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  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 through s

  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 respondents h

  CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said. Johri further said that the tax authorities are also discussing some more tightening in the GST return filing system to limit the scope of claiming Input Tax Credit (ITC), when taxes have not been paid by suppliers in the supply chain. The biometric authentication of authorised representatives or directors or partners of a company will be made for new registration applications and existing businesses registered under Goods and Services Tax (GST) if tax officers have a suspicion that the entities are being set up only to fraudulently claim ITC.   Also, geo-tagging of all entiti

  Sebi had banned the Karvy and its promoters from the market for seven years through its order in April this year. Securities and Exchange Board of India (Sebi), India's market regulator, has cancelled the certificate of registration of Karvy Stock Broking (KSBL). Sebi issued this order on May 31, Wednesday. "Irrespective of the cancellation of the Certificate of Registration, the Noticee shall continue to be liable for anything done or omitted to be done as a Stock Broker and continue to be responsible for payment of outstanding fees and dues, if any, payable to Sebi," the Sebi order stated. “This Order shall come into force with immediate effect,” it added. Sebi had banned the Karvy and its promoters from the market for seven years through its order issued on April 28, 2023. This was done for various violations including misappropriation of clients’ securities and diverting the proceeds from pledging them to the stock broker’s associate companies. "The Depositorie

  Outsourcing, lack of succession planning and staff skilling also areas of concern, Jain says High attrition and employee turnover pose significant operational risks, including disruption in customer services, as well as ethical issues for banks, Reserve Bank of India (RBI) Deputy Governor M K Jain said. These issues could have an adverse financial impact on banks, Jain added while addressing board members of banks on Monday. Among the risk factors that he listed were high attrition, lack of succession planning, (particularly for critical roles) and skilling of staff, besides outsourcing.   Attrition and high employee turnover lead to loss of institutional knowledge and increase recruitment costs. Banks, Jain said, need to ensure that employees have the necessary skills and knowledge to adapt to new technologies and business practices. Referring to the challenges from outsourcing, the RBI deputy governor said its risks include potential loss of control over critical operations, data s

  Updated List of banks for tax payments available at e-Pay Tax service at e-Filing Portal- HDFC Bank, Punjab & Sind Bank and State Bank of India have been migrated from OLTAS e-Payment of Taxes at NSDL to e-Pay Tax facility at the e-Filing portal for payment of taxes wef 01.04.2023 and RBL Bank is added to the list wef 28.04.2023 henceforth. No. Bank Name New/Migrated Bank Date of enablement at e-Pay Tax Service at e-Filing Portal 1. Axis Bank Migrated Bank 01-Nov-22 2. Bank of Baroda Migrated Bank 01-Feb-23 3. Bank of India Migrated Bank 01-Sep-22 4. Bank of Maharashtra Migrated Bank 01-Oct-22 5. Canara Bank Migrated Bank 01-Oct-22 6. Central Bank of India Migrated Bank 01-Nov-22 7. City Union Bank New Bank 01-Jan-23 8. Federal Bank New Bank 01-Jul-22 9. HDFC Bank Migrated Bank 01-Apr-23 10. ICICI Bank Migrated Bank 01-Nov-22 11. IDBI Bank Migrated Bank 01-Jan-23 12. Indian Bank Migrated Bank 01-Nov-22 13. Indian Overseas Bank Migrated Bank 01-Oct-22 14. IndusInd Bank New Bank 07