RSS chief Mohan Bhagwat defended the organization's recognition and addressed concerns about respecting the Indian tricolour, responding to criticism from Congress leaders.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
The Central Information Commission will seek a report from Income Tax department and Directorate of Estate regarding tax exemptions claimed by political parties and their assets to ascertain whether there is enough indirect funding from the government to bring them under the ambit of RTI Act.
This is as easy as it gets and all one needs to do is to enter the PAN number and the assessment year on this site to access the current position of the tax refund.
The identity of the informant shall be kept a secret, it said.
About 250 income-tax sleuths conducted searches at 20 hospitals in Chennai alone
Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11.
Transactions were allegedly not reported correctly in the tax returns for FY20.
Deductions missed in Form 16 can still be claimed while filing ITR.
The income-tax department continued its searches in different places linked to an Odisha-based distillery group on charges of tax evasion for the sixth consecutive day on Monday after recovering unaccounted cash to the tune of Rs 353 crore, the 'highest-ever' haul in a single action by any probe agency in the country, officials said.
Income Tax department have released different tools to help you file your ITR-3 form easily.
Team Anna member Arvind Kejriwal did not comply with the income tax department notice asking him to pay over Rs 9 lakh in dues, saying he needed more time to decide on the issue as he was given "very little time".
The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal. In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly.
ITRs with zero tax liability have increased to 55.7 million in FY25.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
Persons and entities who have faced search or survey proceedings by the income tax department "in any previous year" will no longer be allowed to file updated tax returns. Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one.
The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25.
Here are some mistakes taxpayers make and how to avoid them...
This article tries to strip off the jargon and present the contents of the current act with respect to the punishments and penalties applicable to various offences as defined by the tax man.
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
Income tax sleuths who reached Khan's residence on Jail Road in Rampur in Uttar Pradesh at 7 am on Wednesday completed their search Friday evening.
The income tax department on Wednesday issued FAQs on changes in the capital gains tax saying the idea behind it was to simplify the tax structure and promote ease of compliance. The holding period for various asset classes for the purpose of short- and long-term capital gains tax has been rationalised. The holding period of all listed assets will be now one year for the purpose of long-term capital gains tax (LTCG).
rediffGURU Yogendra Arora answers readers' personal income tax queries.
You don't need to be intimidated by the thought of filing tax returns
The income-tax (I-T) department has started scrutinising cases for the assessment year (AY) 2018-19 to determine which of them need to be reopened, a process that might result in a raft of tax notices. This follows this year's Union Budget move to reduce the time limit for tax reassessment from 10 years to five in cases of escaped income. The new provision becomes effective on September 1 and will make past assessments for AY 2018-19 time-barred.
With this latest notice, the Income Tax department has raised a total demand of Rs 3,567 crore from the Congress.
Disclosing an individual's income-tax returns is tantamount to violating the person's fundamental right to privacy as recognised by the Constitution.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
The Enforcement Directorate (ED) in India has declared that cash and gold worth approximately Rs 52 crore, seized from an abandoned SUV in Madhya Pradesh last year, belonged to former state transport department constable Saurabh Sharma. The ED's statement ends months of speculation about the ownership of the seized assets and comes as part of an ongoing investigation into corruption charges against Sharma. The agency has also attached assets worth Rs 92.07 crore belonging to Sharma and his associates, alleging they were acquired through illegal means.
'How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts'
According to officials, this year there has been a three-fold increase in the total seizure, which was Rs 322 crore in 2021, Rs 347 crore in 2022 and Rs 1,021 crore so far in 2023.
The Enforcement Directorate on Friday detained Bahubali Shah, one of the owners of the leading Gujarati newspaper Gujarat Samachar, following a raid on their premises in Ahmedabad, sources said.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
Rajkumar Gupta's hammy treatment and bombastic score strips the realism to turn Raid 2 into another hail the hero exercise, observes Sukanya Verma.
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