
ALC celebrates Income Tax Day
Vijay, an alumnus of Andhra Loyola College (ALC), highlighted the simplicity of online tax portals and the stability of current tax policies, encouraging seamless compliance. The overall objective of the session was to foster a 'Together for a Strong Nation' spirit among the youth. Discussions covered practical aspects of taxation, including popular tax deductions under Section 80C, the convenience of online taxpayer services, and the crucial link between Intellectual Property Rights (IPR) taxation and innovation. This comprehensive session empowered students with real-world knowledge vital for both personal financial management and active participation in nation-building.
Approximately 200 students from the Commerce and BBA departments actively participated in the programme, demonstrating a keen interest in understanding their future financial responsibilities. Certificates were distributed to the prize winners as part of the celebration. Fr Kiran Kumar, Vice-Principal II year, Dr L Subha, Dean of Student Activities, Nirmala Rani, Head of the Department of Commerce and Durga Pavani, Head of the Department of Business Administration also participated.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
an hour ago
- Time of India
US to release result of probe into chip imports in two weeks
Academy Empower your mind, elevate your skills The Trump administration will announce the results of a national security probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick said on Sunday, as President Donald Trump suggested higher tariffs were on the told reporters after a meeting between Trump and European Commission President Ursula von der Leyen that the investigation was one of the "key reasons" the European Union sought to negotiate a broader trade agreement that would "resolve all things at one time."Trump said many companies would be investing in semiconductor manufacturing in the United States, including some from Taiwan and other places, to avoid getting hit by new said von der Leyen had avoided the pending chips tariffs "in a much better way."Trump and von der Leyen announced a new framework trade agreement that includes across-the-board 15% tariffs on EU imports entering the United said the agreement included autos, which face a higher 25% tariff under a separate sectoral tariff Trump administration in April said it was investigating whether extensive reliance on foreign imports of pharmaceuticals and semiconductors posed a national security probe, being conducted under Section 232 of the Trade Expansion Act of 1962, could lay the groundwork for new tariffs on imports in both Trump administration has begun separate investigations under the same law into imports of copper and lumber. Earlier probes completed during Trump's first term formed the basis for 25% tariffs rolled out since his return to the White House in January on steel and aluminum and on the auto has upended global trade with a series of aggressive levies against trading partners, including a 10% tariff that took effect in April, with that rate set to increase sharply for most larger trading partners from August U.S. relies heavily on chips imported from Taiwan, something Democratic former President Joe Biden sought to reverse during his term by granting billions of dollars in Chips Act awards to lure chipmakers to expand production in the United States.


Time of India
2 hours ago
- Time of India
India-UK Trade Deal: Govt to hold 1,000 outreach programmes
The government will organise as many as 1,000 outreach programmes, including stakeholder meetings , workshops, awareness drives and feedback sessions, in the next 20 days across the country to sensitise industry and states on the India-UK comprehensive economic and trade agreement (CETA), which was signed on July 24. The exercise is aimed at ensuring effective implementation and maximising benefits from the pact. "There is a plan to hold sector-wise outreach programmes. Teams will also visit different states to inform them about the benefits of this trade agreement," said an official. Explore courses from Top Institutes in Please select course: Select a Course Category Digital Marketing Product Management Healthcare MBA MCA CXO Data Science Cybersecurity Artificial Intelligence Data Science Management Leadership Design Thinking Project Management Degree Technology Operations Management Others healthcare Finance Data Analytics PGDM Public Policy others Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Commerce and industry minister Piyush Goyal will hold a meeting with the leather and textiles sector on the trade pact here on Monday. "We will meet every sector. We are sensitising sectors and will do sectoral meetings and with all states," the official said on preparing the groundwork for the implementation of the pact. It will come into force after the UK ratifies it, which would take up to a year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Glīd Technologies Delivers: The World's First Autonomous Dual-Mobile Road-to-Rail Platform - TechBullion TechBullion Undo When the pact comes into force, 99% of Indian exports will enter the UK duty-free.


