Without Form 16, tax computation becomes cumbersome
The states which achieved "extraordinary growth" in total taxes collected include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent), an official statement said.
Tax rules that could land you in trouble
If you have missed your tax filing deadline, there is not much to fret if your tax dues are fully paid, says Anil Rego
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
With tax payers no longer required to append Form 16 with their returns, the Income Tax department has allowed employers to provide digitally signed statements of tax deducted at source to their employees.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
The Madras high court on Tuesday rejected a plea from mining giant Vedanta to order reopening of its Sterlite copper unit at Tuticorin in Tamil Nadu.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
The Non-Resident Indians (NRIs) living in the US, UK, Canada and Singapore can now avail the benefit of a lesser tax deduction on their Non-Resident fixed deposit with ICICI Bank, a top bank official said in Mumbai. The NRO FD Plus offers the benefit of concessional rate of tax deducted at source (TDS) under the Double Taxation Avoidance Agreement (DTAA) of India with these countries, ICICI Bank General Manager and Head NRI Services Manish Mishra said.
The government on Tuesday extended the deadline for filing income tax and GST returns, raised the threshold of default that could trigger insolvency of a company, and waived charges on cash withdrawals from ATMs of other banks as a precursor to a broader stimulus package for the economy distressed by the coronavirus outbreak.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money.
Enforcement Directorate officials, on Thursday, questioned Kerala Cricket Association (KCA) president and BCCI vice-president T C Mathew on the foreign exchange transactions involving KCA and a London-based architect firm.
Do you know what Section 80DDB is and how it can help you save tax? How much tax can you save under this section and how can you avail it?
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
The PM aso said said it was unfortunate that the UN was still unable to define terrorism.
The actor was not available for comment.
In this conversation with Rediff.com's Sheela Bhatt, former Army Chief V K Singh refutes the allegations made in the Indian Army's Secret Board of Officers Inquiry report, which accuses him of misusing of his position
Income tax payers can now file their tax returns more easily, says tax expert Subhash Lakhotia.
'The effect will be seen two-three quarters down the line.'
To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
It will take over large non-performing assets of banks and help in revive companies ridden with bad debts.
Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
Her speech was laced with Hindi, Urdu, Sanskrit and even Tamil verses.
The income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
The government said on Wednesday that it has appointed management consultant Ernst & Young and NSE's infotech subsidiary, NSE.IT, as its technology advisors for providing online facilities to all tax payers under the "taxnet" scheme.
Paving the way for a low-cost paperless filing of income tax returns and eliminating Tax Deducted at Source frauds, the government on Wednesday gave the go-ahead for setting up of the Phase-II of the Tax Information Network at a cost of over Rs 100 c
Finance Minister P Chidambaram has decided to impose 20 per cent tax on corporate unit holders of mutual funds.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
The sops being given to the IT firms in metro cities should be extended to companies in tier 2 and 3 cities as it will generate greater employment opportunities and boost growth, industry body Nasscom has said.
This taxation applies to all types of transfer of property.
