The last date for filing Income-Tax returns has been extended by three months from July 31 to October 30.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
India's income tax department today said it would scrutinise more than a dozen cases of offshore mergers and acquisitions in which the deal results in an ultimate change of ownership of Indian firms. The latest move by the tax department comes in the background of a favourable ruling from the Bombay High Court yesterday in a case filed by Vodafone International Holding BV.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).
Taxpayers can claim a refund when their income tax (I-T) liability is less than the tax they have paid in a financial year. Refund can be claimed only by the person to whom it is due.
The income-tax department has extended the last date for filing income-tax returns to August 31, 2005. Earlier the last date for filing the return was July 31, 2005.
Post demonetisation, there has been a hike in collection of personal income tax
As per the latest data, the number of taxpayers getting refunds is up by 62 per cent from 1.22 crore refunds in the corresponding period of the last fiscal.
The letters contain summary of information about financial transactions along with customised response sheet with a view to know why the person has not filed the income tax return.
The judge set aside the order of the principal district judge, Villupuram, acquitting Ponmudy and his wife in the case.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
The scheme would cover those salaried persons whose interest income per annum is up to Rs 10,000, Central Board of Direct Taxes said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Bought or sold property? There is a good chance the Income Tax (I-T) department will raise queries about it. While the possibilities of illegal transactions abound in such deals, the department's scope for availing documentary evidence through registrars and builders is also quite high. Therefore, a mismatch in the information filed could give rise to your account being scrutinised.
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
Every year in June-July, there is a last-minute scramble among assesses to file income tax returns. With employers giving out Form 16, the scramble gets intense. Though many forget to file returns on time, it is a mandatory exercise.
You filed your income tax returns for 2017-2018 and think you tax problems are over for now. But have you paid your advance tax this quarter, asks Samkit Maniar.
Ritika Gupta, a study abroad expert and founder of Aaera Consultants, explains how Germany's new visa rules will affect international students and working professionals.
If the refund is wrongly adjusted against any past tax liability, immediately clarify it online
Purchase of items in excess of two-and-half times the income filed under annual information return (AIR) may become one of the criteria for selecting cases for scrutiny assessment by the income tax department.
Banks have chosen Chennai-based Integrel Hitech Ltd's Easitax software package as their e-filing solution.\n\n
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
Although the Singapore-based World Sports Nimbus has decided to file an appeal against the CIT (Appeals) order with the Income Tax Appellate Tribunal, the tax case will have wide implications for foreign companies telecasting live cricket matches. In the present case, assessing officer imposed a tax liability of Rs 6 crore (Rs 60 million) on Nimbus on the income it had earned by telecasting live cricket matches during 2002 to 2005.
To remain hassle-free and for healthy conduct of business, every business owner should follow correct tax compliances for paying service tax, TDS, return filing, etc.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
The employees said in a joint memorandum that they are feeling "demotivated due to shortage of manpower in lower cadres and huge stagnation in officers cadre right at this moment".
The last date for filing of income tax returns has been extended to November 1, 2004.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
The government asked all income tax assessees to disclose their true income or risk getting a notice from the tax department.
Edtech firm Think and Learn, which owns Byju's brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT's decision, a top official said on Tuesday. On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju's.
In a bid to reduce harassment of tax payers, the income-tax department is mulling setting up five centralised return processing centres in different parts of the country.
Salaried individuals may not need to file revised returns as they have only one source of income and there are lesser chances of erring while filing returns
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
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