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Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
The government had in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, to give compliance relief to taxpayers.
'Every period of excessive optimism eventually gives way to a correction, while periods of extreme pessimism often create the best investment opportunities.'
GDN has a fascinating genius at its centre, but Madhavan's terrific performance is let down by a repetitive, overly familiar biopic treatment.
According to a study, there are several misconceptions regarding income tax.
I don't know who would want to celebrate the creation of the income tax, other than the tax officials themselves, says T N Ninan.
The government has shown its efforts in phasing out the four-and-a-half-decade old Income Tax Act of 1961 with a new and 'taxpayer friendly' Code. The Code is designed to provide stability to the tax regime and is based on the accepted principles of taxation and best international practices.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
Behind the aesthetics of an entrepreneurial lifestyle lies a silent financial crisis that nobody is talking about: Freelancers are sprinting toward a retirement brick wall.
Voltas has announced a joint venture with Atomberg Innovation to manufacture high-efficiency room air conditioner (RAC) compressors, aiming to strengthen localisation and supply-chain resilience. Despite significant volume growth in RACs, the company's margins remain a key concern for analysts.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
Global financial consultancy firm Ernst and Young wants the personal income tax slabs to be raised to a reasonable level as the lowest bracket "kicks in too early".
Even if your only source of income is salary and the tax has been deducted at source, you need to file returns.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
The Kerala High Court has admitted an appeal by CMRL against a single-judge verdict allowing the ED to continue its money laundering investigation into the company's dealings with Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan.
Amid the buzz over a split in the ranks of Lok Sabha MPs of Shiv Sena-Uddhav Balasaheb Thackeray through "Operation Tiger", Maharashtra Chief Minister Devendra Fadnavis on Sunday said the "operation" has been successful. His deputy and Shiv Sena president Eknath Shinde said he never leaves an operation incomplete.
Indian benchmark indices, Sensex and Nifty, opened higher on Friday, primarily driven by a significant surge in Bajaj Finance shares following its strong Q1 FY27 earnings report, coupled with continued foreign fund inflows and a dip in crude oil prices. Track Sensex, Nifty on July 31.
Prism, the parent company of OYO, has filed updated draft papers with Sebi for a Rs 6,650 crore initial public offering (IPO) consisting entirely of a fresh issue of shares, with no offer-for-sale component from existing investors.
Education loan defaults carry serious consequences. Credit bureaus record missed payments against both the student and the co-borrower, usually a parent.
'It is not because of the war in West Asia, which began on February 28.' 'Petroleum product prices are already going through the roof. They are bound to have a serious inflationary impact.' 'A country's leadership is tested in trying times. It is here that the current leadership is failing.'
Here we take a look at income tax rules governing income tax for the NRIs in India.
There are some countries where more than 50 per cent of the income goes to taxes.
Atishi claimed the notice was sent to scare her, but "we have come from difficult fields to change politics of this country and we will not get intimidated by these hollow threats of the BJP".
Although many European countries have high income taxes, they don't charge as much as India.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
Cochin Minerals and Rutile Ltd (CMRL) has challenged the Kerala High Court's decision allowing the Enforcement Directorate (ED) to investigate its financial dealings with Veena T, daughter of Kerala's Chief Minister Pinarayi Vijayan. CMRL argues the ED probe lacks jurisdiction and violates natural justice principles.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
Verify a content creator's Sebi registration, qualifications and certifications before acting on their advice.
Three men in Aligarh, Uttar Pradesh, received income tax notices demanding crores of rupees despite earning meager salaries, highlighting the growing issue of identity theft in India. The victims, who earn between Rs 8,500 and Rs 15,000 per month, were shocked to receive notices for Rs 33.88 crore, Rs 3.87 crore, and Rs 7.79 crore respectively. The authorities believe that businesses have been conducting large-scale transactions using forged Aadhaar and PAN cards in the names of these individuals.
Bihar on Wednesday witnessed a pitched battle between hundreds of student activists demanding Union minister Dharmendra Pradhan's resignation and the police, which used tear gas shells, water cannons and batons in a bid to prevent their 'Lok Bhavan march'.
Indian benchmark indices Sensex and Nifty recorded their third consecutive day of gains, primarily driven by an over 8 per cent surge in Bajaj Finance following strong Q1 FY27 results, coupled with significant foreign fund inflows and a dip in crude oil prices.
A banker from Jaipur in Rajasthan tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
Choosing the right ITR form for your income tax return filing can be quite confusing. Investmentyogi simplifies the ITR forms and all the jargon associated with it. Keep it handy for your returns in 2010.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
The Indian central government has reduced its total expenditure by approximately 60,000 crore in FY26, below its revised estimate, to successfully achieve the fiscal deficit target of 4.4 per cent of gross domestic product (GDP), according to the latest data from the Controller General of Accounts (CGA).
With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
A Nigerian national was arrested in Delhi by the Uttar Pradesh STF for allegedly creating fake profiles of US and UK citizens on social media and cheating victims on the pretext of sending expensive gifts and foreign currency.
'The prohibition regime has been accompanied by concerns regarding the expansion of the illicit liquor trade, increased enforcement challenges and corruption, and the growing use of alternative intoxicants, including illicit drugs.'
