Avoid common mistakes, figure out how to file returns if you invest in stocks and other concerns
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The move aims to reduce the interface between assessing officer and assessee.
The Delhi high court on Wednesday upheld an order of the Income Tax Appellate Tribunal (ITAT) refusing to stay a notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore.
You can carry forward losses and revise the returns umpteen times in case of mistakes.
Easier access, less time consumed and agency assistance at a small cost have helped online filing of income tax returns catch up in the past couple of years. Tax experts say about one in three returns are now filed online. Experts expect this to rise to 50 per cent.
Easier access, less time consumed and agency assistance at a small cost have helped online filing of income tax returns catch up in the past couple of years. Tax experts say about one in three returns are now filed online. Experts expect this to rise to 50 per cent.
Tax expert Anil Rego answers readers' questions about how Finance Minister Piyush Goyal's Budget affects you.
'Going forward, the encouragement would be to move to the new tax regime.'
Ruling out extension of July 31 deadline for filing income tax returns, IT authorities said on Monday special counters will be opened from July 28 in major cities to meet the eleventh hour rush.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
Policymakers are examining the possibility of increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime to make it attractive, a government official said. At present, taxpayers don't pay income tax if their taxable income is Rs 2.5 lakh and below. Increasing the threshold will reduce the tax outgo for assessees, thereby leaving more money with them to invest, the official said.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Extending the deadline for the third time, the government on Wednesday allowed individuals to file income tax returns for 2019-20 fiscal till January 10. The deadline for companies and individuals who need to get their accounts audited too have been extended by 15 days till February 15, the finance ministry said in a statement. The due date for filing income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively.
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At present, two options are available for taxpayers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature.
Without Form 16, tax computation becomes cumbersome
Investmentyogi.com provides the income tax slab rates for FY 2009-10 (corresponding to Assessment Year 2010-2011).
July is the season for filing your tax returns for the previous year. While most tax payers would be engaged in filing their annual tax declarations to their company for the current year, let us not forget about the last duty due for the previous year.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Persons and entities who have faced search or survey proceedings by the income tax department "in any previous year" will no longer be allowed to file updated tax returns. Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
Though the government is yet to notify the new form, begin with collating documents, checking interest certificates and tallying form 26AS.
Officials said the agency has sought property details on ten serving and retired officials of the ministry of defence and the IAF.
Here's a step-by-step guide to file your income tax returns online in three easy steps.
Filing income tax returns in a hurry without adequate information about the procedure could add to your woes.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
Online tax returns are processed much faster than aper returns and the tax is worked out automatically as the payee completes the form.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for the middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview.
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
While movie stars like Akshay Kumar, Amitabh Bachchan and Salman Khan are among the top I-T payers, very few of the wealthiest Indians figure on the list.
The government on Thursday extended the due date of filing income tax returns for 2020-21 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30. As per the income tax law, for individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms the deadline to file ITR is July 31. The deadline for taxpayers, like companies or firms, whose accounts are required to be audited is October 31.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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