The return filed could be treated as defective, invalid, or even be considered as not filed at all.
'Foreign capital will continue to come directly into India, but companies have realised that GIFT City is a more cost-efficient way of channelling funds.'
The time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
The GST Council at its next meeting may consider a reduction in taxes on air and water purifiers as air quality across the country worsens and access to safe drinking water remains uneven.
The last date of filing returns for the FY 20009-10 has just passed us. It is quite possible that some of us may not have been able to file returns before the last date. What happens then? Is there any way out?
Several politicians said they were not even aware of the provision in the UP Act.
'Bringing it back will help prevent reassessments of the income already disclosed.'
The income tax department website which is used by lakhs of tax payers to file their returns online will soon be revamped along with a new website address or URL.
Here's a list of countries with no personal income tax.
In a bid to make tax collection paperless and hassle-free, Centre will start E-refund of income tax from April, having put in place E-filing of tax deduction at source and tax information network.
Maharashtra has topped the list of states with the most favourable ecosystem for the growth of Farmer Producer Organisations (FPOs), replacing Madhya Pradesh, which has slipped to second place, according to the latest Ease of Doing Business for FPOs (EoDBF) ranking.
Believe it or not, it's really not all that tough. All you need to do is to get a bit proactive and collect some important documents, something you would need to do anyway, even if you use the services of a professional.
If you have missed your tax filing deadline, there is not much to fret if your tax dues are fully paid, says Anil Rego
Deductions missed in Form 16 can still be claimed while filing ITR.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
ITRs with zero tax liability have increased to 55.7 million in FY25.
A banking Trojan malware has been detected in the Indian cyberspace that is lurking to attack bank customers using Android phones and has already targeted those from more than 27 public and private sector banks, the country's federal cyber security agency said in a latest advisory.
'There is no retrospective changing of the law, only its simplification.'
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.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
The income tax act states, 'Profession implies apparent achievement in special knowledge as distinguished from mere skill, special knowledge has to be acquired only after study and application.'
It is important to have the necessary documents on hand to verify the information in the form.
Here is a quick guide to help you understand the typical documents and forms required for filing returns. A clear understanding helps you to file your returns correctly and accurately.
Companies may foot less of the tax bill for some time yet. The corporate share of net direct tax collections has been lower in 2024-25 than in previous years. The corporate segment accounted for 45.6 per cent of total net direct tax collections as of March 16, compared to 48.1 per cent on the same date in 2023-24 (FY24).
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
If you are a new taxpayer or one who is struggling to obtain a foothold in the world of taxes, our attempt at simplifying the tax filing process seeks to help you sail through this. Read on. . .
The income tax department on Saturday extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25. In a circular, the Central Board of Direct Taxes (CBDT) said the deadline will be extended from the earlier target date of October 31. The new deadline for Assessment Year 2024-25 (for furnishing tax returns for fiscal 2023-24) is November 15.
In a big relief from cumbersome tax filing process for the salaried class, Finance Minister Pranab Mukherjee on Monday proposed to exempt them from filing tax returns unless they have other sources of income.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Supreme Court is scheduled to hear a plea challenging the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). The plea, filed by Wangchuk's wife, argues the detention is illegal and violates his fundamental rights.
The Income Tax Department has slapped a penalty of Rs 944.20 crore on IndiGo, which said it will contest the order that is "erroneous and frivolous". The order was received by InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Saturday.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
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