The first step in tax saving through family tax planning is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law. Under the income tax law it is not possible to arbitrarily divide one's income amongst different members of the family - and then pay lower tax in the names of different family members.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Net direct tax collection grew about 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.
In the rush to complete tax-saving investments at the end of the financial year, many taxpayers choose instruments that do not match their long-term financial goals.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Jewellers in Lucknow protest Prime Minister Modi's appeal to defer gold purchases for a year amid the West Asia crisis, fearing significant business losses and economic hardship for those involved in the trade.
The new Income Tax return forms are much simpler in many respects.
Finance Minister Pranab Mukherjee on Monday said that he proposes to exempt the income of New Pension System Trust from the income tax and any dividend paid to this Trust from Dividend Distribution Tax.
BJP leader V Muraleedharan dismisses claims that Prime Minister Narendra Modi would strike a deal with the Congress to target the CPI(M), stating Modi has 'better things to do'. He also questioned Kerala CM Pinarayi Vijayan's concern over ED raids if he has done nothing wrong.
The remarkable rise of smallcaps reflects the emergence of a broad set of specialised businesses operating in industries where the sectoral tailwinds remain considerably stronger than macroeconomic headwinds, points out Debashis Basu.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
With the click of a mouse you could now check the status of your income tax refund online. The Income Tax department has introduced online availability of information regarding one's tax refund.
Pakistan has increased its defence budget by 17.6 per cent to PKRs 3,000 billion for the upcoming fiscal year, as announced by Finance Minister Muhammad Aurangzeb. The federal budget, estimated at PKRs 18,771 billion, targets 4 per cent GDP growth, with significant allocations for debt service and pensions. Prime Minister Shehbaz Sharif highlighted economic stability and ongoing discussions with the IMF, while the opposition protested Imran Khan's incarceration during the budget session.
While the new income tax law replaces the Income Tax Act, 1961 and omits 13 offences, 35 actions and omissions continue to attract criminal liability under 13 provisions.
The Reserve Bank of India (RBI) has announced a record surplus transfer of Rs 2.87 trillion to the central government for FY26, driven by increased income and an expanded balance sheet, despite a reduction in the contingent risk buffer (CRB) to 6.5 per cent.
You don't need to be intimidated by the thought of filing tax returns
Individuals now need to mention a unique transaction number against every tax deducted at source entry.
Income Tax Return forms in India are like the Golmaal series of movies. Every two years there is a new one.
The SIT investigating self-styled godman Ashok Kharat, who faces multiple rape accusations, has made significant breakthroughs.
The government should refrain from raising income tax surcharge on the super-rich and reintroducing wealth tax in the upcoming 2026-27 Budget, as the move could prompt persons in high-income brackets to leave the country for low-tax jurisdictions, according to tax experts.
Authorities have put forward a tax demand of Rs 2,080 crore.
As the new Income Tax (I-T) Act, 2025 moves towards implementation from April 1, 2026, the finance ministry is reviewing and simplifying the compliance forms used by charitable institutions. Debjyoti Das, principal chief commissioner of income tax (exemption), said the new Act has already reorganised exemption provisions into a clearer and more coherent structure, and the accompanying procedures and forms are now being examined.
Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
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.
The new income tax returns form, ITR-1, is relatively simpler than Saral. Here is a lowdown on what salaried individuals will now have to cope with.
In this article we shall discuss four preliminary steps to be taken for filing your income tax return accurately and correctly.
Kerala police have arrested four individuals in connection with the violent attack on vehicles carrying Enforcement Directorate (ED) officials who raided former Kerala CM Pinarayi Vijayan's rented house. The arrests followed a stand-off with CPI(M) party workers and leaders.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Here's the procedure of getting your income tax refund quickly which you have not been able to get within stipulated time.
BJP state president Rajeev Chandrasekhar, contesting from Nemom, Kerala, declares assets exceeding 93 crore, including movable and immovable properties, ahead of the upcoming Assembly elections.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
The best time to buy health insurance is when you don't think you need it.
In order to avoid late payment, interest and penalty know these things before filing income tax returns...
Since the actor was busy with the shooting of Malayalam film Pranayam at Rameswaram, the IT authorities asked him to come to Kochi to record his statement today.
With filing possible only online, there is no scope for any error.
Indian benchmark indices Sensex and Nifty closed marginally lower due to profit-taking, following the Reserve Bank of India's decision to keep the repo rate unchanged while lowering its growth expectations for the current fiscal year and forecasting higher inflation.
Kerala Home Minister Ramesh Chennithala has alleged that the violent attack on Enforcement Directorate (ED) officials' vehicles was a conspiracy by the CPI(M) to disrupt law and order. The ED raids were linked to financial dealings between former CM Pinarayi Vijayan's daughter's firm and a sand mining company.
Forget the never-ending forms and the paperwork, be ready to pay your taxes at your nearest ATM
