The peak rate of 30% applies on annual income of individuals above Rs 10 lakhs.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
Join Anil Rego for an online chat between 2 pm and 3 pm on Friday, July 8, 2016.
Traders were producing fake purchase and sale billing receipts and also availing multiple loans on one consignment.
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.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
The government appears serious about its intent to do away with the sore points in the taxation laws.
Sleuths from the department swooped down on seven locations across Mumbai city, including Jeetendra and daughter Ekta's residences.
Most important thing to know is even if you do not have taxable income you may still have to file your income tax return.
The iconic Jawahar Lal Nehru Stadium in New Delhi will be "dismantled" to create a Sports City that will cater to all major disciplines and include lodging facility for athletes.
The Enforcement Directorate (ED) has secured a 13-day custodial remand for Jawad Ahmed Siddiqui, chairperson of the Al Falah group, accused of generating over Rs 415 crore dishonestly from students. The ED claims Siddiqui has incentives to flee India as his family is settled in the Gulf.
The Income Tax department on Friday moved the Delhi High Court seeking "directions/clarifications" of the December 12 order by which the assets of mobile phone handset maker Nokia in India were defreezed.
CBDT is the apex policy making body of the IT department.
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.
There has been an unprecedented surge in number of returns being e-filed.
The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
Learn to track your ITR's progress and correct any errors.
The budget-making exercise offers golden opportunities despite challenges, observes Shankar Acharya, former chief economic adviser to the Government of India.
UBS has turned bullish on emerging markets (EM), including India, as it finds benign macro trends, positive momentum in earnings revisions, and resilient EM currencies helping these economies sustain higher valuations and attracting flows. Among regions, it has upgraded Mainland China to 'attractive' and China Tech to 'most attractive', while downgrading Philippines to 'neutral'.
Net direct tax collection dipped 3.95 per cent to Rs 6.64 lakh crore so far this fiscal, mainly on account on higher refunds, according to government data released on Tuesday. Direct tax includes taxes on income paid by companies, individuals, and by professionals, and other entities.
Make sure the rider adds value rather than just adding to cost.
Whether salaried or running your own business, it's about time to get your investment proofs in tax-saving instruments ready for filing your income tax returns later this year.
Fitch Ratings on Thursday raised India's GDP growth forecast for the current fiscal to 7.4 per cent, from 6.9 per cent, on increased consumer spending and improved sentiment boosted by GST reforms.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Talking to reporters in New Delhi, Angmo challenged authorities to an open debate on the allegations, including those suggesting links to Pakistan, and said neither she has been able to contact Wangchuk nor has she been provided with formal documents detailing the charges against him by the administration.
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
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Cabinet likely to pave way for the 'super-rich' tax today.
'The hearing is not adversarial but inquisitorial in nature -- it allows Sebi to examine the context, the strategy, and the intent behind the trades, particularly when algorithmic and expiry-day trading are involved.'
rediffGURU Vivek Lala answers your income tax and personal finance queries.
The BCCI has strengthened its coffers by Rs 14,627 crore over the past five years, including Rs 4,193 crore in the last financial year alone, taking its cash and bank balance to Rs 20,686 crore, according to a report.
Team Anna member Arvind Kejriwal did not comply with the income tax department notice asking him to pay over Rs 9 lakh in dues, saying he needed more time to decide on the issue as he was given "very little time".
Tax experts answer your budget-related queries
RSS chief Mohan Bhagwat defended the organization's recognition and addressed concerns about respecting the Indian tricolour, responding to criticism from Congress leaders.
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