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.
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.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
'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.'
Sleuths from the department swooped down on seven locations across Mumbai city, including Jeetendra and daughter Ekta's residences.
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.
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.
Can't believe you can file your income tax return without Form 16? Read this...
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.
The rupee appreciated 53 paise to close at 89.67 against the US dollar on Friday, supported by corporate dollar inflows and easing crude oil prices. Forex traders said a positive trend in domestic equities and Brent crude oil prices hovering near $59 per barrel supported the domestic unit at lower levels.
Under the TMC, Bengal has seen expansion of welfare, but not big-ticket private investment.
ITRs with zero tax liability have increased to 55.7 million in FY25.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
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.
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.
Kerala's voters are sophisticated, educated, and unforgiving. They have once again made it clear that no government is entitled to remain in power. The Congress would do well to remember this, points out Ramesh Menon.
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.
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.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
A Delhi court has declared UK-based arms consultant Sanjay Bhandari a fugitive economic offender on an Enforcement Directorate plea.
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.
Persons and entities who have faced search or survey proceedings by the income tax department "in any previous year" will no longer be allowed to file updated tax returns. Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
Captain Pradeep Shoury Arya is an Income-Tax officer whose mission against terrorists in J&K won him the Shaurya Chakra.
Taxpayers might face several issues while filing returns this year.
The income tax department on Wednesday issued FAQs on changes in the capital gains tax saying the idea behind it was to simplify the tax structure and promote ease of compliance. The holding period for various asset classes for the purpose of short- and long-term capital gains tax has been rationalised. The holding period of all listed assets will be now one year for the purpose of long-term capital gains tax (LTCG).
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
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.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
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.
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.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
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.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
