Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
She took the room's collective breath away in a pantsuit at The GQ 35 Most Influential Young Indians event.
The RTI exemptions cited by the CPIO to deny information relate to intellectual property rights, trade secrets and information in the nature of commercial confidence, fiduciary relationship, threat to life and safety of persons who give information to law enforcement agencies in confidence, impediment to investigation, prosecution or apprehension and privacy of an individual.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The MRSAMs were test-fired from the Integrated Test Range launch pad-III at Chandipur near here before noon
Ravi Singhal explains how a taxpayer can go about reducing her/his tax liability if they suffer losses while investing or trading in the stock market.
The income tax department on Monday launched a new portal e-filing 2.0, which will make online filing of returns and tax payment easier. The new portal -- www.incometax.gov.in -- replaces the 'http://incometaxindiaefiling.gov.in' site, and can be accessed by taxpayers in various regional languages. The income tax department also asked taxpayers to re-register their DSC (Digital Signature Certificate), update personal mobile number and email ID under 'primary contact', act on 'pending action', if any, and respond to 'outstanding demand'.
This is the fourth extension given by the government for taxpayers to file both original and revised ITRs for 2018-19 fiscal.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Integrated Test Range of Defence Research and Development Organisation (DRDO) has taken various measures to protect its facilities at Chandipur and Abdul Kalam Island in Odisha, which are likely to be affected by cyclone 'Yaas', an official said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Infosys, in 2019, was given the contract to develop the new portal. It was launched in June last year and stakeholders had reported glitches and difficulties in the functioning of the portal. "On the I-T project, we are extremely proud that as of December 31, as was reported, 5.8 crore returns were filed through that timeframe.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
The test was carried out by DRDO against a high-speed unmanned aerial target which was successfully intercepted by the missile.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The vehicle can be used as an aerial target for evaluation of various missile systems.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
Infosys on Wednesday said it is focused on "expeditiously" resolving issues related to the new income tax portal and termed it as the "single largest priority" for the company at the moment. Infosys top management said that many of the issues around performance and stability have been addressed, and that about 10 lakh ITRs (income tax returns) have been filed so far. "We are working extremely hard in making sure that all of the features are being delivered.
The quick reaction surface-to-air-missile missile developed by DRDO was test launched from the Integrated Test Range at Chandipur near here at about 3.08 pm from a vertical launcher against an electronic target at a very low altitude.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Tax Guru Anil Rego answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
rediffGURU Mihir Tanna answers your income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Amit Gupta, MD, Sag Infotech, answers your personal income tax queries.
The government had in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, to give compliance relief to taxpayers.
