rediffGURU T S Khurana answers readers' personal income tax queries
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
rediffGURU T S Khurana answers readers' personal income tax queries.
July 31 is still a fortnight away. Here are answers to top 10 questions often asked about filing tax returns.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
A relatively muted tax filing growth will create further headwinds in an already stressed fiscal space, the report said, adding the commitment of cash transfers in the budget can take the fiscal math on a "slippery slope" unless there is expenditure rationalisation.
CBDT is the apex policy making body of the IT department.
Prepare your replies with expert help, if necessary. Keep relevant documents ready to support your replies.
Tax experts answer your budget-related 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.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
A Delhi court has declared UK-based arms consultant Sanjay Bhandari a fugitive economic offender on an Enforcement Directorate plea.
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Income Tax department have released different tools to help you file your ITR-3 form easily.
If not, an assessee might be charged interest for not paying TDS on time.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25.
The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
Captain Pradeep Shoury Arya is an Income-Tax officer whose mission against terrorists in J&K won him the Shaurya Chakra.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
The Income Tax Department will now process and send refunds in a short time of 7-10 days
The Central Bureau of Investigation (CBI) has initiated an inquiry into alleged violations of the Foreign Contribution (Regulation) Act (FCRA) against an institution founded by Ladakh-based educationist and activist Sonam Wangchuk. The inquiry follows a complaint from the Ministry of Home Affairs regarding the Himalayan Institute of Alternatives Ladakh (HIAL).
Unidentified men posing as central government officials intercepted a cash van in Bengaluru and allegedly fled with about Rs 7 crore. Police are investigating the incident and have formed teams to hunt for the suspects.
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
Advance preparation in this financial year 2008-09 itself can help you avoid the last-minute anxiety
A court in Chennai on Tuesday adjourned to June 9 the income tax return cases against Tamil Nadu Chief Minister J Jayalalithaa and her aide Sasikala for their appearance.
rediffGURU T S Khurana answers readers' personal income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
rediffGURU T S Khurana answers readers' personal income tax queries.
Central GST (CGST) field offices will remain open on March 29-31, the Central Board of Indirect Taxes and Customs (CBIC) said on Friday. The CBIC directive came days after a similar directive from the Central Board of Direct Taxes (CBDT) regarding income tax department offices "to facilitate completion of pending departmental work.
The Supreme Court has sought responses from the Centre and the Ladakh administration regarding the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). Wangchuk's wife has filed a plea challenging the detention, claiming it violates his fundamental rights. The court has given the Centre and Ladakh administration 10 days to respond and has scheduled the next hearing for November 24.
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