One of the most effective methods of lowering the incidence of income tax is by means of legal transfer of your sources of income among as many family members as possible, so that each family member enjoys the basic personal income tax exemption limits.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Not doing so might mean a penalty, not being able to revise returns or carry forward losses and forfeiture of interest on refund
'Where is the official record? Media bytes are not parliamentary records. What matters is what is recorded on the floor of Parliament. I am not denying that we had a heated exchange.'
A farmer in Budaun, Uttar Pradesh, received tax notices for Rs 14.66 crore due to a fraudulent firm operating in his name in Delhi, prompting an official investigation.
Prism, the parent company of OYO, has filed updated draft papers with Sebi for a Rs 6,650 crore initial public offering (IPO) consisting entirely of a fresh issue of shares, with no offer-for-sale component from existing investors.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Allahabad High Court has barred four advocates from entering any court premises in Lucknow and ordered a confidential inquiry by the Intelligence Bureau (IB) into their background and activities following an alleged assault on a litigant and Delhi lawyers.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
rediffGURU T S Khurana answers readers' personal income tax queries
A farmer in Uttar Pradesh, India, was shocked to receive tax notices for millions of rupees due to a fraudulent firm operating under his name in Delhi. An investigation has been launched to address the identity theft and tax evasion.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
There are some solid reasons for acquiring a PAN card (if you don't have one) and filing your ITR within the due date, which is 31st July every year.
The investigation pertains to alleged irregularities in CMRL's financial transactions and its links with Veena's now-defunct company Exalogic Solutions Private Limited.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
Tax consultant Mahesh Padmanabhan throws light on six reasons why you must file your tax returns and then lists out the virtues of why you must not hide interest income earned while filing tax returns.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
There has been an unprecedented surge in number of returns being e-filed.
The income tax department will allow people to file 'belated return' until December 31.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
All services on the income-tax e-filing portal -- both pre-login and post-login -- are expected to be updated by April 1 to reflect the new legal framework.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Investors should do thorough due diligence when selecting a platform.
Most important thing to know is even if you do not have taxable income you may still have to file your income tax return.
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
In a relief for the Congress, the Income Tax department on Monday told the Supreme Court that it will not take any coercive action against the opposition party for tax demand notices of Rs 3,500 crore approximately in view of Lok Sabha elections.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
As India marks a decade of the Goods and Services Tax (GST), the focus is shifting towards enhancing efficiency through artificial intelligence, data sharing, and process simplification. The reform, which unified India's indirect tax system, has significantly broadened the tax base and boosted revenues, with future plans including a streamlined two-tier rate structure and continued technological integration to reduce compliance costs and combat evasion.
Today one can easily file returns online.
The Calcutta high court has held that voter identity cards, Aadhaar and PAN cards are not conclusive proof of Indian citizenship.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
I don't know who would want to celebrate the creation of the income tax, other than the tax officials themselves, says T N Ninan.
The details that you file regarding your income, investments and tax exemptions are verified by the Income Tax department with the details obtained as per your Permanent Account Number records.
