The Delhi and Districts Cricket Association has requested Board of Control for Cricket in India CEO Rahul Johri through observer Justice Mukul Mudgal to release Rs 2 crore on ad-hoc basis for hosting the ODI against New Zealand in October last year.
Lot of people miss the deadline every year due to lack of time or plain laziness. Did you miss it too? In case you have, do not worry. You can still file the belated return. As a taxpayer, you are likely to fall under one of these four categories. The associated rules and implications are outlined below.
The Madras high court on Tuesday rejected a plea from mining giant Vedanta to order reopening of its Sterlite copper unit at Tuticorin in Tamil Nadu.
With real estate -- NRIs's favourite investment vehicle in the past -- unlikely to do well in the near future, there is a strong case for NRIs to shift to equity and debt mutual funds, says Prateek Mehta.
The Income Tax department has collected documents pertaining to tenders and award of contracts for its "two pronged" probe into the finances of the Commonwealth Games even as a high-level committee headed by a former CAG goes into allegations of corruption related to the mega sporting event.
Income Tax department has introduced a new facility this financial year 2009-10 (AY 2010-11) for viewing your tax payments made it is called 'Tax Credit Statement' or PAN LEDGER or Form 26AS.
Today one can easily file returns online.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
The government on Tuesday extended the deadline for filing income tax and GST returns, raised the threshold of default that could trigger insolvency of a company, and waived charges on cash withdrawals from ATMs of other banks as a precursor to a broader stimulus package for the economy distressed by the coronavirus outbreak.
The states which achieved "extraordinary growth" in total taxes collected include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent), an official statement said.
The bike is the market leader in the 150 cc segment with a market share of 43 per cent.
In a move that will speed up the issuance of I-T refunds, the Income Tax department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh (Rs 300,000) and Rs 25,000, respectively, at the stage of processing of income tax returns itself.
It is essential to file returns when your income crosses/exceeds the basic exemption limit even if it means that on account of you investment planning, your tax obligation may be nil.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
If a couple is registered as joint owners of a property, the tax authorities expect both of them to show their income or capital gains from the house in their tax returns, says Arvind Rao, a chartered account and certified financial planner
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
A step-by-step guide to preparing and registering online for viewing the credit of taxes you paid to the income tax department.
Here are some mistakes taxpayers make and how to avoid them...
In an online chat with readers on July 8, Anil Rego answered their tax queries. Here's the chat transcript in case you missed the chat
For the common man already battling high inflation, the new fiscal will be tougher as virtually everything will be dearer in 13 big cities, where petrol and diesel will be costlier, while in the national capital they have to shell out Rs 30 more for cooking gas.
The income tax department has moved the Supreme Court stating that private telecom service providers are liable to deduct tax at source for the payments made to state-owned BSNL and MTNL for inter-connectivity.
The Income Tax department has informed the Delhi High Court that Nokia India and Nokia Corporation owe it Rs 21,153 crore (Rs 211.53 billion) as total tax liability (existing and anticipated), including penalty during a seven-year period from 2006-2013.
If you have missed your tax filing deadline, there is not much to fret if your tax dues are fully paid, says Anil Rego
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
Without Form 16, tax computation becomes cumbersome
If your interest income from bank fixed deposits falls well under the tax-exempt limit, tax deduction at source (TDS) can be avoided by submitting the details in Form Number 15A with the bank.
The government on Friday said it has penalised Kingfisher Airlines with a fine of over Rs 26 crore (Rs 260 million) for delay in the payment of tax deduction at source (TDS).
Tax rules that could land you in trouble
The Income-Tax Department has written to more than 1,000 employers in the past few months on complying with rules on tax deducted at source and advance tax depository.
The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money.
'The effect will be seen two-three quarters down the line.'
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
With tax payers no longer required to append Form 16 with their returns, the Income Tax department has allowed employers to provide digitally signed statements of tax deducted at source to their employees.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
Her speech was laced with Hindi, Urdu, Sanskrit and even Tamil verses.
Enforcement Directorate officials, on Thursday, questioned Kerala Cricket Association (KCA) president and BCCI vice-president T C Mathew on the foreign exchange transactions involving KCA and a London-based architect firm.
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