Hans India
6 hours ago
- Hans India
India's direct tax collections double as incomes rise, compliance grows
India's total gross direct tax collections (before adjusting for refunds) have more than doubled in the last five years, reflecting the high economic growth and improved tax compliance in the country, which has been encouraged with the introduction of the new digital technology. The increase in collections is backed by a 36 per cent jump in the number of Income Tax returns filed in the last 5 years, with around 9.19 crore ITRs submitted in FY 2024-25 compared to 6.72 crore in FY 2020-21 due to the robust expansion in the taxpayer base. The country's total gross direct tax collection stood at Rs. 12.31 lakh crore in 2020-21, which rose to Rs. 16.34 lakh crore in the financial year 2021-22, figures compiled by the Finance Ministry show. The trend continued in 2022-23 and 2023-24 as well, with the amount reaching Rs 19.72 lakh crore and Rs 23.38 lakh crore, respectively. This growth stems from a combination of economic recovery and improved efficiency in tax collection, according to an official statement. By FY 2024-25, the total Gross Direct Tax Collections climbed to an impressive Rs 27.02 lakh crore, which showcases the strength of the Indian economy combined with improved taxpayer compliance and the government's actions to expand the tax base, the statement said. The Indian tax ecosystem has witnessed remarkable growth through various technology-driven initiatives in a phased manner. The current series of PAN (10 digit alphanumeric) was launched in 1995 offering advantages like unique identification, information matching leading to widening of tax base. Linking of PAN with Aadhaar was undertaken in 2017 to improve compliance and eliminate duplication. Further, in recent years, initiatives like the setting up of the Centralised Processing Centre (CPC) in 2009 and the TDS Reconciliation Analysis and Correction Enabling System (TRACES) in 2012 led to automated processing of ITRs and issuance of refunds and resolving mismatch of Tax Deducted at Source (TDS), respectively, the statement said. The introduction of Tax Information Network (TIN) 2.0, a new tax payment platform, has been a trendsetter. With multiple payment modes, real-time credit of taxes, and faster processing of refunds, the department has not just streamlined the process but empowered taxpayers with greater flexibility and convenience, the statement said. With the establishment of the Demand Facilitation Centre at Mysuru, a central repository for outstanding demand has been created, which is a single reference point for both the taxpayer as well as the departmental officer. In the last decade, focusing on global technological revolutions, the Income Tax Department (ITD) launched PROJECT INSIGHT, building an integrated data repository, creating a "360-degree profile" of each taxpayer. This Data Warehousing and Business Intelligence platform represents a paradigm shift in how the department leverages data analytics for improving compliance and widening the tax base. Further, the Faceless Assessment Scheme launched in 2019 targets to enhance transparency, efficiency, and accountability by eliminating the physical interface between the taxpayer (Assessee) and the tax officer (Assessing Officer) through features like Automated Random Allocation and Electronic Communication. The Annual Information Statement (AIS) was implemented on the Compliance Portal of the Income Tax website on November 2021 which provides taxpayer's financial activities across the financial year, including records related to Tax Deducted at Source (TDS), Tax Collected at Source (TCS), stock market transactions, mutual fund investments, and other relevant financial data. Besides, the introduction of pre-filled returns, facilitated by the Annual Information Statement (AIS) and Taxpayer Information Summaries (TIS), facilitates filing returns. NUDGE, which stands for Non-Intrusive Usage of Data to Guide and Enable Taxpayers, has also been introduced, based on behavioural economics and psychology, which refers to a subtle suggestion or influence or intervention that can change the behaviour of individuals in a predictable way without limiting their freedom of choice. Accordingly, Section 139(8A) inserted by the Finance Act, 2022 permits taxpayers to file an updated I-T return within 24 months from the end of the relevant assessment year with effect from April 1, 2022.