The department allows you to revise these, but there are strict conditions to be noted.
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 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
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.
The apex court has upheld the treatment of its business process outsourcing hub, Morgan Stanley Advantage Services, as a service permanent establishment.
Option can be exercised only for self-applications and after a year of non-payment.
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.
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).
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
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
Dwaipayan Bose simplifies the whys and hows of revisiting your financial goals
Exemptions, and the fact that farm income is outside the tax net, ensure that India's tax-GDP ratio stays low.
In a statement, the prosecutor's office said Ronaldo had knowingly used a "business structure" created in 2010 to hide his income in Spain from his image rights.
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.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
Here are apps for Android and Symbian platforms that will tell you all about Indian tax laws and also help you calculate your tax liability.
Tax and financial planning expert Mahesh Padmanabhan advises that it makes sense to prepay your home loan if you have surplus funds.
Scrapped three years back, the much talked-about simple tax form, Saral, is on its way back in a new avatar, making the task of filing tax returns easier.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
The income tax department on Tuesday said its new utility developed to help TDS deductors and TCS collectors identify non-filers or "specified persons" on whom higher rate of taxes will be levied will help ease compliance burden. From July 1, non-filers of income tax returns for the past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The provision was introduced in the 2021 Budget. The TDS deductors and TCS collectors would be required to check on the functionality of the PAN of the vendor from whom TDS is to be deducted or TCS to be collected, only at the beginning of the financial year.
The last date for filing returns of individual taxpayers has been extended by two months to September 30 from the earlier date of July 31.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
Paving the way for a low-cost paperless filing of income tax returns and eliminating Tax Deducted at Source frauds, the government on Wednesday gave the go-ahead for setting up of the Phase-II of the Tax Information Network at a cost of over Rs 100 c
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
Simplification of I-T rules spawns websites that help in tax preparation.
Currently, if the IT department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, and the new proposal would repose trust in the taxpayer.
The CBI has lodged an FIR against three persons and unidentified officials of the Central Board of Film Certification (CBFC) over the allegations of actor Vishal that he had to pay Rs 6.5 lakh to get a certificate for his film Mark Antony, officials said on Thursday.
Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without the mandatory 180 days' waiting period.
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
The number of people who file tax returns has also increased by about 65 per cent during this period from 3.31 crore in FY 2013-14 to 5.44 crore in 2017-18 fiscal, the CBDT said in the statement.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
The Income Tax department will soon start training the second batch of 5,000 tax return preparers (TRPs) across the country. Launched in 2007, the programme aims at assisting tax payers file returns. The TRPs have also been asked to bring in more people under the tax net. They charge existing tax payers Rs 250 for each return, while the department pays them 3 per cent, 2 per cent, and 1 per cent of the tax paid by a new assessee in the first three years, respectively.
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