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.
The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25.
British broadcaster BBC has communicated to the income-tax department that some of its past income, for its operations in India, could have gone unreported during the statutory filing of returns and hence it would like to amend it, official sources said on Wednesday.
India's net direct tax collections contracted 1.3 per cent to about 5.63 trillion as of July 10, with corporate taxes dropping 3.7 per cent and non-corporate taxes recording a fractional 0.04 per cent contraction, Income Tax department data released on Friday revealed.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
Prepare your replies with expert help, if necessary. Keep relevant documents ready to support your replies.
Net direct tax collection grew 18.3 per cent to about Rs 11.25 lakh crore as of October 10 this fiscal, government data showed on Friday. The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore.
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
A speeding Lamborghini, allegedly driven by the son of a tobacco trader, injured at least six people in Kanpur after hitting pedestrians and two-wheelers.
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
We take the opportunity to bust a few myths
The Income Tax Department will now process and send refunds in a short time of 7-10 days
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11.
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
ITRs with zero tax liability have increased to 55.7 million in FY25.
Non-profit organisations set up for charitable purposes may see a tightening of income tax provisions.
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.
A Delhi court has declared UK-based arms consultant Sanjay Bhandari a fugitive economic offender on an Enforcement Directorate plea.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
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.
Sleuths from the department swooped down on seven locations across Mumbai city, including Jeetendra and daughter Ekta's residences.
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
Can't believe you can file your income tax return without Form 16? Read this...
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Infosys has received a tax demand of Rs 341 crore for assessment year 2020-21 from the Income Tax Department, the IT services company said on Monday adding it is evaluating filing an appeal against the said order. The Bengaluru-headquartered company said it is in the process of evaluating the impact of the order on its financial statements for the quarter and year ending March 31, 2024. Infosys also said it is evaluating filing an appeal against this order.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
A court in Chennai on Tuesday adjourned to June 9 the income tax return cases against Tamil Nadu Chief Minister J Jayalalithaa and her aide Sasikala for their appearance.
Handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract 1 per cent Tax Collected at Source (TCS), as per a notification issued by the Income Tax department. TCS at 1 per cent rate is currently being levied on motor vehicles costing above Rs 10 lakh effective January 1, 2025.
Central GST (CGST) field offices will remain open on March 29-31, the Central Board of Indirect Taxes and Customs (CBIC) said on Friday. The CBIC directive came days after a similar directive from the Central Board of Direct Taxes (CBDT) regarding income tax department offices "to facilitate completion of pending departmental work.
Kingfisher Airlines was found to have deducted tax at source on salary payments but had not deposited it in government account, Minister of State for Finance S S Palanimanickam said in a written reply.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
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