ITC ON VEHICLES


 

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Over 3 crore taxpayers successfully complete transactions. 1.5 crore Income Tax Returns filed: Infosys

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  IT Department (Representative image: Shutterstock) Over three crore taxpayers have successfully completed transactions and close to 1.5 crore Income Tax Returns filed in the new I-T portal, Infosys said in a statement today. "Over the last few weeks, the portal has seen steady increase in usage with taxpayers’ concerns being progressively addressed. So far over 3 crore taxpayers have logged into the portal and have successfully completed various transactions. Even as the portal makes sustained progress with crores of taxpayers successfully performing transactions, the Company acknowledges the difficulties some users continue to experience and is working expeditiously, in collaboration with the Income Tax Department, to further streamline end-user experience," the company said in a BSE filing on September 23. This comes after the persistent glitches the Infosys’ new e-filing portal faced since the launch on June 7. Persistent glitches forced Finance Minister Nirmala Sitharam...
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Sold house at a loss? You still have to report it in ITR

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  While filing a return of income one must disclose income from all sources, irrespective of the amount, else at the time of processing of return, the tax department could raise a question or make adjustment on account of mismatch. You may declare your income from pension and capital gains in ITR 2, which is a simple form. You shall be required to disclose the sale consideration, cost of acquisition and the resultant capital gains on account of sale of property. As per Section 80E, any individual who takes a loan from any financial institution or approved charitable institution for pursuing higher education, whether in India or abroad, can claim deduction on the amount of interest paid for a consecutive period of eight years, beginning from the assessment year in which he has started paying the interest on loan or until the assessment year in which the interest is paid in full, whichever is earlier. Education loan can be taken for self, spouse, children or student for whom you are ...
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GST row: Karnataka HC asks govt to consider refund of Rs 27 cr to Swiggy

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  The Karnataka High Court has asked the revenue department to consider refund of Rs 27.51 crore to Bundl Technologies, which operates food delivery platform Swiggy. The company had alleged that this money was collected from it by coercion during investigation by the Directorate General of Goods and Services Tax (intelligence) relating to alleged wrongful availment of input tax credit. The court ruled that “right of refund …would be independent of the process of investigation and two cannot be linked together…”. It asked the department to pass a suitable order on refunds within a period of four weeks. The Swiggy owner contended that it deposited Rs 15 crore in the first tranche, followed by Rs 12.51 crore in the second in 2019 under coercion to secure the release of its directors who were summoned and locked up with threat of arrest. It also said that no show cause notice was issued by the officers even after months have passed since investigation was initiated. The court also disc...
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