Department Financial News

updated income tax return or ITR-U for FY 2020-21 (AY 2021-22) was March 31, 2024. This deadline is now over. If you have missed this deadline and there was any error in your previously filed ITR or there was any misreported income or under-reporting of income, now it cannot be fixed through the filing of ITR-U. It was the last opportunity for taxpayers to fix these errors by paying up to 50% penalty, however, now the income-tax department may catch them any day and impose up to 200% penalty. According to Ankit Jain, partner, Ved Jain & Associates, a CA firm, «Once the ITR-U deadline is over, the option to make any further corrections are not available to the taxpayer.»

China launches an amphibious attack on Taiwan. The U.S. responds with a missile attack to sink Chinese ships.

TCS Board Meeting: TCS will hold a meeting of its Board of Directors on Friday, April 12, 2024, to approve the audited standalone financial results of the company for the year ending March 31, 2024. The board will also approve the audited consolidated financial results of the company and its subsidiaries for the year ending March 31, 2024, and recommend a final dividend, if any for FY24, TCS said in a regulatory filing.

IDFC First Bank, Indian Oil, Infosys, Zomato, JSW Steel will be in focus due to various news developments. Bank Of India Bank Of India has received a demand notice of just over Rs 1,000 crore from the assessment unit, Income Tax department, pertaining to AY 2016-17.

Gold prices touched a record high on Monday after data showed that U.S. inflation moderated in February, boosting bets for the Federal Reserve's June interest rate cut. FUNDAMENTALS * Spot gold rose 1% at $2,255.39 per ounce, as of 0103 GMT. Bullion hit a record high of $2,256.09 per ounce earlier in the session.

dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention. The personal consumption expenditures (PCE) price index rose 0.3% in February, the Commerce Department's Bureau of Economic Analysis said on Friday, compared with the 0.4% rise that economists polled by Reuters had forecast.

South China Morning Post has reported. On Saturday, the Ministry published the country’s latest set of “standardised" names which included 11 residential areas, 12 mountains, four rivers, one lake, one mountain pass and a piece of land.

Infosys: The IT firm is set to receive a tax refund of ₹6,329 crore from the income tax department. However, the company is simultaneously facing a significant tax liability of ₹2,763 crore according to assessment orders. These orders are based on various provisions of the Income Tax Act of 1961.

India is looking to increase the export of agricultural value added products by forging partnerships with retail chains and supermarkets of countries like the United Arab Emirates. The commerce department has identified 12 value added food items, including jams, jellies and marmalades, alcoholic beverages, fruit pulp products, dehydrated vegetables and ready to eat products for the purpose. «We plan to concentrate on a few products and push their exports. These are some value-added goods which we are sure would give results,» said an official, who did not wish to be identified. Biscuits, confectionery, mango pulp and value-added products of mangoes, and preserved gherkins and cucumbers are also part of the list. «There's no target set for the export of these 12 categories. We expect a push from the free trade agreements signed recently,» the official said, adding that the plan entails promotions, stakeholder consultations and state tie-ups with supermarkets and retail chains, especially in the UAE, the EU and the US.

Bank of India on Sunday announced that it has been issued a demand notice totaling Rs 1,127.72 crore by the Income Tax Department's Assessment Unit, pertaining to the assessment year 2016-17. The Bank has received a demand notice under section 156 of the Income Tax Act, 1961, pertaining to the annual year (AY) 2016- 17 wherein certain disallowances have been made, it said in an exchange filing. According to the exchange filing the Bank is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) against the said order within the prescribed timelines.

heavy rain a part of ceiling outside the Lokpriya Gopinath Bordoloi International Airport in Guwahati collapsed. Rain waters were gushing through the ceiling of the airport. Sources said there was no injuries. Trees were uprooted and approach road to airport was closed. India Meteorological Department (IMD) forecasted that thunderstorms with lightning and moderate to heavy rainfall are likely to lash Assam along with other northeastern states till April 4.

Such moves were detrimental to the federal structure of the country, the minister said in a statement. “Many parts of India including Kerala have been reeling under water scarcity due to drought and severe summer. In such a situation, the offer from Kerala's industries minister to the Bengaluru companies to move into his state does not reflect a healthy competitive spirit,” Patil said. ET had, on March 27, reported about the Kerala Industries department writing to top tier technology companies in Bengaluru to consider the coastal state for expansion. “After we read reports of the water crisis in Bengaluru, we wrote to the IT companies offering them all facilities as well as plenty of water. We have 44 rivers, big and small, in our state, so water is not an issue at all,” Rajeeve had told ET.

money trail of the alleged Rs 45 crore kickbacks generated from the Delhi excise policy «scam» and used for the 2022 Goa election campaign by the Aam Aadmi Party (AAP), as claimed by the Enforcement Directorate, has also been «substantiated» by the CBI and the Income-Tax department in their separate investigations, according to documents filed in court. A wide network of Hawala operators and 'Angadiyas' are also being investigated by the ED in this case where it recently arrested Delhi Chief Minister Arvind Kejriwal and claimed he and his political outfit are liable to be prosecuted in the alleged laundering of these funds. Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the «money trail» of this alleged Rs 45 crore bribe amount.

