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IT department sends reminder as deadline to verify tax returns approaches

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3 years ago

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IT department sends reminder as deadline to verify tax returns approaches

Statements that are not verified in a timely manner are considered “unsubmitted” and will therefore bear all consequences applicable to non-submitted statements. However, if absolutely necessary, taxpayers can ask the IT department to allow a delay in reviewing the return. Such declarations can be submitted and will only be considered “valid” once the application has been approved by the tax authorities.

Typically, ITRs are certified within four months of submission. However, in December last year, the IT department gave taxpayers until February 2022 to review their AY21 returns.

With the deadline to review the Income Tax Return (ITR) for the 2020-21 tax year looming, the Income Tax Office has urged taxpayers to review their tax returns. If this is not confirmed, the ITR file will be considered “incomplete”, the IT department warned.
“Don’t miss your last chance to confirm the 2020-21 ITR. If not verified, the ITR submission is incomplete. The last review date for 2020-21 is 28 February 2022. Visit incometax.gov.in, “It said on Twitter on Sunday.
Validation of tax returns is required, which can be done electronically or by submitting a physical copy of the online return, as this is a way of substantiating the information stated in it – a requirement for legal purposes.

Statements that are not verified in a timely manner are considered “unsubmitted” and will therefore bear all consequences applicable to non-submitted statements. However, if absolutely necessary, taxpayers can ask the IT department to allow a delay in reviewing the return. Such declarations can be submitted and will only be considered “valid” once the application has been approved by the tax authorities.

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Typically, ITRs are certified within four months of submission. However, in December last year, the IT department gave taxpayers until February 2022 to review their AY21 returns.

Complete News Source : HINDUSTAN TIMES

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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23 hours ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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