rediffGURU T S Khurana answers readers' personal income tax queries.
A total of nine premises in the state's capital Ranchi and Jamshedpur are being raided in an operation that started early morning. A security team of the CRPF is assisting the I-T sleuths, the sources said.
Income Tax department on Monday began searches at the premises of FMCG company Vicco Laboratories in Mumbai, Nagpur and Goa for alleged tax evasion.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
What does this mean for you? Ramalingam Kalirajan explains.
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.
Budget 2025-26 delivers a carefully calibrated strategy-stimulating demand and investment while keeping fiscal discipline intact. In an environment marked by global trade disruptions, and a softening in urban consumption, Finance Minister Nirmala Sitharaman has taken a measured approach.
The Budget assumes significance as it comes on the back of lower-than-expected growth numbers during the second quarter and geopolitical uncertainty.
The income tax authorities on Thursday conducted raids at seven places in Mumbai, a senior official said.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
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.
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
First things first: For those wondering if they need to reapply, the answer is no.
The actors have admitted to having assets beyond their known sources of income.
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
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 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.
Here are some mistakes taxpayers make and how to avoid them...
Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporate. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore.
The deportation of Indians from the United States, deaths in the Maha Kumbh stampede and the joint Parliamentary committee report on the Waqf bill were among the issues that led to heated exchanges and some disruptions in an otherwise smooth first part of the Budget session that ended on Thursday.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
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.
Here's a list of countries with no personal income tax.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
"The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household consumption, savings and investment," Sitharaman said presenting what was dubbed as 'reformist' budget for the next fiscal in Lok Sabha.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Once filed, it cannot be revised or rectified.'
An income tax tribunal held that the amount received by Google Ireland from Google India towards marketing and distribution rights of the AdWords programme is not royalty, and hence, cannot be taxed at the hands of the assessee (Google Ireland). The ruling by the Bengaluru-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts. Explaining the case, Amit Maheshwari, tax expert at AKM Global, said Google Ireland had received Rs 8,662.93 crore under the Google Reseller Agreements.
The Aam Aadmi Party (AAP), led by Arvind Kejriwal, suffered a major setback in the Delhi Assembly elections, losing to the Bharatiya Janata Party (BJP). The loss marks a significant blow to Kejriwal's national ambitions and raises questions about the future of the party. The AAP had been in power in Delhi for the past 10 years and had also formed a government in Punjab. Despite the defeat, the party still holds 13 MPs from Punjab and Delhi. The article examines the factors that contributed to the AAP's defeat, including allegations of corruption, poor civic facilities, and the BJP's relentless attacks. It also explores the impact of the loss on Kejriwal's national aspirations and the party's future.
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
For every rupee in the government coffer, the biggest pie of 63 paise will come from direct and indirect taxes, according to the Union Budget 2024-25 documents.
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.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
Traders were producing fake purchase and sale billing receipts and also availing multiple loans on one consignment.
While this will incur a revenue loss amounting to 0.2 per cent of GDP, it will provide a strong boost to consumer sentiment and spending, points out Rajani Sinha.
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