Roman Storm, co-founder of the cryptocurrency mixer Tornado Cash, has submitted a motion to dismiss all three charges against him, claiming that he did not operate a money laundering business and did not violate the International Emergency Economic Powers Act.

Infosys, India's second largest software services exporter, has made a windfall gain of Rs 6,329 crore due to income tax refund orders for 11 assessment years. The company got the refunds in the fourth quarter of financial year 2023-24, the company said. The refunds, inclusive of interest, pertain to assessment years spanning from financial years 2007-08 to 2018-19, except 2016-17.

Andhra Pradesh Chief Electoral Officer (CEO) Mukesh Kumar Meena said the Election Commission is striving to increase the polling percentage in about 20 urban Assembly constituencies where it is lower than the national average of 68 percent. Visakhapatnam, Nellore, Kurnool town, Rajamahendravaram, Vijayawada and others are some of the constituencies 'exhibiting urban apathy' towards exercising franchise. «Our (overall) per cent of polling is on the higher side at 79 per cent, but still there are certain urban areas where it is below the national average. We are now trying to increase the percentage in these places so that our overall voting percentage also goes up. We appeal to the people to vote,» said Meena in a PTI interview.

Modi, RJD leader Tejashwi Yadav on Sunday claimed that his guarantee is like Chinese goods and is only meant for polls, as he urged people not to fall for the BJP's «propaganda» in the Lok Sabha polls. Addressing the INDIA bloc rally at the Ramlila maidan in Delhi, Yadav alleged that an «undeclared emergency» was prevailing in the country and asserted that the opposition will not let the RSS agenda to be implemented in the country. Yadav also sang lines from a Govinda-starrer movie with a play on the lyrics «tum toh dhokebaaz ho, vaada karke bhool jaate ho», to allege that Prime Minister Modi did not fulfil his promises made in the last election. The former Bihar deputy CM charged that the Enforcement Directorate, CBI and IT department are cells of the BJP.

Shiv Sena (UBT) chief Uddhav Thackeray, at the INDIA bloc rally here on Sunday, claimed the country was moving towards becoming an «autocracy» as he appealed to people of the country to throw the BJP out of power. Addressing the INDIA bloc's rally at the Ramlila Maidan, he hit out at the BJP and said, «We are not here for an election campaign, we are here to save democracy… you level allegations and send people to jail. What kind of government is this?» he said. «When two of our sisters are fighting, how can the brother stay behind? So we are here for our sisters, Kalpana ji and Sunita ji. Not just us, the whole country is with you,» Thackeray said, referring to former Jharkhand chief minister Hemant Soren's wife Kalpana Soren and Delhi Chief Minister Arvind Kejriwal's wife Sunita Kejriwal. Both Arvind Kejriwal and Hemant Soren have been arrested by federal agencies in different cases of corruption.

Vistara will start two new daily services in Thiruvananthapuram-Bengaluru sector from April 1. IndiGo and Air India Express airlines currently operate eight services daily on this route.

Congress, sources in the party said it has received fresh notices from the Income Tax department, raising a tax demand of Rs 1,745 crore for the assessment years 2014-15 to 2016-17. With this latest notice, the Income Tax department has raised a total demand of Rs 3,567 crore from the Congress. According to sources, the fresh tax notices relate to 2014-15 (Rs 663 crore), 2015-16 (around Rs 664 crore) and 2016-17 (around Rs 417 crore). The authorities have ended the tax exemption available to political parties and have taxed the party for the entire collections, they added. The Congress has also been taxed for «third-party entries» made in diaries seized from some of its leaders by probe agencies during raids, the sources said.

cyber fraud, the Reserve Bank is considering establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps. The proposed agency will enable verification of digital lending apps and maintain a public register of verified apps, sources said. Apps not carrying the 'verified' signature of DIGITA should be considered unauthorised for the purpose of law enforcement, sources said, adding that this will serve as a pivotal checkpoint in the fight against financial crimes in the digital realm. DIGITA, once in place, would be entrusted with the responsibility of vetting digital lending apps, they noted.