'We now understand things that we have to correct.'
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
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'.
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 income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1. This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement.
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 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.
A team of tax department officials is undertaking the raids against Jadhav, also the chairman of the BMC standing committee, since early morning, they said.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
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.
If you are an individual, you will get your refunds quicker.
Under pressure on the black money issue, the government plans to monitor high-value savings and investments more closely to net tax evaders.
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.
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.
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.
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.
'Tenants who pay rent above the threshold limit must be extra cautious about TDS fillings.'
According to the CBDT, if a social media influencer retains a product from the manufacturing company after using for the purpose of rendering service, then it will be treated as a benefit/perquisite under newly-introduced Section 194R of the IT Act.
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.
Online tax filing in 2010-11 was 91.57 lakh, compared to 51.06 lakh in 2009-10.
The Income Tax department has decided to name chronic tax defaulters by publicising their names and addresses.
In its next meeting, empowered committee of state finance ministers set to oppose a proposal on state govt undertakings' I-T deduction.
The notices were issued to Bhave on September 14, 2010 and January 24, 2011, when he was at the helm of Sebi.
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.
Aayog feels expansion of the lowest base will enable more people to pay taxes.
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.
An equitable tax regime makes more sense than debates over whether the rich should pay more.
In a rather candid disclosure, a top Income Tax official has admitted that the diamond trade has one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured".
Concern has been raised on the method of identification for providing tax credit and the requirement of a permanent account number for deduction of withholding tax. Industry had raised these two issues before a Central Board of Direct Taxes committee looking into the matter, said a senior finance ministry official.
Dept seeks details of companies that signed Rs 1,000-cr MoUs.
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.
Plans to outsource record-keeping to private entities.
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.
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.
Let's take a look at effective income tax and Social Security rates on $100,000 of gross income around the world.
