The government has extended the last date for filing of income tax returns to October 3 instead of September 30, which was a bank holiday.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Harshvardhan Nawathe, who won the Rs 1-crore (Rs 10 million) prize money on quiz show 'Kaun Banega Crorepati', continues to face queries on his tax liability even nine years after he emerged as the winner of the popular television reality show.
The government has cancelled the FCRA registration of nearly 1,900 NGOs for violating various provisions of the law in the last five years. There were 22,762 FCRA-registered organisations till December-end 2021.
Aaditya, son of Shiv Sena president and Chief Minister Uddhav Thackeray, dubbed the searches by the I-T department on Kanal as 'invasion by Delhi' ahead of Brihanmumbai Municipal Corporation (BMC) elections.
Though seven opportunities have been granted to the states, it appears that full compliance has not been affected and several states are in default, it said.
After the first-year breather come penalties. That is, if returns for 2007-08 are filed after March 31, 2009, there will be a flat penalty of Rs 5,000. Importantly, there should not be any tax liability.
Neglect this date at your own peril! You can end up paying penalties AND add to your tax-filing hassles.
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
The volume of new fund offerings (NFOs) in 2025 will fluctuate based on market conditions. However, innovation is expected to continue unabated. With an increasing number of fund houses aiming to establish a presence in the 'factor' investing space and changes in fund-of-fund taxation providing more opportunities, several industry-first offerings are anticipated.
Do not declare them under Income Tax.
The e-filing system of income tax has come to the rescue of lakhs (hundreds of thousands) of tax assesses who had filed their returns electronically this year and they will escape penalty even if their acknowledgment is dated a day later.
It's that time of the year when the taxman is remembered the most. With just two days left to file tax returns, taxpayers have now awoken to the reality that the due date is at hand.
Observing that review under the garb of reassessment was not permissible in law, the Bombay High Court has granted relief to mega star Amitabh Bachchan by dismissing an appeal filed by the Income Tax Commissioner who reopened the actor's assessment proceedings for 2002-03.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
If you are an NRI and have a business or asset in India, that provides you with income, you are required to pay income tax just like any other Indian. Indian taxation laws are quite different for NRIs and it is important that you are aware of what you are liable to pay.
This is part of a strategy to mop up as much revenue as possible in the current financial year.
24% claim exemption from income tax or say they have no income at all, discovers Manoj K.
You can electronically verify returns and regularise these by August 31.
More than 24 prominent charitable institutions in the country - from private trusts, educational societies, statutory authorities, and cricket associations - may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their 'charitable organisation' status. The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling
In a major drive to help taxpayers file returns, the Income Tax Department on Tuesday offered to provide expert services at door-steps in the four metros and some major cities like Bangalore, Jaipur and Patna.
The Election Commission (EC) had, in 2019, flagged its concerns in the Supreme Court on the changes made in several laws relating to political funding to facilitate the electoral bonds scheme, saying it will have 'serious repercussions' on transparency.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government.
Here is a look into the slabs for the current financial year to help you prepare your investments and income, and to be able to file your tax returns accurately in the following assessment year.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
'The deeper problem is big government -- a giant monster with a giant appetite, which requires it to put more and more pressure on tax officials to extort. 'And the monster is getting bigger by the day. But then, Mr Modi too knows this,' says Debashis Basu.
Cairn files notice against India in $1.6 billion tax dispute.
'Generating employment requires a shift in policy.' 'If not, the country will face economic, social and political challenges in the coming years.'
Taxpayers are allowed to make the changes under certain circumstances
Leaders of the Indian National Developmental Inclusive Alliance (INDIA) have decided to raise the NEET issue in both houses of Parliament on Friday and members will give notices in this regard, sources have said.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
Experts say only three per cent individuals pay taxes.
India is in the process of filing an appeal against an arbitration panel asking it to return $1.2 billion to British oil firm Cairn Energy Plc, sources said on Wednesday. If enforcement proceedings are initiated, India is confident to address them and will strongly defend its interests, the sources said, adding it is open to a constructive settlement of tax disputes within the existing legal framework. India is in the process of filing an appeal in the Cairn's arbitration award case, they said, adding in this case, it was well within India's sovereign powers to redress the situation of Double Non-Taxation and tax abuse. Cairn chief executive Simon Thomson had last month met the then finance secretary Ajay Bhushan Pandey to discuss the arbitration award.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
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