Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
TVK chief Vijay declared assets worth 603.20 crore in his election affidavit, including luxury cars and significant bank deposits, ahead of the Tamil Nadu Assembly polls.
The FM proposed a rule-based automated process for small taxpayers in FY27 Budget.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
To propel demand, one should concentrate on indirect taxes and bring down the goods and services tax (GST) rates to a uniform 12 per cent as the Vijay Kelkar panel had recommended, said Ajit Ranade, chief economist at Aditya Birla Group.
It's tax time and you need to know your basics. . .
While the new income tax law replaces the Income Tax Act, 1961 and omits 13 offences, 35 actions and omissions continue to attract criminal liability under 13 provisions.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
CPI(M) workers clashed with security personnel outside former Chief Minister Pinarayi Vijayan's residence in Kerala during Enforcement Directorate (ED) searches related to the alleged CMRL monthly payment case involving his daughter.
The 2026-27 Budget, seeking to harmonise the government's imperative to grant certainty while ensuring a rational tax policy, had several notable announcements to usher in halcyon days, says Mukesh Butani.
Yuzvendra Chahal's impressive bowling performance and Yash Dhull's explosive batting were among the highlights of the opening day of the DY Patil T20 Cup.
The Enforcement Directorate conducted searches at the residences of former Kerala chief minister Pinarayi Vijayan and his family members as part of a money laundering probe linked to the CMRL case involving his daughter, Veena Vijayan.
A US federal judge has permanently dismissed the criminal securities-fraud case against Adani Group chairman Gautam Adani and his nephew Sagar, closing nearly two years of prosecution without a trial. Gautam Adani stated, "Truth has prevailed," in response to the ruling.
Read all account documents, ask questions, and conduct basic due diligence before agreeing to become a joint holder.
Now that you know what you must do BEFORE and WHILE filing income tax returns online, here's what you must do AFTER you have filed returns online.
Forty years ago, an individual in the highest tax bracket (above Rs 70,000 per annum) had to pay 70 per cent income tax.
Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
Divestment has emerged as a priority for the government following a moderation in direct tax collections.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
According to CNBC's list based on KPMG's 2011 survey of 96 countries, these eight nations don't have to pay any income tax to their government.
Because they can easily find them out by analysing your financial transactions.
One of the most effective methods of lowering the incidence of income tax is by means of legal transfer of your sources of income among as many family members as possible, so that each family member enjoys the basic personal income tax exemption limits.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
The government on Tuesday extended till March 15 the deadline for corporate to file Income Tax returns for the fiscal ended March 2021. The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till February 15. This is the third extension given to corporate for filing the income tax return for 2020-21 fiscal.
Net direct tax collection grew about 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.
Indian carmakers experienced a robust start to the new fiscal year, with an estimated 4.5 lakh passenger vehicles sold in April, marking a 27 per cent increase year-on-year, attributed to factors like GST 2.0, repo rate cuts, and income tax benefits.
About 250 income-tax sleuths conducted searches at 20 hospitals in Chennai alone
The most common mistake is investing without assessing suitability and long-term implications.
But the party favoured most of the proposals on indirect taxes.
Government Railway Police (GRP) recovered Rs 1.75 crore in cash from two passengers on the Akal Takht Express at Pandit Deendayal Upadhyay Railway Station in Chandauli district, Uttar Pradesh. The passengers, residents of Lucknow, claimed the money was related to their diamond and jewellery business, but police are investigating further.
The Enforcement Directorate conducted searches at the residences of former Kerala chief minister Pinarayi Vijayan and his family members as part of its money laundering probe linked to the CMRL case involving his daughter.
No income tax relief, but compliance burden eased for youth and middle class through lower TCS.
This is as easy as it gets and all one needs to do is to enter the PAN number and the assessment year on this site to access the current position of the tax refund.
As the new Income Tax (I-T) Act, 2025 moves towards implementation from April 1, 2026, the finance ministry is reviewing and simplifying the compliance forms used by charitable institutions. Debjyoti Das, principal chief commissioner of income tax (exemption), said the new Act has already reorganised exemption provisions into a clearer and more coherent structure, and the accompanying procedures and forms are now being examined.
A case has been registered against a US-based organisation and six others after the Enforcement Directorate lodged a complaint alleging illegal utilisation of foreign funds through a network of foreign debit cards, including in Left Wing Extremism (LWE)-affected areas of the country.
Police in Kanpur have arrested a suspected mastermind behind a network of fake firms, forged documents, and suspected hawala transactions worth over Rs 3,200 crore.
The actors have admitted to having assets beyond their known sources of income.
