New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
Tax compliance in India is improving steadily. Four years ago, 76 per cent of the 28.8 million tax-payers (assessees) filed annual income tax returns. Since then, the number of tax-payers has been increasing and so is the compliance level. In 2004-05, the compliance rose to 78.2 per cent on a tax-payer base of 29.21 million. In 2005-06, this rose to 82.1 per cent on a base of 29.63 million. In 2006-07, this has risen to a new high of 85.3 per cent on a base of 29.79 mn.
Income tax sleuths who reached Khan's residence on Jail Road in Rampur in Uttar Pradesh at 7 am on Wednesday completed their search Friday evening.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Now that income tax returns can be filed online, should you go for it? Tax expert Mahesh Padmanabhan answered this and other tax-related queries in a chat with Get Ahead readers.
Failure to disclose any income can lead to penalties and legal issues.
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
It is mandatory for everybody to enter his/her PAN
A week after the Income Tax Department's much publicised new e-filing portal went live, users continued to face technical glitches ranging from longer than usual logging time, inability to respond to notices and not all features functioning yet, chartered accountants said on Monday. The new portal, "http://www.incometax.gov.in/"www.incometax.gov.in, was launched last Monday (June 7), which the tax department as well as the government said was aimed at making compliance more taxpayer-friendly. But users complained of technical issues facing the site from the very first day and not everything has been fixed even after a week, chartered accountants (CAs) said, adding that taxpayers are unable to view past e-filed returns and many features/ facilities continue to be marked 'coming soon'. Finance Minister Nirmala Sitharaman herself had asked Infosys - the vendor which created the portal - and its Chairman Nandan Nilekani to fix the technical glitches.
Avoid common mistakes, figure out how to file returns if you invest in stocks and other concerns
Senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank would not be required to file income tax returns for the financial year beginning April 1.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
The move aims to reduce the interface between assessing officer and assessee.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
You can carry forward losses and revise the returns umpteen times in case of mistakes.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
If you have not yet filed an ITR for the 2022-2023 financial year, you can file a belated return.
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.
Maruti Suzuki India on Tuesday reported an 18 per cent year-on-year dip in consolidated net profit at Rs 3,102 crore for the second quarter ended September hit by the withdrawal of indexation benefit and change in the tax rate on long term capital gains on debt mutual funds. The country's largest carmaker had posted a net profit of Rs 3,786 crore in the July-September quarter of last fiscal.
Tax expert Anil Rego answers readers' questions about how Finance Minister Piyush Goyal's Budget affects you.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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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.
Investmentyogi.com provides the income tax slab rates for FY 2009-10 (corresponding to Assessment Year 2010-2011).
Without Form 16, tax computation becomes cumbersome
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.
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.
Though the government is yet to notify the new form, begin with collating documents, checking interest certificates and tallying form 26AS.
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.
Filing income tax returns in a hurry without adequate information about the procedure could add to your woes.
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.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
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