Even if your only source of income is salary and the tax has been deducted at source, you need to file returns.
The tax treatment of equity savings funds makes them appealing, especially to investors in higher income-tax brackets.
'You have to get private investment to somewhere between 35% to 36% of GDP. It is hovering about 30%-31%.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
Infosys, India's second-largest IT services firm, has appointed company veteran Ashiss Kumar Dash as CEO designate, with the leadership transition scheduled for April 1, 2027, after current CEO Salil Parekh completes his second term.
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.
rediffGURU T S Khurana answers readers' personal income tax queries
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.
Thousands of students clashed with Bihar Police in Patna while attempting to march to the chief minister's residence, protesting against the Bihar Public Service Commission's (BPSC) examination system and alleged irregularities.
The Reserve Bank of India (RBI) and the central government have introduced a package of measures, including tax exemptions for FPIs on government securities and a concessional foreign-exchange swap facility, aiming to attract up to $50 billion in foreign capital. This initiative is designed to strengthen India's balance of payments and potentially cover the projected BoP gap for FY27.
Although many European countries have high income taxes, they don't charge as much as India.
We raid restaurants for cockroaches but never raid the roadside. Public hygiene runs entirely on faith and fumes. Even after so many years of being a free nation, points out Binu Alex.
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".
Maharashtra's Ladki Bahin Yojana has seen 81 lakh registered beneficiaries removed following a multi-month e-KYC verification drive, with the state's Women and Child Development Minister Aditi Tatkare clarifying the process was mandatory to filter out ineligible individuals, income-tax payers, and government employee families.
RJD leader Tejashwi Yadav was detained in Patna during a protest march concerning police action related to NEET paper leak protests in Bihar. Yadav, along with RJD workers, was protesting against frequent exam paper leaks, stating that the government is jeopardising students' futures.
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.
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.
Police in Dahod, Gujarat, seized over Rs 2.56 crore in unaccounted cash from a car during a routine vehicle check. The cash was being transported from a courier firm to Vadodara, and the driver could not provide documentation for the money's source.
It is important to understand that the rupee's appreciation, driven by the 2013 special swap scheme, reduced India's import costs for petroleum, oil, and gold, points out Dr Ashwani Mahajan, National Co-Convenor, Swadeshi Jagaran Manch.
A savings or current account with no customer-induced transaction for more than 24 months is classified as inoperative.
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.
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.
The Income Tax Department has clarified that income from the transfer of investments made before April 1, 2017, is excluded from the scope of the General Anti-Avoidance Rules (GAAR), addressing industry concerns about retrospective application.
Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act. These deductions are available to assesses, who have taken a loan to either buy or build a house.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The first step in tax saving through family tax planning is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law. Under the income tax law it is not possible to arbitrarily divide one's income amongst different members of the family - and then pay lower tax in the names of different family members.
The sanctioned strength of department is 57,793 while the working strength is 40,756; thus a shortfall of 29.47 per cent, the Minister of State for Finance S S Palanimanickam informed the Lok Sabha in a written reply.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Finance Minister Pranab Mukherjee on Monday said that he proposes to exempt the income of New Pension System Trust from the income tax and any dividend paid to this Trust from Dividend Distribution Tax.
The new Income Tax return forms are much simpler in many respects.
The National Stock Exchange of India Ltd (NSE) has received regulatory approval from SEBI for its long-awaited Rs 30,000-crore initial public offering (IPO), positioning it to potentially become the country's largest-ever public issue.
With the click of a mouse you could now check the status of your income tax refund online. The Income Tax department has introduced online availability of information regarding one's tax refund.
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.
A data breach does not end when the headlines fade. For victims, stolen personal information can fuel fraud, identity theft and financial losses for years.
Individuals now need to mention a unique transaction number against every tax deducted at source entry.
