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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 clarity crucial for Indian fantasy sports industry to drive investments, FDI

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  NEW DELHI: With the exponential growth of fantasy sports and the potential benefits to India's digital economy, a new whitepaper recommends providing tax certainty to the industry as well as ensuring an optimal tax rate as essential factors for attracting investments, FDI, and ensuring the growth of tax revenue for the government.\ The white paper from Tax India Online (TIOL) said fantasy sports have been on the front end of innovation and investment in the last few years. It is imperative for regulators to take stock of the potential these sectors hold while ensuring their revenues are taxed based on a valuation model that distinguishes between games of skill and games of chance. It said India is the world's largest fantasy sports market with around 13 crore Indian users, beating the US’s 50-year-old status as the world leader. India is also home to the world’s largest fantasy sports operator and more than 150 operators providing online fantasy sports. According to the NITI...
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