Ensure you don't get benefits that get reversed, while filing returns.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
To ensure taxpayers are able to shield their e-filing against any fraudulent activity, the Income Tax Department on Monday introduced a new facility called e-filing vault.
Anamika Pareek explains the advantages of investing in tax-saving options like the equity-linked savings schemes.
New ITR form may be simpler, but some changes could stump you.
FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a 5.97 per cent rise in its consolidated net profit to Rs 2,768 crore for the June quarter of FY26, helped by gains from a re-estimation of taxes paid in the previous year. The company had logged a net profit of Rs 2,612 crore in the April-June quarter a year ago, according to a regulatory filing from HUL, the maker of popular brands as Dove, Lifebuoy, Lux, Lakm, and Sunsilk.
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.
A salaried individual needs to file returns as a business owner if s/he has a high turnover while trading in stocks or futures & options, reveals Tinesh Bhasin.
The Supreme Court will hear the issue related to taxing of business processing outsourcing units of multinationals in the country on February 13.
The case dates back to August 2017 when the Income Tax department had carried out searches at multiple premises in Delhi as part of its alleged tax evasion probe against Shivakumar, his alleged business associate and liquor trader Sachin Narayan, another associate Sunil Kumar Sharma who operated a fleet of luxury buses, Karnataka Bhawan (Delhi) employee A Hanumanthaiah and former state government employee and caretaker posted at the Karnataka Bhawan Rajendra N.
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.
In his tax proposals he announced that there will be no change in the rates of personal income tax. He further announced that there will be no new taxes on income.
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.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
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.
E-filing for such individuals was optional till 2010-11.
First things first: For those wondering if they need to reapply, the answer is no.
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.
Taxmen also claimed that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.
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.
Do not declare them under Income Tax.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
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.
Neglect this date at your own peril! You can end up paying penalties AND add to your tax-filing hassles.
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.
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
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.
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.
You can electronically verify returns and regularise these by August 31.
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.
TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government.
24% claim exemption from income tax or say they have no income at all, discovers Manoj K.
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.
'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.'
Cairn files notice against India in $1.6 billion tax dispute.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
