One of the most effective methods of lowering the incidence of income tax is by means of legal transfer of your sources of income among as many family members as possible, so that each family member enjoys the basic personal income tax exemption limits.
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
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.
Of the 926 bank branches, 862 branches are public bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 Axis bank branches.
TIOL has come to know that in a path-breaking judicial decision, the Commissioner of Income Tax (Appeals) handling international taxation cases in Delhi has held that the Gracemac Corporation, a 100% subsidiary of Microsoft which had in 1999 granted proprietary and ownership right in license and in intellectual property of Microsoft software and hardware products, is liable to pay income tax on its gross royalty income earned out of licensing of software to Indian customers.
Now that you know what you must do BEFORE and WHILE filing income tax returns online, here's what you must do AFTER you have filed returns online.
The committee has been asked 'to study and identify the provisions.
Your choice between the Old and New Tax Regimes should reflect your financial strategy and investment goals, says Ramalingam Kalirajan
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Income Tax department on Monday began searches at the premises of FMCG company Vicco Laboratories in Mumbai, Nagpur and Goa for alleged tax evasion.
Apart from the emotional value attached to buying gold, the yellow metal offers protection against inflation, interest rate spikes, currency and geopolitical risks, says Anamika Pareek.
Net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal, on higher advance tax payment by corporates.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
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.
The income tax authorities on Thursday conducted raids at seven places in Mumbai, a senior official said.
The actors have admitted to having assets beyond their known sources of income.
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
Here are some mistakes taxpayers make and how to avoid them...
In a relief to individual tax payers, the government on Friday changed the slabs cutting the rate to 10 per cent for income up to Rs five lakh, while leaving the threshold limit for tax-free income unchanged at Rs 1.6 lakh.
Data from Value Research analysed on five-year, three-year and one-year performances of active equity schemes to pick the best performers in popular scheme categories.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
Here's a list of countries with no personal income tax.
Infosys has received a tax demand of Rs 341 crore for assessment year 2020-21 from the Income Tax Department, the IT services company said on Monday adding it is evaluating filing an appeal against the said order. The Bengaluru-headquartered company said it is in the process of evaluating the impact of the order on its financial statements for the quarter and year ending March 31, 2024. Infosys also said it is evaluating filing an appeal against this order.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
The identity of the informant shall be kept a secret, it said.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Her immovable assets are worth over Rs 7.74 crore, which includes two inherited half shares of agricultural land in Mehrauli area of New Delhi and a half share in a farmhouse building located therein, all of which together are now worth over Rs 2.10 crore.
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
A cross-country comparison shows that India currently has the lowest number of taxpayers.
Traders were producing fake purchase and sale billing receipts and also availing multiple loans on one consignment.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
Honda Cars India (HCIL) net profit dropped by 52.8 per cent year-on-year (Y-o-Y) to Rs 661.4 crore in 2023-24 (FY24), primarily due to deferred tax of Rs 359.8 crore, according to the annual results submitted to the Registrar of Companies (RoC) and reviewed by Business Standard. In FY24, the company's production increased by 16 per cent Y-o-Y to 134,807 units.
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
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