There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
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...
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.
Ranveer Singh's Jayeshbhai Jordaar gives out a social message in a fun, quirky way, applauds Namrata Thakker.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
New ITR form may be simpler, but some changes could stump you.
Incoem tax form will be far more simpler from now onwards.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
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.
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 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.
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.
Now the processing of return filed will be through your Aadhaar Number, where, you can link it with your PAN and get rid of sending ITR V to CPC, Bangalore.
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.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
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.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
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 conversion facilitated range enhancement and improvement in Pinaka's accuracy.
You can electronically verify returns and regularise these by August 31.
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.
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).
Taxpayers will have to disclose all bank accounts held by them in India.
The Income Tax Department will now process and send refunds in a short time of 7-10 days
No need to pay tax on a share of property from your parents, says tax expert Vikas Gandhi.
Mihir Tanna, Associate Director, S K Patodia & Associates, a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
The missile is capable of carrying 500/100 kg of warheads and is powered by liquid propulsion twin engines.
The new measure will ease the process of quick generation of refunds of taxpayers.
If losses from F&O, intra-day trades are below Rs 20,000-30,000, it's best not to claim them and opt for ITR-2.
