Anil Rego, CEO, Right Horizons, answers your personal income tax queries
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.
Total number of income-tax returns filed in 2010-11, both electronically and manually, was around 29.6 million.
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.
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."
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government has withdrawn the facility for tax payers to submit income tax returns through post offices, which was introduced last year, and assessees must file returns by July 31.
Maintain a proper record of documents that can act as proof of the cost of acquisition of the property, cost of improvements made to the property, expenses related to transfer of the property (like brokerage and registration charges). These will come in handy in case of a dispute with the taxman.
There are challenges galore before him, and it is not going to be easy. In the next four years, he has to conjure a system that changes the optics about him and the BJP both nationally and internationally so that he can ride back on his own, claim the top slot, and not have to lean on a coalition, asserts Ramesh Menon as Modi 3.0 completes a year in power.
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.
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.
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.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Tax Guru Anil Rego answers your personal income tax queries.
Two-page Saral-II form for individual salaried taxpayers for coming assessment year.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
CBDT chief also set a monthly target of disposing of pending appeals by sending communication through the e-filing portal and or through emails only.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
Ask Tax Gurus Mihir Tanna, Mahesh Padmanabhan and Anil Rego.
A step-by-step guide to preparing and registering online for viewing the credit of taxes you paid to the income tax department.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
A chore is always a bore. But this one's not even simple.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
Prime Minister Narendra Modi asserted that his "vocal for local" campaign is bearing fruit as Indian products are going global and making their presence felt across the world. He said that India was becoming the land of infinite innovations, finding affordable solutions and offering them to the world. The prime minister also highlighted the country's rising defense products, electronics, automobile sector, and the success of superfoods, Ayush products, and yoga. He said India should be presented to the world as it is, without any bias. Modi said that the country was now emerging as a manufacturing hub and a "factory of the world." He added that India was creating solutions that were affordable, accessible, and adaptable, and offering them to the world without gatekeeping.
Transactions were allegedly not reported correctly in the tax returns for FY20.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
Tax evasion is an illegal activity which entails not filing income tax returns altogether or misrepresenting the tax payable amount.
On Aug 28-31, an average of 1.5 mn e-filed tax returns a day, against IRCTC's daily average bookings of 600,000 & Flipkart's 100,000.
The court directed the NHSRCL to file a correction statement within a month to the effect that the TDS deducted by it while paying the compensation amount to Patil was not liable to be deducted.
The average assets of an MP are now 345.8 times that of an annual income of a tax-filing individual, reports Sachin P Mampatta.
In a setback to megastar Amitabh Bachchan, the Supreme Court on Wednesday allowed the Income Tax department to reopen a tax case against him pertaining to his income for the assessment year 2001-02.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
No changes in the rates of personal income tax., which will remain as they are currently.\nNo new taxes on income.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
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