rediffGURU Vivek Lala answers your income tax and personal finance 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.
Online tax returns are processed much faster than aper returns and the tax is worked out automatically as the payee completes the form.
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
rediffGURU Samkit Maniar answers readers' 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
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
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.
Have you planned to file your income tax return? But, did you check Form 26AS before tax filing? If you haven't verified it, you could be looking at trouble
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.
The Union finance ministry has temporarily suspended the facility for e-filing of income tax returns as it could not procure a security certification for the Income Tax Department's website in time.
With July 31 just around the corner, everyone must be busy with their income tax returns. Filing returns has become convenient since it can now be done electronically.
Tax Guru Anil Rego answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Assessees whose tax is deducted at source now can file their returns in the current assessment year without quoting a proposed tax number, UTN, as the government deferred its introduction."Taxpayers filing their income tax returns for assessment year 2009-10 or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN)," the Central Board of Direct Taxes said in a statement issued on Tuesday.
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.
Non-banking financial company (NBFC) Tata Capital is set to launch its much-anticipated $2 billion (Rs 17,200 crore) initial public offering (IPO) in the week beginning September 22, market sources familiar with the matter said on Sunday. The issue is expected to value the company around $11 billion, they added. Tata Capital is likely to make its stock market debut by September 30.
Two weeks since the much talked about new income tax return filing portal was launched, technical glitches continue to mar the site, an issue finance ministry officials will take up in a meeting with Infosys -- the vendor which provided the IT solution -- at a meeting on Tuesday. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed. At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts.
A 'will' unlocks many exclusive tax advantages which are otherwise not available to taxpayers. Here are five important ways in which a will can save you tax. . .
With July 31 being the last day for filing income-tax returns, tax assesses need to start getting their returns ready electronically.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Actually there is no major reason for you to worry.
The Central Board of Direct Taxes (CBDT) has also has been encouraging people to do so. Sudhir Chandra, chairman, CBDT, recently said, "Filing electronic income tax returns will help you verify your deduction of tax at source on screen and it will also help process your refund speedily, in less than one month."
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The study, conducted across 500 corporates and banks in Delhi NCR, Mumbai, Chennai, Bengaluru and Hyderabad, revealed that women in Chennai were the best tax planners with the average tax ratio (percentage of gross salary paid as tax)-at two per cent, closely followed by women in NCR at 3 per cent and Bengaluru at 4 per cent respectively.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
Non-corporate assessees, whose accounts are audited under Section 44AB of the Income Tax Act, are expected to account for a bulk of these filings, with as many 2.5 million e-returns expected from them this year.
Revenue secretary Tarun Bajaj along with senior finance ministry officials on Thursday held a meeting with Infosys managing director Salil Parekh to review the performance of the new income tax portal. More than 3.5 crore Income Tax Returns (ITR) have been filed so far for the financial year 2020-21 through the portal, which had faced glitches following which the ministry had directed Infosys to urgently address the issues. Infosys has developed the new income tax e-filing portal 'www.incometax.gov.in'.
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.
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