With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
The investigation pertains to alleged irregularities in CMRL's financial transactions and its links with Veena's now-defunct company Exalogic Solutions Private Limited.
The Income Tax Department has clarified that income from the transfer of investments made before April 1, 2017, is excluded from the scope of the General Anti-Avoidance Rules (GAAR), addressing industry concerns about retrospective application.
Net direct tax collection grew 8 per cent to over Rs 17.04 lakh crore this fiscal till December 17 on slower refunds and higher advance taxes from corporates, the income tax department data showed on Friday.
The income tax department website which is used by lakhs of tax payers to file their returns online will soon be revamped along with a new website address or URL.
This is as easy as it gets and all one needs to do is to enter the PAN number and the assessment year on this site to access the current position of the tax refund.
Here are some mistakes taxpayers make and how to avoid them...
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
A joint team of police and SSB seized over Rs 85 lakh in Indian and Nepalese currency and detained six persons along the Indo-Nepal border in Bahraich district.
About 250 income-tax sleuths conducted searches at 20 hospitals in Chennai alone
After Ministry of Corporate Affairs, the Income Tax department too has launched a probe to trace the source of funding of various firms that invested in Bharatiya Janata Party president Nitin Gadkari's company Purti Power and Sugar Limited.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
The Central Information Commission will seek a report from Income Tax department and Directorate of Estate regarding tax exemptions claimed by political parties and their assets to ascertain whether there is enough indirect funding from the government to bring them under the ambit of RTI Act.
The Delhi High Court quashed income tax notices issued to NDTV founders Prannoy Roy and Radhika Roy, citing arbitrary proceedings and ordering the department to pay costs.
With filing possible only online, there is no scope for any error.
The Calcutta high court has held that voter identity cards, Aadhaar and PAN cards are not conclusive proof of Indian citizenship.
Three men in Aligarh, Uttar Pradesh, received income tax notices demanding crores of rupees despite earning meager salaries, highlighting the growing issue of identity theft in India. The victims, who earn between Rs 8,500 and Rs 15,000 per month, were shocked to receive notices for Rs 33.88 crore, Rs 3.87 crore, and Rs 7.79 crore respectively. The authorities believe that businesses have been conducting large-scale transactions using forged Aadhaar and PAN cards in the names of these individuals.
The cabinet also gave its nod to a proposal to amend the Madhya Pradesh Minister (Salary and Allowance) Amendment Bill, 2024, and make a provision for state ministers to deposit their income tax instead of the government bearing such burden.
Here's a simple primer to what actually Form 16 is and what must be done with it.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
The Allahabad High Court has barred four advocates from entering any court premises in Lucknow and ordered a confidential inquiry by the Intelligence Bureau (IB) into their background and activities following an alleged assault on a litigant and Delhi lawyers.
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
The details that you file regarding your income, investments and tax exemptions are verified by the Income Tax department with the details obtained as per your Permanent Account Number records.
Team Anna member Arvind Kejriwal did not comply with the income tax department notice asking him to pay over Rs 9 lakh in dues, saying he needed more time to decide on the issue as he was given "very little time".
A banking Trojan malware has been detected in the Indian cyberspace that is lurking to attack bank customers using Android phones and has already targeted those from more than 27 public and private sector banks, the country's federal cyber security agency said in a latest advisory.
Government Railway Police (GRP) recovered Rs 1.75 crore in cash from two passengers on the Akal Takht Express at Pandit Deendayal Upadhyay Railway Station in Chandauli district, Uttar Pradesh. The passengers, residents of Lucknow, claimed the money was related to their diamond and jewellery business, but police are investigating further.
This article tries to strip off the jargon and present the contents of the current act with respect to the punishments and penalties applicable to various offences as defined by the tax man.
Maharashtra Minister Sanjay Shirsat received an Income Tax notice regarding an increase in his assets between the 2019 and 2024 elections. He initially claimed MP Shrikant Shinde also received a notice but later retracted the statement.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
Actor Mohanlal has declared possession of 10 elephant tusks and 13 ivory idols to the Kerala Forest Department under an amnesty scheme. This new disclosure comes as he continues to face trial for alleged illegal possession of wildlife articles, a case that originated in 2011 and has seen the Kerala High Court direct the continuation of legal proceedings against him.
The Income Tax department on Friday moved the Delhi High Court seeking "directions/clarifications" of the December 12 order by which the assets of mobile phone handset maker Nokia in India were defreezed.
'In practical terms, a Master Circular is not merely desirable; it is a necessary transition tool to ensure that the promise of simplification under the Income-Tax Act, 2025, is fully realised.'
Ashok Thombre, international business advisor at The Quantico, shortlists some of the most popular government competitive exams in India that attract thousands of aspirants every year.
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
