The government has notified October 1 as the starting date for direct tax dispute resolution scheme Vivad Se Vishwas 2.0. Vivad Se Vishwas scheme 2.0 was originally announced in Budget 2024-25 presented in July for resolution of certain income tax disputes pending appeal.
A 24-year-old woman, Priyanka, died after falling from a roller coaster at the Fun and Food Village amusement park in southwest Delhi's Kapashera. She was meeting her fianc, Nikhil, who was about to return to Cyprus where he works. The incident occurred on Thursday evening, and Priyanka's family is alleging negligence on the part of the amusement park owners. They are seeking justice and have accused the police of inaction. The family is dependent on Priyanka's income as a telecom company manager.
The International Monetary Fund (IMF) has slapped 11 new conditions on Pakistan for the release of the next tranche of its bailout programme and warned that tensions with India could heighten risks to the scheme's fiscal, external, and reform goals, according to a media report on Sunday.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The income tax authorities on Thursday conducted raids at seven places in Mumbai, a senior official said.
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.
Tax experts answer your budget-related queries
The actors have admitted to having assets beyond their known sources of income.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
'The incentives to switch to the new tax regime... are viewed as a negative due to potential loss of customers who buy policies for saving tax.' 'The tax-saving value proposition for the sector reduces.'
rediffGURU T S Khurana answers readers' personal income tax queries.
With Raid 2, where Ajay Devgn reprises his role as an income tax hawk swooping on a defaulter politician, the actor is hoping to make another successful sequel. Here's a look at his series of sequel love.
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
In a relief to individual tax payers, the government on Friday changed the slabs cutting the rate to 10 per cent for income up to Rs five lakh, while leaving the threshold limit for tax-free income unchanged at Rs 1.6 lakh.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
In sops for the middle class, Finance Minister Nirmala Sitharaman on Tuesday hiked standard deduction by 50 per cent to Rs 75,000 and tweaked tax slabs under the new income tax regime to provide more money in the hands of salaried class with a view to boost consumption. She said salaried employees in the new tax regime could save up to Rs 17,500 in income tax annually following the changes announced in the Budget. The standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000 annually.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously".
Here are some mistakes taxpayers make and how to avoid them...
Here's a list of countries with no personal income tax.
Hindalco's India business, including Utkal Alumina, reported good results for the January-March quarter of the financial year 2024-25 (FY25) and consolidated earnings before interest, taxes, depreciation, and amortisation (Ebitda) also rose. Earnings growth was driven by favourable pricing, lower input costs and lower tax outgo for Novelis.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
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.
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.
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
March 31 marked 10 years since the Modi government introduced its first Foreign Trade Policy (FTP 2015-20) that lasted for 8 years before the current FTP 2023 came in. Here is a brief assessment. In 2015, the government said that it aims to increase India's exports of merchandise and services from $465.9 billion in 2013-14 to approximately $900 billion by 2019-20 and to raise India's share in world exports from 2 per cent to 3.5 per cent.
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego and Mahesh Padmanabhan your I-T related questions.
The Supreme Court of India has made public the asset details of its judges, including Chief Justice Sanjiv Khanna who has Rs 55.75 lakh in a fixed deposit, a three-bedroom DDA flat in south Delhi, and a four-bedroom apartment measuring 2,446 square feet in the Commonwealth Games Village. The court has also uploaded the complete process of appointments to the high courts and the Supreme Court on its website for public awareness.
Fuelled by rising disposable incomes and growing awareness about disciplined investing, monthly SIP inflows across the mutual fund industry could scale up to Rs 40,000 crore over the next 18-?24 months, according to Madhu Nair, CEO of Union Asset Management Company (AMC). SIP inflows stood at Rs 25,925 crore in March, although the industry has witnessed a declining trend over the past four months amid heightened market volatility triggered by frequent US tariff changes.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
According to experts, even if an additional 5 per cent of people opt to buy new vehicles, it may bring a huge boost to the sector.
Start your journey to financial freedom today. Ask your questions and let our experts show you the way to a secure and prosperous future.
The government in FY26 Budget should announce an "effective" personal income tax cut to support consumption and demand, Barclays said on Thursday. In its FY25-26 Union Budget preview, Barclays said the key ask from the Budget, to be presented on February 1, is to support growth while adhering to fiscal consolidation path.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
As per the Budget memorandum, the government has proposed amendment to Sub-Section 2 of Section 23 of Income Tax Act, which relates to determination of annual value of house properties.
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.
