Latest news with #ITR
Business Insider
17 hours ago
- Business
- Business Insider
Integra Resources Corp (ITR) Gets a Buy from Raymond James
Raymond James analyst Brian MacArthur maintained a Buy rating on Integra Resources Corp (ITR – Research Report) yesterday and set a price target of C$3.75. The company's shares closed yesterday at C$2.03. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, MacArthur is a 5-star analyst with an average return of 14.5% and a 61.90% success rate. MacArthur covers the Basic Materials sector, focusing on stocks such as Sandstorm Gold, Barrick Mining, and Franco-Nevada. Currently, the analyst consensus on Integra Resources Corp is a Strong Buy with an average price target of C$4.00, implying a 97.04% upside from current levels. In a report released yesterday, Stifel Nicolaus also maintained a Buy rating on the stock with a C$4.50 price target. ITR market cap is currently C$343.1M and has a P/E ratio of -19.84. Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ITR in relation to earlier this year.
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Business Standard
a day ago
- Business
- Business Standard
'Trust restored': Officials to ask 'relevant' questions during tax scrutiny
The CBDT has asked its officers to ask 'relevant' and 'specific' questions while scrutinising tax assessments: a decision that experts say will reduce arbitrariness and harassment. Ravi Agrawal, chairman of Central Board of Direct Taxes, recently asked Principal Chief Commissioners of Income Tax (PCCITs) to supervise faceless assessing officers and ensure they avoid sending unjustified or vague queries to taxpayers, PTI reported. The directive applies to all scrutiny cases selected for review in FY26. Suresh Surana, a chartered accountant, said tax notices often seek information on personal expenditure, all bank statements, or explanation for travel or business operations even when these weren't relevant to a case. 'Such queries increased the compliance burden unnecessarily and caused stress to taxpayers,' he said. 'Even salaried taxpayers were asked to justify income already reported in Form 16 and reconciled with TDS data. Business owners were served blanket queries like 'justify business expenses' without context,' said Niyati Shah, chartered accountant and vertical head of personal tax at 1 Finance. Ashish Mehta, partner at Khaitan & Co, noted that even audited companies have often been asked to submit 'exhaustive details and past-year bank statements.' How does the CBDT directive help taxpayers? 'This is a step toward restoring trust,' said Shah. 'It forces assessing officers to apply their minds before raising a query and prevents blanket, template-based questioning.' Surana emphasized that it's especially helpful for senior citizens who rely on pensions or interest income. 'Focused scrutiny will spare them from excessive documentation or irrelevant questions,' he said. SR Patnaik, partner (Head – Taxation) at Cyril Amarchand Mangaldas, said the move will 'provide clarity by narrowing the scope of enquiry to specific transactions, making it easier for taxpayers to respond effectively.' Experts say taxpayer must do these things about queries they find irrelevant: -Respond politely, referencing relevant ITR sections or AIS data -Escalate the issue under the faceless assessment structure or through a grievance under e-Nivaran -Cite the CBDT directive to highlight non-compliance As a last resort, approach the Principal Commissioner or even consider a legal writ, said Patnaik 'It helps to get a tax professional involved if the queries remain repetitive or unjustified,' said Shah How will the faceless assessment system improve? The CBDT has placed the onus of quality control on assessment unit (AU) heads. 'This makes AU heads directly responsible for the relevance and clarity of queries,' said Shah. 'Over time, this should reduce 'fishing expeditions' by junior officers.' Mehta agreed, adding that the new responsibility 'should lead to fewer standardised notices and more case-specific scrutiny.' Patnaik, however, cautioned that implementation remains key: 'The faceless system is still evolving. Without a way to directly engage with officers, grievances can remain unaddressed unless structural reforms accompany these directives.' 'The faceless assessment system was meant to ensure transparency, but due to poor implementation, it has often led to genuine claims being rejected and even incorrect notices being issued,' said Rashi Khanna, associate partner at DMD Advocates. 'The department must ensure accountability of assessment units, incentivise reasoned orders, and create a feedback mechanism to improve trust and efficiency.' With enhanced oversight and accountability, the new framework aims to bring more fairness and professionalism to tax scrutiny, a welcome change for compliant taxpayers.
