The direct tax collection in India went up by 46.9 per cent in April-July to Rs 71,648 crore (Rs 716.48 billion) from Rs 48,756 crore (Rs 487.56 billion) a year ago.
Here are the key highlights of the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha on Friday.
The CBI recently approached the special court in Mumbai for issuance of LoR to conduct a probe to ascertain utilisation of funds received in the US-based bank accounts of Mallya and now defunct Kingfisher Airlines.
Mumbai, which contributes about 30 per cent of country's direct collections, saw the rate of contraction in advance tax collection lower to 20 per cent as against an over 33 per cent decline in Q1.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
Clearance of dues is a key step in airline's revival.
One has to mention the acknowledgement number and the date of filing of four quarterly returns.
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.
It is always adivsable to file income tax returns on time.
Many direct taxation rules lack clarity and the rulings on these also differ from case to case.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
We take the opportunity to bust a few myths
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
To remain hassle-free and for healthy conduct of business, every business owner should follow correct tax compliances for paying service tax, TDS, return filing, etc.
In an online chat with Get Ahead readers on February 6, Anil Rego, CEO, RightHorizons, answered their queries on saving tax.
The new office will have its base in the national capital.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
'There are no new benefits for senior citizens, but on the other hand senior citizens having sizeable dividend income may have to suffer tax at applicable slab rates,' says Mahesh Padmanabhan.
'They want (the ownership and management of PSU banks) to pass into the hands of a private sector entity.' 'Ownership of these banks will go from the public sector to private sector.'
Will stop work on February 20.
In order to provide relief in respect of gains arising on account of appreciation of rupee against a foreign currency at the time of redemption of masala bonds to secondary holders, the government has decided to amend the Income Tax Act.
Without accounting for refunds, however, the collection contracted 5.4 per cent, indicating muted economic activity as the Covid-19 pandemic and subsequent curbs paralysed most sectors.
Taxpayers often get confused regarding how to file their income tax return with multiple Form 16s. Here's some help.
The Supreme Court on Tuesday deferred hearing on Vijay Mallya-owned Kingfisher Airlines' plea challenging Karnataka High Court's order to deposit around Rs 185 crores with the Income Tax Department as tax deducted at source (TDS) from its employees' wages.
Yes, if you are planning to apply for a loan or want to claim refund
The employees have alleged that Mallya, who has been giving them false promises, has been able go away scot free by eliciting "political favours".
As part of Budget 2013-14 proposals, it is considering widening the scope of source-based taxation to more areas to improve reporting mechanism for transactions.
Replying to the debate on the Finance Bill in Lok Sabha, the minister said he did not propose any change in the tax rate but only provided few rebates which will boost spending and help the economy.
The Supreme Court on Friday rejected Kingfisher Airlines' plea against the Karnataka High Court's order directing it to deposit around Rs 185 crore with the Income Tax Department as TDS from its employees' wages.
For 2011-12, there were 7,56,741 foreign remittances made from India with money worth Rs 3,56,461 crore (Rs 3,564.61 billion) going out of India
Buyer to pay tax on gains made on undervalued property purchase.
Finance Minister P Chidambaram on Thursday announced a Rs 2,000 crore urban housing fund, while making luxury homes costlier by cutting abatement on service tax on a flat with a floor area of over 2,000 sq ft, or prices exceeding Rs 1 crore.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
There are ways to salvage the situation by filing belated returns under various clauses.
Ahead of the meeting of jewellers with Gandhi, the Congress had asked the government to look into the demands of jewellers, who have been agitating for more than 20 days.
