It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
'The original provision will be restored. AMT is meant only for those claiming deductions, not for firms earning regular income like capital gains,' a senior government official said.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
If you are a salaried person, you will be filing your returns using the new income tax return form, ITR. Do you think the ITR is simpler than Saral? Or are there drawbacks in the new ITRs? Tell us.
Hindustan Unilever (HUL) exceeded consensus estimates in Q4FY26, driven by lower overheads and 6 per cent consolidated volume growth. However, the company anticipates further price hikes to counter an expected 8-10 per cent material cost inflation, while maintaining a mid-term margin guidance of 22.5-23.5 per cent.
Finance Minister Pranab Mukherjee is not in a mood to cut taxes but may continue with stimulus in the budget for 2011-12, feel industry representatives who met him for Pre-Budget interactions.
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.
A grocery store owner in Bulandshahr alleges his PAN card was misused to set up six companies in Delhi after receiving an Income Tax notice for sales exceeding Rs 141 crore.
India is growing fast, but to keep growing strong, the government must make more things at home, create jobs, and spend money wisely, suggests Rajiv Memani, regional managing partner, Africa-India Region, EY.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
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.
ICICI Bank reported a 9.28 per cent increase in its consolidated net profit to Rs 14,755 crore for the March quarter of FY26, primarily driven by a nearly 90 per cent reduction in provisioning. The bank's executive director, Sandeep Batra, noted strong asset growth but expressed caution regarding the geopolitical situation in West Asia.
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
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.
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.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
CBDT is the apex policy making body of the IT department.
The DMK party in Tamil Nadu has released its manifesto for the upcoming Assembly elections, promising a range of welfare measures focused on women, education, and economic development, including financial assistance and job creation initiatives.
There has been an unprecedented surge in number of returns being e-filed.
The Budget emerges as a measured, credible and forward-looking policy document that reinforces India's commitment to remaining a stable, reform-oriented economy amid an increasingly fragmented global landscape, says A Balasubramanian.
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.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
'We kept this Budget on a larger plank, rather than on one incident, however serious.'
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.
'At the first sign of real trouble, that money will move. There will be a run.'
'Whether it is an Indian entity or an overseas subsidiary of the entity that is making the payment, if the owner is Indian, then he or she is contributing to the Indian casualties.'
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.
Congress MP Priyanka Gandhi has accused the ruling LDF in Kerala and Chief Minister Pinarayi Vijayan of being Prime Minister Narendra Modi's "B-team" and of secretly joining hands with the BJP, alleging a compromised leadership and lack of accountability.
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Cabinet likely to pave way for the 'super-rich' tax today.
The budget-making exercise offers golden opportunities despite challenges, observes Shankar Acharya, former chief economic adviser to the Government of India.
Instead of conceding the demand for a cut in personal income-tax rates, Finance Minister Nirmala Sitharaman should phase out many exemptions in both personal and corporation taxes, suggests A K Bhattacharya.
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".
In a measure that will have far-reaching impact on foreign investment and the Vodafone case having a tax implication of Rs 11,000 crore (Rs 110 billion), the government proposed amendment in the Income Tax Act retrospectively from April 1, 1962.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
