The income tax department will allow people to file 'belated return' until December 31.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
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.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
rediffGURU T S Khurana answers readers' personal income tax queries.
Deductions missed in Form 16 can still be claimed while filing ITR.
If he cannot do it this term by using his bureaucracy and experts from different fields, it will be a tragedy, asserts Ramesh Menon.
It is advisable to file your ITR right away and not rely on potential extensions.
The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Finance Minister Nirmala Sitharaman said on Saturday. In another major reform move, the minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
CPGRAMS -- an online platform available to citizens 24x7 to lodge their grievances to public authorities on service delivery -- has existed for close to two decades. But it has never been this active, points out Tamal Bandyopadhyay.
You don't need a six-figure salary to build wealth -- you need discipline and a smart plan, says Ramalingam Kalirajan. and shows you how
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
If India caves in to US pressure as Trump hopes it will, he will further try to blackmail it into submission, points out Ramesh Menon.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
The finance ministry on Friday said advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over the year-ago period, representing an increase of 60.8 per cent, the ministry said in a statement. "The net collection (as on December 16) in FY22 has registered a growth of 40 per cent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 per cent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore," it said.
Around 73,388 people have defaulted aggregating to Rs 3,859 crore.
CBDT asks for urgent action, especially with respect to recovery of arrears and current demand, to achieve the collection target.
India's collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments, mirroring sustained economic recovery in a year that witnessed two waves of coronavirus infections. Net collections of direct taxes until March 16, 2022, in the fiscal year that started on April 1, 2021, stood at Rs 13.63 lakh crore compared to Rs 9.18 lakh crore in the same period a year back, an official statement said. The net collections in direct taxes, which is made up of income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax, in the current fiscal is 35 per cent higher than the collection of Rs 9.56 lakh crore in the pre-pandemic year of 2019-20 (April 2019 to March 2020).
The government on Tuesday extended till March 15 the deadline for corporate to file Income Tax returns for the fiscal ended March 2021. The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till February 15. This is the third extension given to corporate for filing the income tax return for 2020-21 fiscal.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Systematic Investment Plan (SIP) and Systematic Withdrawal Plan (SWP) are very crucial. Here, we will help you understand how these tools can pave the way for a stress-free retirement.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
While experts pointed out the impact of corporation tax cuts cannot yet figure in collections as most companies are yet to decide on their choice, government officials said a part reason for slow collection is the tax cut.
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
Have you planned to file your income tax return? But, did you check Form 26AS before tax filing? If you haven't verified it, you could be looking at trouble
Officials are relying on both formal and informal methods for reaching non-filers.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Dwaipayan Bose simplifies the whys and hows of revisiting your financial goals
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
Tax evasion is an illegal activity which entails not filing income tax returns altogether or misrepresenting the tax payable amount.
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