Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
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).
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding
Prithvi-2 is capable of carrying 500-1,000 kg of warheads and is powered by liquid propulsion twin engines, the sources said.
With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
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.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
The department notified the new set of ITR forms early this week
Ranveer Singh's Jayeshbhai Jordaar gives out a social message in a fun, quirky way, applauds Namrata Thakker.
With the new tax slabs applicable for income earned during Financial Year 2014-15 and host of new changes in income tax returns and filing norms, this e-filing season will certainly bring in a new experience for taxpayers. Here's how
It also said that PAN card without Aadhaar number would not be treated invalid till the Constitution bench decides the larger issue of Right to Privacy.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
The trails were conducted without a helicopter in direct and top attack mode.
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
Here are some mistakes taxpayers make and how to avoid them...
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
The missile was fired from a ground mobile launcher at launch pad number-1 of the Integrated Test Range (ITR) near here at 3.55 pm, and it hit the target with accuracy, the sources said.
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Incoem tax form will be far more simpler from now onwards.
New ITR form may be simpler, but some changes could stump you.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
The new Income Tax return forms are much simpler in many respects.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
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