News Headlines from Business News Agencies

*News Headlines from Business News Agencies:*

*Business Standard*

📝 India's gold demand drops 5% in June quarter; up 14% in value term: Report

📝 Pfizer raises annual profit forecast on strong sales of cancer, heart drugs 

📝 Indian Oil Q1FY25 results: PAT plunges 81% to Rs 2,643 cr on low margins

📝 India is one of the fastest growing markets globally: Samsung CEO Han

📝 Flipkart Pay merges all payments, fintech offerings into unified interface

📝 SBI raises $750 mn via offshore term loan facility for deployment of funds

📝 Since Japan launch, Honda Elevate exports nearly double of India sales

📝 ADB to give $200 mn loan to India for solid waste management in 100 cities

📝 Dunzo co-founder Mukund Jha in talks to raise Rs 50-80 cr for new startup

📝 Daimler India to offer vehicle financing solutions with Bajaj Finance

📝 Amid US scrutiny Alaska extends period for Hawaiian Airlines acquisition

📝 Navi Finserv closes $38 mn personal loan securitisation deal with JP Morgan

*Economic Times*

📝 Indian space tech startups secured $126 million funding in 2023, up 7% from 2022: report

📝 Legal tech company DecoverAI raises $2 million in funding round led by Leo Capital

📝 Standard Chartered's India profit steady at $204 million amid rising income

📝 FTA review talks with Japan, Korea, Asean moving slow, but India pursuing: Piyush Goyal

📝 Nexus Select Trust says 5 assets under acquisition, discussions on for 5 more

📝 Torrent Power Q1 Results: Profit jumps 87% YoY to Rs 996 cr

📝 Office space leasing expected to cross 60 million sq ft in 2024

📝 EaseMyTrip to hire 500 interns in next 3-6 months: CEO Nishant Pitti

📝 GST worries for Rapido; Byju’s-BCCI spat nearing settlement

📝 Vivo working with over 30 local component suppliers for its smartphones

📝 Amazon responsible for hazardous products sold by third-party sellers on platform, CPSC says

*Mint*

📝 US specialty chemicals maker Lubrizol to invest $200 million in new India plant

📝 ONGC Videsh seeks US exemption for its oil-for-dividends Venezuela plan

📝 Power Grid Corp projects capex guidance of over ₹2 lakh crore by 2032

📝 Bankruptcy court orders liquidation of Future Retail as resolution eludes

📝 Fortum to sell majority stakes in renewable, EV charging businesses in India

📝 Dixon Tech Q1 results: Net profit rises 94.2% to ₹133.68 crore, revenue rises

📝 Colgate’s valuations get richer after top class performance in Q1

📝 Bankruptcy rescues keep up faster pace in June quarter

📝 Qualcomm's new chip to push 5G phone prices to below ₹8,000: India president

📝 New India Assurance to raise health insurance prices by up to 10%: Report

📝 Blackstone makes move into Indian snacks market with 51% stake in Haldiram’s

Today is the last date to file your Income Tax Returns

Today is the last date to file your Income Tax Returns

Consequences of not filing your Income Tax Return before Due Date u/s 139(1):

- Cannot file ITR under Old Regime

- Late Fee of ₹1,000 if Total Income is upto ₹5,00,000

- Late Fee of ₹5,000 if Total Income is above ₹5,00,000

- Losses, if any, cannot be carried forward if filed after due date u/s 139(1)

10 Benefits of Filing Tax Returns Even if you are not liable to File ITR

*📮10 Benefits of Filing Tax Returns Even if you are not liable to File ITR* 🤘🤘🤘

1) Easy Loan Approval 

Filing your ITR can be beneficial when applying for various loans such as vehicle loans (2-wheelers or 4-wheelers) or home loans. Major banks often require a copy of your tax returns as proof of your income statement. This is a mandatory document for loan approval.  

2) Quick Visa Processing 

When applying for a visa, most embassies and consultants require copies of your tax returns from the past couple of years. These documents are among the mandatory requirements. Therefore, it is advisable to file your ITR on time.  

3) Carry Forward Your Losses 

By filing your return within the original due date, you can carry forward losses to subsequent years. These losses can be offset against the income of future years, thereby reducing your tax liability. Without filing an income tax return, this benefit would not be possible.  

4) Claim Tax Refund 

There may be instances where tax has been deducted (TDS or TCS) from your income, even if your total taxable income is below the basic exemption limit, or you have no tax liability for that year. In such cases, you must file an Income Tax Return to claim a refund of the TDS.

5) For Buying Term Insurance 

To approve term insurance plans, insurance providers often require applicants to submit their Income Tax Return (ITR) records as proof of their annual income. The coverage amount is determined based on the individual's earnings, and presenting the ITR helps insurance providers assess a person's higher income level.  

6) Reliable Proof of Address

The Income Tax Return is valid as address verification. Even an Aadhaar Card can be obtained using it. Aadhar Cards, licenses, passports, and other documents like those are all required to have address proofs. Frequently, these documents do not accept common forms of identification like ID cards. Your Income Tax Return can be applied in such cases.  

7) Authentic Evidence of Your Earnings

Form 16 is typically given by employers to their employees as proof of income. The ITR Filing form serves as actual income verification for self-employed or independent contractors. It includes a thorough breakdown of a person's income and expenses for the entire fiscal year.  

8) Scholarship Advantages

Various authorities view an ITR as a source of income documentation (both government and private). For instance, you can submit an ITR to claim specific institute and/or university scholarships. The ITR aids in establishing the prospective student's ability to prove their income, and insurance companies also accept them as acceptable documentation.  

9) Losses can be Carried Forward

Section 70 and 71 of The Income-tax Act 1961 contains some provisions for carrying forwarding losses of a particular year to the subsequent year. This means that you can move your loss to the next assessment year. Here are a few examples: a. Losses from house property can be carried forward till the next 8 assessment years and can be set off from income from house property. b. Loss from business can be carried forward and paid with the future income from the business. If you do not file an Income tax return, you cannot carry forward or set off your losses.  

10) Accident or Other Claims 

Many times Courts ask for proof of Income like in case of accident claims of Motor Insurance or cases like divorce, etc. ITR becomes valid proof of your income and can be proper evidence in a court of law.

I am sure there are more than 10 benefits for filing tax returns, and even NRIs who are not liable but expected to return to India should regularly file to take the benefits of filing. Further, you would never know how the document will be useful in future.  

🤘🤘🤘