Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Excerpts from a Q & A with Tax Expert Subhash Lakhotia on CNBC AAWAZ.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
A court in New Delhi on Thursday extended the Enforcement Directorate custody of Chief Minister Arvind Kejriwal till April 1 in the excise policy case.
The e-filing website of the I-T department would now provide a facility to pre-validate bank account details.
It is important to have the necessary documents on hand to verify the information in the form.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
If you disagree with the notice, be ready to explain.
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.
Prashant A Bhonsle explains the tax benefits you can avail under Section 80E of the Income Tax Act.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Amit Gupta examines the taxation of dividend-paying stocks, share buybacks, and bonus shares.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The analysis of five candidates could not be completed as their affidavits are either badly scanned or complete affidavits are not uploaded on the Election Commission of India website, they said.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
Senior Congress leader Shashi Tharoor on Tuesday attacked the Centre over the glitches in the new income tax portal, alleging that even after spending Rs 4,200 crore on it, the government had "failed" to make it user-friendly and created a "mess" instead.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Transactions were allegedly not reported correctly in the tax returns for FY20.
Heeramandi, a passion project that took off after years in development and planning, mirrors Sanjay Leela Bhansali's film-making's finest and frustrating features, observes Sukanya Verma.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Revenue secretary Tarun Bajaj along with senior finance ministry officials on Thursday held a meeting with Infosys managing director Salil Parekh to review the performance of the new income tax portal. More than 3.5 crore Income Tax Returns (ITR) have been filed so far for the financial year 2020-21 through the portal, which had faced glitches following which the ministry had directed Infosys to urgently address the issues. Infosys has developed the new income tax e-filing portal 'www.incometax.gov.in'.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
The government has received representations from various stakeholders.
Filing your income tax return will be easier this financial year (FY) 2009-10. Want to know how? Read on.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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