a regulatory filing. Key Points
Economic TimesMissed the deadline to file ITR? Check out this option
Anyone who has missed filing income tax return has another chance to update it within two years from the end of the relevant assessment year. Here is all you need to know. Key Points
India Today