'Experts and stakeholders have raised concern over the refund provision in the draft Bill. That was a drafting error, which will be rectified,' a government official said.
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Aditya Birla Group's Hindalco Industries on Friday reported a 21.3 per cent year on year rise in its consolidated net profit to Rs 4,741 crore in the second quarter of 2025-26 (Q2FY26), driven by its Indian business and its US-based subsidiary, Novelis.
Amit Gupta examines the taxation of dividend-paying stocks, share buybacks, and bonus shares.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
It is advisable to file your ITR right away and not rely on potential extensions.
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.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A bench of Justices BV Nagarathna and N Kotiswar Singh, which issued notice on the plea of the Congress against the March 13 high court order, however, said the ITAT can proceed on the political party's appeal.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
State-owned insurer LIC on Thursday reported a 32 per cent jump in net profit to Rs 10,053 crore for the second quarter ended September 30, aided by a lower commission outgo. The country's biggest insurer had reported a net profit of Rs 7,621 crore in the year-ago period.
rediffGURU T S Khurana answers readers' personal income 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.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
Amit Gupta, MD, Sag Infotech, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Assam Chief Minister Himanta Biswa Sarma says most of those present with singer Zubeen Garg in Singapore during his death have yet to respond to CID summons, and addresses related political accusations.
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.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
Filing your income tax return online this year? 5 points you should know to avoid hassles later.
The time limit is proposed to be extended from the current two years to four years.
Some important FAQs on who is exempted from filing of income tax returns as provided by Income Tax Department in their web site...
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.
Take these simple precautions and file your taxes online without fear.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
All that you must know about the pros and cons of gift deeds, tax implications, essentials, documents required, conditions, etc...
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.
rediffGURU T S Khurana answers readers' 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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
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.
The new forms, 8 in number, are between 2 and 20 pages. There's a list of instructions too
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