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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31.
Amit Gupta, MD, Sag Infotech, answers your personal income tax queries.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
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.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Arms dealer Sanjay Bhandari has opposed the Enforcement Directorate's (ED) plea in a Delhi court seeking to declare him a "fugitive " in connection with a black money case. Bhandari claims his stay in the UK is legal as the London High Court denied his extradition to India. The court's decision was also cited by an English court in April to deny the Indian government's request to extradite another accused in a rice-buying scam. Bhandari's lawyer argued that the ED's application was "vague, misplaced and without jurisdiction " and that the value involved in the case was less than the required Rs 100 crore to declare someone a "fugitive. " The Delhi court has sought the ED's rebuttal to Bhandari's argument by May 3.
For LG Electronics India, the Rs 11,607 crore initial public offering (IPO) is not just a fundraising exercise. The company's senior executives describe it as a step towards becoming "future-ready", showcasing financial strength while preparing for the next phase of growth in a market they see as still underpenetrated.
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.
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.
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.
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.
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.
'Once filed, it cannot be revised or rectified.'
Form 16 contains details of salary income, deductions, and exemptions.
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".
Filing your income tax return online this year? 5 points you should know to avoid hassles later.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Some important FAQs on who is exempted from filing of income tax returns as provided by Income Tax Department in their web site...
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.
Take these simple precautions and file your taxes online without fear.
Non-compliance can also result in legal complications and disputes with the tax authorities.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
The new forms, 8 in number, are between 2 and 20 pages. There's a list of instructions too
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
Every taxpayer should prefer filing income tax return online in order to avail full benefits associated with it and to remain hassle free.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
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).
It's better to inform your new employer about income earned and deduction availed with the previous one.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
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.
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.
rediffGURU T S Khurana answers readers' personal income tax queries
Don't feel miserable if you missed the cut-off date for filing income tax returns for financial year 2013-14, which was, July 31, 2014. You have another chance to e-file your tax return before March 31, 2015. Don't miss this one.
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