Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
'Once filed, it cannot be revised or rectified.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government has notified October 1 as the starting date for direct tax dispute resolution scheme Vivad Se Vishwas 2.0. Vivad Se Vishwas scheme 2.0 was originally announced in Budget 2024-25 presented in July for resolution of certain income tax disputes pending appeal.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Finance Act, 2019 has made it mandatory for certain categories of taxpayers to file their ITR, even though their income may be below the taxable threshold. read on to find the details.
Amit Gupta, MD, Sag Infotech, answers your personal income tax queries.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously".
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
Form 16 contains details of salary income, deductions, and exemptions.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Foreign companies now pay less tax relative to their earnings than at any time in more than three decades. Foreign private companies paid 24.36 per cent of their pre-tax profit as tax in 2023-24, show numbers from the Centre for Monitoring Indian Economy (CMIE).
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Non-compliance can also result in legal complications and disputes with the tax authorities.
A day after Finance Minister Nirmala Sitharaman flagged technical glitches on the income tax department's new e-filing website, IT major Infosys said it expects the system to stabilise in the course of this week. On Tuesday, Sitharaman had asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints.
Filing your income tax return online this year? 5 points you should know to avoid hassles later.
Some important FAQs on who is exempted from filing of income tax returns as provided by Income Tax Department in their web site...
Non-banking financial company (NBFC) Tata Capital is set to launch its much-anticipated $2 billion (Rs 17,200 crore) initial public offering (IPO) in the week beginning September 22, market sources familiar with the matter said on Sunday. The issue is expected to value the company around $11 billion, they added. Tata Capital is likely to make its stock market debut by September 30.
Take these simple precautions and file your taxes online without fear.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Ramesh alleged that through the "electoral bonds scam", the Bharatiya Janata Party has collected Rs 8,200 crore and used the route of "pre-paid, post-paid, post-raid bribes and shell companies".
rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The new forms, 8 in number, are between 2 and 20 pages. There's a list of instructions too
The Income Tax notice was recovered from the house of Baljeet Kaur at Shahabad in Kurukshetra in Haryana where Papalpreet and Amritpal had taken shelter on March 19 and 20 before fleeing from there.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
Every taxpayer should prefer filing income tax return online in order to avail full benefits associated with it and to remain hassle free.
It's better to inform your new employer about income earned and deduction availed with the previous one.
Ravi Singhal explains how a taxpayer can go about reducing her/his tax liability if they suffer losses while investing or trading in the stock market.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
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