The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
The new variant of the Akash missile (Akash-NG) can strike targets at a distance of around 60 km and fly at a speed of up to Mach 2.5.
Not mailing ITR-V on time has many negatives. You might be fined Rs 5,000 a return for failing to file returns by the end of the assessment year.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
Now the processing of return filed will be through your Aadhaar Number, where, you can link it with your PAN and get rid of sending ITR V to CPC, Bangalore.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The conversion facilitated range enhancement and improvement in Pinaka's accuracy.
You can electronically verify returns and regularise these by August 31.
House economists at the nation's largest lender State Bank of India (SBI) have urged the government to budget for nursing the pandemic-ravaged economy and not to focus too much on fiscal consolidation as there is a need for more stabilisation measures to sustain the fledgling recovery. And one of the best way to begin the new fiscal is to complete the share sale of LIC this fiscal. This can go a long way in repairing the overstretched balance sheet which in turn will bring down fiscal deficit to a much lower 6.3 per cent in FY23 as the public coffers will be left with a cash surplus of at least Rs 3 lakh crore to begin the new fiscal, SBI chief economist Soumya Kanti Ghosh said in a pre-Budget note on Wednesday.
The missile is capable of carrying 500/100 kg of warheads and is powered by liquid propulsion twin engines.
The Income Tax Department will now process and send refunds in a short time of 7-10 days
Taxpayers will have to disclose all bank accounts held by them in India.
The missile is India's first indigenously developed anti-radiation missile that has speed of Mach two or twice the speed of sound.
No need to pay tax on a share of property from your parents, says tax expert Vikas Gandhi.
The affidavit goes on to inform that the BJP chief does not own a car.
The new measure will ease the process of quick generation of refunds of taxpayers.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
If losses from F&O, intra-day trades are below Rs 20,000-30,000, it's best not to claim them and opt for ITR-2.
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.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Tax Guru Anil Rego answers your personal income tax queries.
A salaried individual needs to file returns as a business owner if s/he has a high turnover while trading in stocks or futures & options, reveals Tinesh Bhasin.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
If you are a salaried person, you will be filing your returns using the new income tax return form, ITR. Do you think the ITR is simpler than Saral? Or are there drawbacks in the new ITRs? Tell us.
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
Are you still confused over the new income tax return forms? Read this to clear all your doubts.
How the Aadhar card would be linked to income tax return is yet not clear
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
Revised tax forms will be simple; stress on foreign travel and assets has been reduced
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A land-attack version of the missile was test-launched from Launch Pad-3 of the Integrated Test Range (ITR). An air force variant was fired from an IAF fighter jet over Bay of Bengal.
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