'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Delhi Finance Minister Atishi on Monday announced the 'Mukhyamantri Mahila Samman Yojana' for the 2024-25 fiscal, under which Rs 1,000 will be given monthly to women aged above 18 from the fiscal year 2024-25.
The ruling Mahayuti alliance in Maharashtra is heavily banking upon a six to 10 per cent shift in voters -- mostly women -- in its favour to return to power with anywhere between 160 and 170 assembly seats, say four MLAs belonging to Eknath Shinde's Shiv Sena.
The Central Board for Direct Taxes on Friday said a black money declarant under the PMGKY scheme will be allowed to file declarations under the stipulated Form 1 by April 10, if tax and penalty is paid by the deadline that ends on March 31 (Friday).
Justice Sanjiv Khanna, who has been part of several landmark Supreme Court judgements such as scrapping the electoral bonds scheme and upholding abrogation of Article 370, will be sworn in as the 51st Chief Justice of India on Monday.
Justice Khanna, who will serve as CJI for a little over six months, will demit office on May 13, 2025.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Isn't the goal of retirement planning to create a balanced portfolio that aligns with your financial goals, rather than chasing returns blindly, asks Ramalingam Kalirajan
The minister said any declaration made under the law will be protected
A five-judge constitution bench headed by Chief Justice D Y Chandrachud held that the 2018 scheme was 'violative' of the constitutional right to freedom of speech and expression and right to information.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Years before the Supreme Court struck down as 'unconstitutional' an opaque political funding tool that allowed individuals and companies to donate money to political parties anonymously and without any limits, the then finance minister Arun Jaitley -- the prime mover of electoral bonds -- had termed them legitimate and transparent.
The Q2FY25 revenue for Coal India (CIL) was reported at Rs 30,700 crore (down 6 per cent year-on-year or Y-o-Y and 16 per cent sequentially). The blended average selling price was Rs 1,622/tonne (down 6 per cent Y-o-Y and 3 per cent quarter-on-quarter or Q-o-Q). Adjusted operating profit stood at Rs 7,200 crore (down 20 per cent Y-o-Y and 38 per cent Q-o-Q) due to lower-than-expected e-auction volumes and higher costs.
The Bharatiya Janata Party, which pulled off a hat-trick of wins in Haryana by bucking anti-incumbency, managed to make significant inroads into the Dalit seats and Jat strongholds.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The exhaustive list was uploaded on the official web portal of the department.
If Maratha activist Manoj Jarange Patil drops a hint of supporting or opposing a particular coalition on the eve of polling on November 20, things may change overnight.
rediffGURU Samkit Maniar answers readers' personal income tax queries
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The district officials named 306 other unrecognized Islamic education institutions in their report as illegal.
It was reported that the new amnesty scheme would allow gold hoarders a chance to come clean on investment made using black money by declaring their possession and paying tax on it.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
Mumbai accounts for the largest share of electoral bonds sold since inception.
As part of the scrutiny, I-T department will initially issue 700,000 letters to those who have indulged in such transactions
India's oldest stock exchange has created weekly, monthly, quarterly and annual price bands
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Government unlikely to bring in an ordinance to address the developments arising out of the Supreme Court order.
Consolidated earnings for oil-to-telecom conglomerate Reliance Industries (RIL) may report sequential weakness, and modest year-on-year (Y-o-Y) growth in the June 2024 quarter (Q1FY25), said analysts. Lower refining margins are expected to moderate gains made from other businesses. RIL is slated to report its financial performance for Q1FY25 on July 19.
He argued that if inflation is low, stable and moving towards the 4 per cent target, why has the RBI not revised downward the bank rate fixed in June 2023?
The government on Friday said there was no proposal to bring amnesty scheme for declaring undisclosed income.
Limited IT staff may compel them to focus on big fish than small depositors.
Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
As much as Rs 3.64 lakh crore has been collected as advance tax, which is 14.5 per cent higher than the advance tax collections during the same period last year.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
Several residents of a housing complex built by the Vadodara Municipal Corporation (VMC) under a Gujarat government scheme have been staging protests against the allotment of a flat to a Muslim woman, saying the locality is meant only for Hindus.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
A land-owning class, the Jats are a powerful community and account for 28 per cent of Haryana's population. The time, they believe, has now come for them to take revenge.
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