A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
Tax Guru Anil Rego answers your personal income tax queries
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
The Defence Research and Development Organisation on Friday successfully conducted a flight test of Solid Fuel Ducted Ramjet (SFDR) technology in Odisha, official sources said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The case against Balaji and his aides pertains to his tenure as the state transport minister in the All India Anna Dravida Munnetra Kazhagam government during 2011-15.
"The CBDT extends the 'due date' for filing of ITRs as well as reports of Audit (which were required to be filed by the said specified date) from September 30, 2018 to October 15, 2018 in respect of the said categories of taxpayers," the CBDT said in a statement.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
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
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.
With new added technologies, including the control system, the missile was test-fired from the Integrated Test Range (ITR) launch pad-III at Chandipur around 10.45 am, said a source at the Defence Research and Development Organisation.
On both the occasions, the missiles intercepted the simulated targets with pinpoint accuracy. The missiles were tested for minimum and maximum range.
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.
Prithvi-2 is capable of carrying 500-1,000 kg of warheads and is powered by liquid propulsion twin engines, the sources said.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
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
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).
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
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.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
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 trails were conducted without a helicopter in direct and top attack mode.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
