In a bid to reduce harassment of tax payers, the income-tax department is mulling setting up five centralised return processing centres in different parts of the country.
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
Last week, the government had introduced the black money Bill.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
If you are one of those who are relying solely on your chartered account friend for all income tax assessment submissions, make sure to check for the ITR-V submission to avoid any problem in the future.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people.
West Bengal Chief Minister Mamata Banerjee on Wednesday said she had suggested to the Congress that an advisory council comprising prominent personalities from civil society be set up to give a direction to the opposition, but rued that the plan did not materialise.
"You cannot play hide and seek with the court," Justice Suresh Kait said.
The Income Tax department has suggested an amendment for taxation of bad debt to the Central Board of Direct Taxes
The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said. According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
SBI, LIC and HDFC, have showed double digit growth.
The Income Tax department will soon start training the second batch of 5,000 tax return preparers (TRPs) across the country. Launched in 2007, the programme aims at assisting tax payers file returns. The TRPs have also been asked to bring in more people under the tax net. They charge existing tax payers Rs 250 for each return, while the department pays them 3 per cent, 2 per cent, and 1 per cent of the tax paid by a new assessee in the first three years, respectively.
Sixty-eight paintings that once belonged to fugitive diamond merchant Nirav Modi will go under the hammer next week.
The income tax department has slapped a Rs 1,067-crore (Rs 10.67 billion) demand notice on telecom giant Bharti Airtel for alleged non-payment of Tax Deducted at Source (TDS) dues in the past four financial years in connection with its operations abroad.
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Payments made by any person of an amount aggregating to Rs 100,000 or more in cash towards credit card dues will have to be reported.
The huge garland that Mayawati wore at a public rally caused the disruption of the Lok Sabha on Tuesday even as the estimated value of the currency notes of which it was made varied from Rs 21 lakhs to Rs 15 crore.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
User and live accounts test done, software to roll out country-wide in a year.
Armed with fresh powers to conduct search and seizure operations and attach properties and bank accounts, the Securities and Exchange Board of India (Sebi) is going all out to use these effectively.
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