India Today
2 days ago
- Business
- India Today
Switched jobs this year? Here's how to file your ITR right
Switched jobs or worked for more than one company this year? If yes, your income tax return (ITR) needs extra care. Many people forget that salaries from all employers must be declared. Missing this can lead to unwanted tax notices or extra dues the financial year 2024–25, if you got paid by two employers, maybe you changed jobs mid-year or did multiple roles, you must add up all income, check your deductions properly, and make sure you don't claim the same exemption YOUR FORM-16 DETAILS CLOSELYForm-16 is your main salary proof from each employer. While filing your tax return, pay close attention to what's in your your total (gross) salary, the allowances and deductions claimed from your salary, any deductions under Chapter VI-A like 80C or 80D, and your TDS (tax deducted at source). If you worked for more than one employer in the same year, make sure to report each salary and related deductions separately in the ITR form. Don't mix them up; each employer's income should be shown in its own section. This helps avoid overlaps and CAREFUL WITH DEDUCTIONSOne big mistake is claiming the same deduction twice. For example, Section 80C lets you claim up to Rs 1,50,000 a year, and not Rs 1,50,000 for each job. So, add up all your actual investments and claim the total, not the sum reported by both TDS CORRECTLYadvertisementYour ITR has a separate 'Schedule TDS' section. Here, mention each employer's TDS with their name and TAN number. If you switched jobs, the new company may not have counted your old salary and TDS. If that's the case, you might have to pay extra tax yourself as Self-Assessment Tax, before filing the if you've changed jobs this year, spend a few extra minutes checking your numbers. Reporting all income and claiming only what you're eligible for will keep your taxes in order and help you avoid penalties.- EndsTrending Reel
India.com
2 days ago
- Business
- India.com
ITR Filing 2025: SEVEN Major Precautions You Should Take While Filing The Return Of Income
photoDetails english 2922983 Updated:Jun 27, 2025, 12:39 PM IST 1. Carefully select the tax regime. 1 / 7 From AY 2024-25, the new tax regime is the default option. Every year, you can select between the old and new tax regimes for that Assessment year. 2. AIS and Form 26AS 2 / 7 Download AIS and Form 26AS and check the actual TDS / TCS / tax paid. If you see any discrepancy, you should reconcile it with the Employer / Tax Deductor / Bank. 3. ITR Documents 3 / 7 Compile and carefully study the documents to be referred to when filing your ITR, like bank statement / passbook, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, etc. 4. PAN, bank details 4 / 7 Ensure details like PAN, permanent address, contact details, bank account details, etc. are correct in the pre-filled data. 5. Correct ITR Forms 5 / 7 Identify the correct return for you (from ITR-1 to ITR-7). Provide all the details in the return such as total income, deductions (if any), interest (if any), taxes paid / collected (if any), etc. No documents are to be attached along with ITR-1. 6. e-filing of returns 6 / 7 e-File the return of income on or before the due date. The consequences of delay in filing returns include late filing fees, losses not getting carried forward, deductions and exemptions not being available. 7. e-verification of returns 7 / 7 After e-Filing the return, e-Verify it. If you want to manually verify your return, send the signed physical copy of ITR-V Acknowledgement (by speed post) within appropriate timelines of filing the return to Centralized Processing Center, Income Tax Department, Bengaluru 560500 (Karnataka).
India Today
3 days ago
- Business
- India Today
Filed the wrong ITR form? Penalties, missed refunds and what to do next
Every year, as the income tax return (ITR) deadline approaches, millions of taxpayers scramble to file their returns. You upload all the documents, check every box, and submit it right on time, only to later realise you picked the wrong ITR form. It may seem like a minor goof, but the consequences could be far from you're a salaried professional, freelancer, or a business owner, choosing the right ITR (Income Tax Return) form is important. Getting it wrong might mean missed refunds, penalties, or worse, your return being treated as spoke to CA (Dr) Suresh Surana, to understand what happens when someone files the wrong ITR form, the risks involved, and how to correct the HAPPENS IF YOU PICK THE WRONG FORM? Using the incorrect ITR form isn't a mere clerical slip. 'If a taxpayer files their Income Tax Return (ITR) using an incorrect form, it may lead to significant compliance issues,' warns Dr such returns can be flagged as 'defective' under Section 139(9) of the Income-tax Act, 1961. "The Income Tax Department may issue a notice to the taxpayer, providing an opportunity to rectify the defect within 15 days (extendable upon request). Failure to respond within the stipulated timeline can result in the return being treated as invalid, i.e., considered as not filed at all," he IT MATTERSadvertisementAn invalid return is not just a technical rejection, it can have serious implications. You may lose the chance to claim certain deductions, carry forward losses, or get your could also face late filing fees, penalties or prosecution in serious TALK PENALTIESSurana explains, "If the return is filed in an incorrect form and is consequently treated as defective or invalid, it is deemed as non-filing of return under the law."For instance, there's a late filing fee of up to 5,000. If your total income is below Rs 5 lakh, the fee is capped at Rs 1,000. But that's just the beginning. You may also have to pay 1% interest per month for the delay under Section 234A. On top of that, you lose out on important tax breaks, such as the ability to carry forward business or capital losses, he cautions, 'In case, if the tax likely to have been evaded exceeds Rs. 25,00,000 had such failure of non-furnishing of return not been discovered, the term of imprisonment may range from 6 months to 7 years along with a fine.'WILL YOU LOSE YOUR REFUND?Using the wrong ITR form can also mess up your refund. The income tax system cross-checks your reported income with the form you've used. If there's a mismatch, it can result in notices, adjustments, or rejection of your return the wrong ITR form is used, the system may not capture the eligible refund claim appropriately, which may result in mismatch in data validation, leading to processing errors or automatic adjustments,' says Dr further mentioned that if a taxpayer selects the incorrect ITR form, the return might be flagged as defective under Section 139(9), and the department may put processing on hold until it's fixed. In more serious cases, the return may be treated as invalid, and the taxpayer could lose out on any THE ERROR: HERE'S HOWThankfully, not all is lost. 'If an Income Tax Return has been filed using an incorrect ITR form, the error can be rectified by submitting a revised return under Section 139(5) of the IT Act, provided the original return was filed within the prescribed due date,' states do this, log in to the income tax e-filing portal, pick the right assessment year, and choose the correct form based on your income type, whether it's salary, capital gains, business income, or more. Don't forget to mention the acknowledgement number and filing date of the original return, explained the tax if the original return was filed after the due date (i.e., as a belated return), the option to revise is not available,' he that case, there's still hope. You can file an updated return under Section 139(8A), but only within 48 months from the end of the relevant assessment year. You'll also have to pay additional LET IT SNOWBALLWhat starts as a simple mistake can quickly spiral into something much more serious. From losing deductions and refunds to facing penalties or legal action, the costs of filing the wrong ITR form can be Surana sums it up, "It is important to ensure that the return is filed using the correct ITR form based on the nature of income and prescribed eligibility criteria."So, take your time, double-check the form, and don't hesitate to get expert help if you're unsure. In matters of tax, it's always better to be slow and correct than fast and wrong.- Ends
