You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
Congress leader Rahul Gandhi appeared before the Enforcement Directorate (ED) on Wednesday for the third consecutive day of questioning in the National Herald money laundering case, with the agency seeking answers on decisions taken with regard to the media organisation and its owner Young Indian.
Senior officials in the ministry told Business Standard the rate of taxation would remain the same in the final version of DTC.
The government on Thursday extended the deadline till December 31 for filing of income tax returns by individuals for the financial year 2021, amid the coronavirus pandemic and technical glitches in the IT portal. Earlier, the deadline was extended to September 30, 2021. Usually, the last date for filing the ITR (Income Tax Returns) for the individual taxpayers is July 31. "On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961, Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22," the finance ministry said in a statement.
The value of assets seized during raids by the Income Tax Department has more than doubled in last five years, as the department started going after the 'big fish'.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
The net Income Tax collection in the Mumbai region has gone up by 62 per cent to Rs 23,315 crore (Rs 233.15 billion) as on September 20, compared to Rs 14,369 crore (Rs 143.69 billion) during the same period last fiscal.
The government on Tuesday said around 49 lakh cases of income tax refunds are pending with the revenue department.
The CBI has said the mall belongs to Yadav who has made investment in the project through a company.
Nokia India, however, stuck to its offer and said it is for the department to decide if they are better off with the proposed amount or without it.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
The country-wide raids by the Income Tax teams on properties allegedly owned by former Jharkhand chief minister Madhu Koda and his associates continued for the second day on Sunday.
The Swaraj India chief alleged that the raid was conducted at his sisters' hospital-cum-nursing home premises with an intent to "intimidate" and "silence" him as he had launched an agitation for fair crop price for farmers and against liquor shops in that city in Haryana.
Client executives and relationship managers -- so far confined to the private sector and especially service providers -- have now made an entry into the tax department, too. Just like the relationship manager at your bank, the 'client executive' will coordinate all the tax requirements of a company, which could range from income tax to central excise and service tax.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
If you are an individual, you will get your refunds quicker.
In more trouble for senior Bharatiya Janata Party leader Gopinath Munde, facing an Election Commission's show cause notice for his poll spending remark, the Income Tax department has issued a notice seeking his explanation within a week.
Under pressure on the black money issue, the government plans to monitor high-value savings and investments more closely to net tax evaders.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Currently, if the IT department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, and the new proposal would repose trust in the taxpayer.
After the Satyam scam, the role of chartered accountants has come into focus again. This time the Income Tax Department has found that CAs have given false certificates, enabling Non-Resident Indians and foreign nationals to evade taxes in India.
Aayog feels expansion of the lowest base will enable more people to pay taxes.
First-time Bharatiya Janata Party MLA Rahul Narvekar on Friday filed his nomination as the party candidate for the post of Maharashtra assembly speaker, election for which, if required, will be held on July 3.
Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank's ATMs.
Total number of income-tax returns filed in 2010-11, both electronically and manually, was around 29.6 million.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
The government on Friday extended by six months till March 2022 the deadline to link PAN with biometric ID Aadhaar. In a statement, the Central Board of Direct Taxes (CBDT) said to address the hardship being faced by various stakeholders on account of the COVID-19 pandemic, the timeline has been extended which will ease compliance.
The Income Tax department has decided to name chronic tax defaulters by publicising their names and addresses.
The taxman asked users to secure their password with at least eight characters in length and a combination of lower case, upper case, numeric and special characters.
Online tax filing in 2010-11 was 91.57 lakh, compared to 51.06 lakh in 2009-10.
The commission has, over a period of time, identified various parties which have not contested polls since 2005 and has 'delisted' over 200 of them.
In its next meeting, empowered committee of state finance ministers set to oppose a proposal on state govt undertakings' I-T deduction.
That bliss is set to end soon, with the finance ministry planning to make it mandatory for individuals and Hindu undivided families to report assets and liabilities in income-tax return forms.
The notices were issued to Bhave on September 14, 2010 and January 24, 2011, when he was at the helm of Sebi.
An equitable tax regime makes more sense than debates over whether the rich should pay more.
NCP president Sharad Pawar on Friday reiterated that the Income Tax Department's raids on Maharashtra deputy chief minister Ajit Pawar's relatives and aides came after his comparison of the Lakhimpur Kheri violence in Uttar Pradesh to the Jallianwala Bagh massacre during the British rule.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances