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.
Prithvi-2 is capable of carrying 500-1,000 kg of warheads and is powered by liquid propulsion twin engines, the sources said.
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
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.
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.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The trails were conducted without a helicopter in direct and top attack mode.
The department notified the new set of ITR forms early this week
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.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
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 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).
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
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.
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.
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.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Here are some mistakes taxpayers make and how to avoid them...
The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department -- https://www.incometaxindiaefiling.gov.in.
The new variant of the Akash missile (Akash-NG) can strike targets at a distance of around 60 km and fly at a speed of up to Mach 2.5.
New ITR form may be simpler, but some changes could stump you.
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.
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.
House economists at the nation's largest lender State Bank of India (SBI) have urged the government to budget for nursing the pandemic-ravaged economy and not to focus too much on fiscal consolidation as there is a need for more stabilisation measures to sustain the fledgling recovery. And one of the best way to begin the new fiscal is to complete the share sale of LIC this fiscal. This can go a long way in repairing the overstretched balance sheet which in turn will bring down fiscal deficit to a much lower 6.3 per cent in FY23 as the public coffers will be left with a cash surplus of at least Rs 3 lakh crore to begin the new fiscal, SBI chief economist Soumya Kanti Ghosh said in a pre-Budget note on Wednesday.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
Not mailing ITR-V on time has many negatives. You might be fined Rs 5,000 a return for failing to file returns by the end of the assessment year.
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