The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
Her immovable assets are worth over Rs 7.74 crore, which includes two inherited half shares of agricultural land in Mehrauli area of New Delhi and a half share in a farmhouse building located therein, all of which together are now worth over Rs 2.10 crore.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A huge cadre restructuring in the I-T department, with the creation of over 20,700 posts recently, has brought about a number of changes in the existing jurisdictions of assessing officers of the department across the country.
CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
'The finance minister has done as much as she can when you look into the fiscal constraints she had.'
The tax returns along with annexures make a very huge mass of records which is nearly impossible to handle in a properly required manner.
The tax payers base is just over 4 crore (Rs 40 million).
I-T said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Returns for income earned till FY12-13 can be filed till March 31.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
This has affected all political activity of the party, Maken said at a press conference.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
TRPs are part of a pilot programme that the income tax department launched this year to help self-employed individuals and small businessmen, salaried people, senior citizens and Hindu undivided families file returns.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
The Enforcement Directorate on Monday raided the premises of former Chhattisgarh chief minister and senior Congress leader Bhupesh Baghel as part of a money laundering investigation against his son in the alleged liquor scam case and seized about Rs 30 lakh apart from some documents, official sources said.
The tax payers whose business receipts exceed Rs 1 crore or professional receipts exceed Rs 25 lakh during the previous year 2015-16 are required to file an Income Tax return accompanied by an audit report by the above mentioned due date
Finance Minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with Minister of State for Finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra and other senior ministry officials, went point by point on the issues facing the new portal with officials of Infosys - the vendor which developed the site. While there was no official word on what transpired at the meeting, a statement issued by the Institute of Chartered Accountants of India (ICAI) said "the technical glitches shall be addressed fast". ICAI representatives attended the meeting on Tuesday.
'If you miss the deadline, you can still file a belated tax return till March 31, 2021, with a fee under Section 234F, which could be up to Rs 10,000, in addition to an interest under Section 234A and 234B of the Act.'
Total number of income-tax returns filed in 2010-11, both electronically and manually, was around 29.6 million.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
A complaint has been lodged with the Election Commission against Trinamool Congress Lok Sabha member Mahua Moitra for allegedly filing false election affidavits and tax evasion.
Mr Modi should be conscious that it was his choice to slash the number of tax-payers from 60 million to 15 million, notes T N Ninan.
Infosys, in 2019, was given the contract to develop the new portal. It was launched in June last year and stakeholders had reported glitches and difficulties in the functioning of the portal. "On the I-T project, we are extremely proud that as of December 31, as was reported, 5.8 crore returns were filed through that timeframe.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. Corporation taxes, in particular, grew at just 0.57 per cent, the lowest in the first four months in at least seven years.
The government has withdrawn the facility for tax payers to submit income tax returns through post offices, which was introduced last year, and assessees must file returns by July 31.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Two-page Saral-II form for individual salaried taxpayers for coming assessment year.
Pankaj Gupta filed his nomination papers for the Chandni Chowk Lok Sabha seat, Atishi for East Delhi, Gugan Singh North West Delhi, Raghav Chadha South Delhi, Dilip Pandey North East Delhi and Brajesh Goel for New Delhi.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Infosys on Wednesday said it is focused on "expeditiously" resolving issues related to the new income tax portal and termed it as the "single largest priority" for the company at the moment. Infosys top management said that many of the issues around performance and stability have been addressed, and that about 10 lakh ITRs (income tax returns) have been filed so far. "We are working extremely hard in making sure that all of the features are being delivered.
Tax Guru Anil Rego answers your personal income tax queries.
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