CA Online

  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V throu...

  The matter was settled after the company paid Rs 8.79 lakh towards the settlement amount, according to an order passed by the Securities and Exchange Board of India (Sebi). Man Industries (India) Ltd on Monday settled with capital markets regulator Sebi a case concerning alleged delayed and inadequate disclosure regarding the initiation of a forensic audit. The matter was settled after the company paid Rs 8.79 lakh towards the settlement amount, according to an order passed by the Securities and Exchange Board of India (Sebi). The order came after the company filed an application with Sebi, requesting the settlement of the adjudication proceedings initiated through a show-cause notice in August last year."Specified proceedings initiated against the applicant (Man Industries) vide Show Cause Notice dated August 3, 2022 are disposed of in terms... of the Settlement Regulations on the basis of the settlement terms," Sebi said in its order.   The regulator had initiated a foren...

  Floods and related power outages in July in 7-8 states across the country cited as top reason for being unable to file by the July 31st date. At least 27 percent of taxpayers are yet to file their income tax returns for fiscal 2023 while another 14 per cent will be unable to meet the July 31 deadline due to  extreme weather conditions across seven to eight states and its impact on the lives of some, revealed a survey by Local Circles. Feedback in community discussions indicates most people want just a 2-week extension to be able to file their returns as the flood and power outage situation on the ground normalises.Alternatively, the Government could consider giving deadline extension to residents of just those states. The survey received over 12,000 responses from citizens located in 315 districts of India. 68% respondents were men while 32% respondents were women.   The survey data showed that while 7 in 10 have already filed their income tax returns; 5 per cent of the...