It is always adivsable to file income tax returns on time.
'There are no new benefits for senior citizens, but on the other hand senior citizens having sizeable dividend income may have to suffer tax at applicable slab rates,' says Mahesh Padmanabhan.
Without accounting for refunds, however, the collection contracted 5.4 per cent, indicating muted economic activity as the Covid-19 pandemic and subsequent curbs paralysed most sectors.
Many direct taxation rules lack clarity and the rulings on these also differ from case to case.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
We take the opportunity to bust a few myths
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
To remain hassle-free and for healthy conduct of business, every business owner should follow correct tax compliances for paying service tax, TDS, return filing, etc.
In an online chat with Get Ahead readers on February 6, Anil Rego, CEO, RightHorizons, answered their queries on saving tax.
The new office will have its base in the national capital.
In order to provide relief in respect of gains arising on account of appreciation of rupee against a foreign currency at the time of redemption of masala bonds to secondary holders, the government has decided to amend the Income Tax Act.
Replying to the debate on the Finance Bill in Lok Sabha, the minister said he did not propose any change in the tax rate but only provided few rebates which will boost spending and help the economy.
Will stop work on February 20.
Taxpayers often get confused regarding how to file their income tax return with multiple Form 16s. Here's some help.
The Supreme Court on Tuesday deferred hearing on Vijay Mallya-owned Kingfisher Airlines' plea challenging Karnataka High Court's order to deposit around Rs 185 crores with the Income Tax Department as tax deducted at source (TDS) from its employees' wages.
Yes, if you are planning to apply for a loan or want to claim refund
The employees have alleged that Mallya, who has been giving them false promises, has been able go away scot free by eliciting "political favours".
As part of Budget 2013-14 proposals, it is considering widening the scope of source-based taxation to more areas to improve reporting mechanism for transactions.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
It had declined by slightly over 4 per cent in December. The city contributes 37 per cent to the total direct tax revenues. If the trend continues, it could affect the Budget estimates of Rs 13 trillion for the current fiscal year.
The Supreme Court on Friday rejected Kingfisher Airlines' plea against the Karnataka High Court's order directing it to deposit around Rs 185 crore with the Income Tax Department as TDS from its employees' wages.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
For 2011-12, there were 7,56,741 foreign remittances made from India with money worth Rs 3,56,461 crore (Rs 3,564.61 billion) going out of India
Buyer to pay tax on gains made on undervalued property purchase.
Finance Minister P Chidambaram on Thursday announced a Rs 2,000 crore urban housing fund, while making luxury homes costlier by cutting abatement on service tax on a flat with a floor area of over 2,000 sq ft, or prices exceeding Rs 1 crore.
They were participating in a debate on the bill for giving effect to various compliance relief measures for taxpayers, including extending time limits for filing returns, in the wake of the coronavirus crisis and tax benefits for donations to PM CARES Fund.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
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.
For the first time in the history of Budget-making in India, a single Budget will touch 65 crore Indians, says Shailesh Haribhakti.
There are ways to salvage the situation by filing belated returns under various clauses.
Ahead of the meeting of jewellers with Gandhi, the Congress had asked the government to look into the demands of jewellers, who have been agitating for more than 20 days.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
TDS on health insurance claim payments reimbursed to hospitals should be NIL
From the date you put in your papers, the employer will promptly freeze your salary payouts and you will get everything along with the full and final settlement.
Liquor baron takes on to Twitter again to lash out at the media for trying to hunt him; asks them not to waste their efforts
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