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.
Police in Chhattisgarh's Mahasamund district seized 7.5 kilograms of gold worth Rs 9.17 crore from a car. The occupants of the car could not provide satisfactory answers about the gold's origin or produce relevant documentation.
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.
As the world's most populous country, India's economy looks large in the aggregate even as its average incomes stay modest.
Although many European countries have high income taxes, they don't charge as much as India.
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.
"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.
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".
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
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.
Seven of them posted losses, led by Air India, with their combined net loss widening to Rs 31,823 crore in FY26 from Rs 17,553 crore a year earlier and Rs 1,555 crore in FY20.
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.
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.
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.
All services on the income-tax e-filing portal -- both pre-login and post-login -- are expected to be updated by April 1 to reflect the new legal framework.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions
Passenger vehicle sales in India are estimated to have surged by nearly 25 per cent in June 2024, reaching approximately 4 lakh units, with Maruti Suzuki, Tata Motors PV, and Mahindra & Mahindra leading the growth, despite concerns over geopolitical tensions and monsoon impact.
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.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
The Calcutta high court has held that voter identity cards, Aadhaar and PAN cards are not conclusive proof of Indian citizenship.
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.
Investors should do thorough due diligence when selecting a platform.
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.
Individuals now need to mention a unique transaction number against every tax deducted at source entry.
Income Tax Return forms in India are like the Golmaal series of movies. Every two years there is a new one.
You don't need to be intimidated by the thought of filing tax returns
Authorities have put forward a tax demand of Rs 2,080 crore.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The new income tax returns form, ITR-1, is relatively simpler than Saral. Here is a lowdown on what salaried individuals will now have to cope with.
Rajya Sabha proceedings were adjourned following an uproar over an alleged derogatory 'lungiwala' remark made by BJP MP Sushmita Dev against CPI(M)'s John Brittas, who had moved a privilege motion. Dev denied the accusation, stating she had not cast aspersions on any state's attire.
In this article we shall discuss four preliminary steps to be taken for filing your income tax return accurately and correctly.
Here's the procedure of getting your income tax refund quickly which you have not been able to get within stipulated time.
'In practical terms, a Master Circular is not merely desirable; it is a necessary transition tool to ensure that the promise of simplification under the Income-Tax Act, 2025, is fully realised.'
