Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
The Indian government has expressed its disagreement with the IMF staff's 'baseline' assumption that the 50 per cent US tariffs on its goods exports 'would remain in place indefinitely', based on which the staff pegged the country's GDP growth at 6.6 per cent this year, and pared its 2026-27 projection by 20 basis points to 6.2 per cent.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
'How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts'
The government has notified October 1 as the starting date for direct tax dispute resolution scheme Vivad Se Vishwas 2.0. Vivad Se Vishwas scheme 2.0 was originally announced in Budget 2024-25 presented in July for resolution of certain income tax disputes pending appeal.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
NPS Vatsalya offers a disciplined investment avenue that parents can use to create intergenerational wealth by contributing even small sums.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday gave its approval to Vedanta Limited's demerger proposal, clearing the way for the group to reorganise its operations into five distinct, sector-specific entities.
Ramesh alleged that through the "electoral bonds scam", the Bharatiya Janata Party has collected Rs 8,200 crore and used the route of "pre-paid, post-paid, post-raid bribes and shell companies".
The CBDT is investigating Jane Street for possibly misusing the India-Singapore tax treaty.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
The Income Tax Appellate Tribunal has accepted BCCI's submission that the latter's objective is the promotion of cricket and it enjoys the power of holding IPL for achieving its objective, reports Indivjal Dhasmana.
The tax department had launched the action on Tuesday at the BBC's Delhi and Mumbai offices along with at least two linked premises as part of an investigation into alleged tax evasion against the British broadcaster in India.
The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India.
West Bengal Chief Minister Mamata Banerjee on Thursday dramatically turned up at the residence of Indian Political Action Committee (I-PAC) chief Pratik Jain amid an ongoing Enforcement Directorate raid, alleging that the central agency was attempting to seize the Trinamool Congress's internal documents, hard disks and sensitive data linked to its election strategy.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
A new poll indicates that President Donald Trump's approval rating is suffering as economic anxieties and the rising cost of living weigh heavily on US voters, revealing deep political divides and widespread dissatisfaction with the government.
The Supreme Court is scheduled to hear a plea challenging the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). The plea, filed by Wangchuk's wife, argues the detention is illegal and violates his fundamental rights.
The Indian Rice Exporter's Federation (IREF) on Tuesday urged the government to provide tax incentives, interest subvention and freight support in the upcoming 2026 Budget to strengthen the sector's competitiveness while addressing sustainability concerns.
'If our Budget allows, we may implement both measures -- making income up to Rs 10 lakh tax-free and introducing a 25 per cent slab for income between Rs 15 lakh and Rs 20 lakh.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Reserve Bank of India (RBI) on Tuesday came out with a draft framework on declaration of dividend by banks, as it proposed capping dividend payout to shareholders at 75 per cent of their net profit-- also called profit after tax (PAT).
'LIC will reduce but not fully exit its stake in IDBI Bank, which remains an important bancassurance partner,' says LIC of India' MD and CEO R Doraiswamy.
Talking to reporters in New Delhi, Angmo challenged authorities to an open debate on the allegations, including those suggesting links to Pakistan, and said neither she has been able to contact Wangchuk nor has she been provided with formal documents detailing the charges against him by the administration.
The income tax authorities have initiated proceedings for payment of service tax.
Actor Amitabh Bachchan has paid up GST of Rs 1.09 crore on sale of non-fungible tokens (NFTs) worth Rs 7.15 crore following a notice by the Directorate General of Goods and Services Tax Intelligence (DGGI), people aware of the matter said. Though Bachchan has deposited the amount, investigations by tax authorities continue, they said. Bachchan had entered into an agreement with Rhiti Entertainment Pte. Ltd, Singapore, for conversion of his content into NFTs by way of an auction.
The iconic Jawahar Lal Nehru Stadium in New Delhi will be "dismantled" to create a Sports City that will cater to all major disciplines and include lodging facility for athletes.
Maharashtra has topped the list of states with the most favourable ecosystem for the growth of Farmer Producer Organisations (FPOs), replacing Madhya Pradesh, which has slipped to second place, according to the latest Ease of Doing Business for FPOs (EoDBF) ranking.
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
