The Income Tax department on Tuesday asked private sector employers to file their tax deducted at source (TDS) statement for the quarter ending June 30, on or before July 15.
Justice Yashwant Varma issued notice on the challenge to the CIC order by the Income Tax Authority and sought the stand of the RTI applicant Girish Mittal, saying that "the matter requires consideration."
Those people without the Aadhaar number have found a loophole in the system
At present, the EPF subscribers are exempted from paying income tax on deposits.
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.
The CBDT had extended the last date for filing of I-T returns for assessment year 2013-14, both manual and e-filed, because of pressure on the computer servers.
The Bengaluru-headquartered company said the 'draft assessment order' from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bengaluru.
At present, there is no income tax for people earning less than Rs 1.5 lakh as annual income.
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.
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.
'Generating employment requires a shift in policy.' 'If not, the country will face economic, social and political challenges in the coming years.'
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
The rejection of the pleas of the top Congress leaders, including Oscar Fernandes, will pave the way for the Income Tax Department to scrutinise their records for the assessment year 2011-12.
UK-based Cairn Energy PLC on Wednesday said it has agreed to drop litigations to seize Indian properties in countries ranging from France to the UK as it has accepted the Indian government's offer to settle tax dispute relating to the levy of taxes retrospectively. Meeting the requirements of new legislation that scraps levy of retrospective taxation, the company has given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world. The government now has to accept this and issue Cairn a so-called Form-II, that will commit it to refund the tax collected to enforce the retrospective tax demand.
Finance Minister Arun Jaitley on Friday said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015.
Finance Minister Nirmala Sitharaman said: "This will cover 99.3 per cent of the companies. Now only 0.7 per cent of companies will remain outside this rate."
New data show tax reform, better tracking needed
The grievances of as many as 2,500-3,000 taxpayers could be addressed and resolved between October 2 and October 31. The Central Board of Direct Taxes (CBDT) has asked tax officials to dispose of at least 20 per cent of the pending matters during the period. The move comes after Union Finance Minister Nirmala Sitharaman recently nudged the income-tax (I-T) department to redress the grievances promptly.
635 declarations of illegal wealth were made in the 3-month compliance window.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
The income tax department is planning to withdraw a facility introduced last year for filing tax returns at around 2,000 post offices, owing to incomplete and inaccurate returns. Nearly 350,000 returns were filed through post offices last year.
The bank said it is cooperating with the US Department of Justice and the Internal Revenue System (IRS) in their probes into whether certain HSBC companies and employees acted appropriately in relation to certain customers with US tax reporting requirements.
The department allows you to revise these, but there are strict conditions to be noted.
'The tax avoidance in India is done as much by the wealthy as the lower class.' 'There is no difference in ethics and culture and morality, and no difference in tax-paying behaviour between various Indian classes, whether educated or not,' says Aakar Patel.
Stuck with multiple Form 16s from a number of employers you switched during the course of a financial year and don't know how to file your income tax return? Here's help
The apex court has upheld the treatment of its business process outsourcing hub, Morgan Stanley Advantage Services, as a service permanent establishment.
Aam Aadmi Party has filed a complaint against former Bharatiya Janata Party president Nitin Gadkari for his remarks on income t officials, police said on Wednesday.
Option can be exercised only for self-applications and after a year of non-payment.
Your employer has deducted more tax than was due to you. Here's how you can claim your tax refund now.
The Delhi High Court on Monday issued notices to the finance ministry and the Director General of Income Tax (Department of Revenue) on a petition challenging a scheme to train educated youth as Tax Return Preparers (TRPs).
Though we know that Form 16 is for tax filing but many of us still find it hard to understand the components of Form 16 while filing the return. Understanding Form 16 is the key to a better tax planning.
As the name suggests, advance tax is nothing but tax paid in advance during the financial year. Any income that has not undergone tax deduction at source is liable for taxes under advance tax. Advance tax normally arises when there is income through capital gains, interest earned, winnings from lotteries, income from house property or income from business.
A large number of rich farmers, who earn more than salaried employees in the cities, get away with paying no tax at all in view of the government's lack of will to consider an agricultural income tax
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
The Supreme Court on Wednesday ordered the removal of reference to the Sikkimese-Nepalese as "people of foreign origin" from its January 13 verdict on tax exemption in Sikkim, following a plea by the Centre and others for modification.
"Mr Robert Vadra not only renovated the aforesaid property at 12 Bryanston Square, London through Sumit Chadha but also stayed in the same," it said.
Exemptions, and the fact that farm income is outside the tax net, ensure that India's tax-GDP ratio stays low.
The total income of the 87-year-old leader, who entered the fray from Malampuzha segment on Thursday, was shown as Rs 3,43,994 as per the income tax returns filed for 2009-10.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances