Almost all verification and assessments of returns selected for scrutiny are being done electronically through an anonymous back office, manned by tax experts and officials, without any personal interface between taxpayers and officers.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Income tax payers can now file their tax returns more easily, says tax expert Subhash Lakhotia.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January.
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 high court was hearing a plea moved by Swamy seeking to lead evidence before the trial court in the National Herald case, in which the Gandhis and others are accused.
There are ways to salvage the situation by filing belated returns under various clauses.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
In a case related to Mumbai-based Jai Trust versus Union government, the court ruled that a gift is a consideration-less transaction, and hence, not liable for capital gains tax. It quashes the reassessment notice issued by the tax authorities alleging that a specific income has escaped assessment on transfer of shares as gift by the trust.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
Finance Minister Nirmala Sitharaman on Monday said technical glitches in the new income tax e-filing portal will be largely fixed in the next few days and that she has been constantly reminding Infosys about the issue. "I have been reminding Infosys (the vendor which developed the new portal) constantly, and (Infosys head) Nandan Nilekani has been messaging me with assurances that next couple of days they will sort out majority of problems," she said. To a large extent, the system is far better than what it was in June but still some issues are there, she said.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding
The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1. This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
If you've passed the hurdle of paying taxes in the month of March, then the next task at hand is to file your income tax returns -- a necessity that most people consider a chore, or don't quite know how to go about.
Finance minister Nirmala Sitharaman on Monday said windfall tax on petroleum products, crude is not ad hoc, but being charged in regular consultation with the industry. Addressing an event organized online, the minister said it is unfair to call windfall tax as ad hoc, because the tax rate and its resetting are done in complete consultations with the industry. "The very idea was implemented after taking the industry into full confidence," she said at a function organised by Elara Capital.
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
Income-tax data released by FinMin after 15 years
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department -- https://www.incometaxindiaefiling.gov.in.
If you are one of those who are relying solely on your chartered account friend for all income tax assessment submissions, make sure to check for the ITR-V submission to avoid any problem in the future.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
Tax Guru Anil Rego answers your personal income tax queries
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
After capping anonymous cash donations to political parties at Rs 2,000, the government is amending law to make it mandatory for them to file returns on income by December every year or risk losing tax exemption status.
Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31.
On the charge of illegally owning a firearm as a drug user, he is yet to reach an agreement.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
Don't let income tax come in the way of your long-term financial planning, says Ashish Vohra, Senior Director and Chief Distribution Officer, Max Life Insurance
The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
The BSP supremo had disclosed Rs 64,700 as agricultural income in the Income Tax returns filed for the assessment year of 1997-98, the CBI said, citing an Income Tax department report.However, the CBI has informed the Supreme Court that most of the people, who were shown as having purchased the foodgrain, denied any such transaction.Mayawati has been accusing the CBI of being politically motivated.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
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