Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The court had on July 21 issued summons to the firm, Maran and Natrajhen and directed them to appear today after taking cognizance of two I-T complaints filed against them.
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The tax authorities have been piling pressure for a long time against Mallya and on Kingfisher Airlines to cough up the dues.
You are all set to file your I-T returns. But have you checked the Form-16 itself for accuracy? Here's how to do it...
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
Tax Guru Anil Rego answers your personal income tax queries
'Not a single bullet was fired, but we were warning the enemy not to continue with their antics!' IAF Veteran Air Commodore Nitin Sathe finds out how the Light Combat Helicopter, which will be inducted into the IAF on October 3, was designed, developed and flown.
The government on Thursday extended the due date of filing income tax returns for 2020-21 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30. As per the income tax law, for individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms the deadline to file ITR is July 31. The deadline for taxpayers, like companies or firms, whose accounts are required to be audited is October 31.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
Tax Guru Anil Rego answers your personal income tax queries.
Employers will now need to furnish detailed break-up of exemptions that an employee has claimed.
Under Section 80D, you can avail of deduction on payment made towards preventive health check-ups.
TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government.
You filed your income tax returns for 2017-2018 and think you tax problems are over for now. But have you paid your advance tax this quarter, asks Samkit Maniar.
'We have already given Rs 1.59 trillion to states.' 'So, there is no question of giving them more.'
Finance Minister Arun Jaitley takes a protectionist stance in favour of domestic companies, increases customs duty on certain products.
Alternative Investment Fund refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign.
There are millions of taxpayers, all of whom are susceptible to this frustrating situation.
Last year's Budget had created uncertainty about the quantum of tax to be withheld on dividends paid to non-residents, as the exact tax rate was not specified under section 195.
I-T department raises tax demand on them for unpaid tax deducted at source
Pan card has to be submitted for financial transactions. Otherwise, tax burden will go up.
Tax Guru Anil Rego answers your personal income tax queries.
Ensure you don't get benefits that get reversed, while filing returns.
Maran challenged reports that he and another company official have been summoned as accused by a Delhi court in two tax evasion cases
Truckers on Thursday proceeded on a nationwide indefinite strike.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
High volatility in the stock market coupled with falling inflation has brought back fixed deposits as an attractive investment avenue for the investors who are looking for fixed returns.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
The CBI recently approached the special court in Mumbai for issuance of LoR to conduct a probe to ascertain utilisation of funds received in the US-based bank accounts of Mallya and now defunct Kingfisher Airlines.
Mumbai, which contributes about 30 per cent of country's direct collections, saw the rate of contraction in advance tax collection lower to 20 per cent as against an over 33 per cent decline in Q1.
Here are the key highlights of the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha on Friday.
It is very important to maintain your tax record even if you are not in the taxable income bracket as tax return papers are required when applying for a loan
The direct tax collection in India went up by 46.9 per cent in April-July to Rs 71,648 crore (Rs 716.48 billion) from Rs 48,756 crore (Rs 487.56 billion) a year ago.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
Clearance of dues is a key step in airline's revival.
