Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
You can carry forward losses and revise the returns umpteen times in case of mistakes.
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.
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.
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.
The Central Bureau of Investigation (CBI) has initiated an inquiry into alleged violations of the Foreign Contribution (Regulation) Act (FCRA) against an institution founded by Ladakh-based educationist and activist Sonam Wangchuk. The inquiry follows a complaint from the Ministry of Home Affairs regarding the Himalayan Institute of Alternatives Ladakh (HIAL).
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Investmentyogi.com provides the income tax slab rates for FY 2009-10 (corresponding to Assessment Year 2010-2011).
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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.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
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.
Tax expert Anil Rego answers readers' questions about how Finance Minister Piyush Goyal's Budget affects you.
Officials said the agency has sought property details on ten serving and retired officials of the ministry of defence and the IAF.
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.
Here's a step-by-step guide to file your income tax returns online in three easy steps.
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".
Though the government is yet to notify the new form, begin with collating documents, checking interest certificates and tallying form 26AS.
Filing income tax returns in a hurry without adequate information about the procedure could add to your woes.
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 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.
Online tax returns are processed much faster than aper returns and the tax is worked out automatically as the payee completes the form.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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 time limit is proposed to be extended from the current two years to four years.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Failure to disclose any income can lead to penalties and legal issues.
Before you file your income tax return this year, have a look at the amendments that might help you take the most possible tax benefit.
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.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
