Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
Transporters' nationwide strike entered its fifth day on Monday amid a continued deadlock between the agitating apex truckers body AIMTC and the government, affecting movement of goods in various parts of the country.
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters to around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said.
'Today, according to the law, you can't even claim legal expenses when fighting a case as a non-executive director unless you are acquitted. Given how high legal expenses are, that alone is enough to scare anyone away.'
If the refund is wrongly adjusted against any past tax liability, immediately clarify it online
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
Converting what was supposed to be an interim budget or a vote on account into an almost full-fledged budget announcement in the Lok Sabha, Finance Minister Piyush Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections.
Bharatiya Janta Party's prime ministerial candidate Narendra Modi's 'Hoonkar Rally' in Patna on October 27 has come under the scanner of the income tax department in Bihar, officials said on Thursday.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax (I-T) returns, the I-T department has now identified another 2.17 million potential non-filers. It had already sent letters to 50,000 potential non-filers in the first batch.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
Senior advocate Harish Salve, appearing for the telecom major, informed Justice Manmohan that the company in its response to the high court's August 22 notice has said it is not acceding to jurisdiction of the Indian courts in the matter.
Returns for income earned till FY12-13 can be filed till March 31.
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
The Bureau of Indian Standards has certified 33 hallmarking centres in the country to act as collection and purity testing centres for the gold monetisation scheme.
Online companies would look forward to an integrated and uniform approach for tax laws and regulatory policies
Modi accused the TMC of killing the aspirations of the middle-class people in the state and said the ruling party in West Bengal is known for 'triple T -- Trinamool Tolabaji Tax'.
It suggested reforms in the real estate sector.
In an online chat with readers a few hours after the Union Budget 2015-16 proposals were announced by Finance Minister Arun Jaitley, Sundeep Agarwal, Director, PwC India, answered related queries to help put the announcements into perspective.
The Budget has levied a pollution cess on petrol, diesel cars and SUVs and offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45 per cent.
To incentivise the Micro and Small enterprise is to offer them lower rates of interest based on their business turnover
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
Surendra Hiranandani -- chairman and managing director, House of Hiranandani -- explains what ails India's housing sector and indicates the way forward.
'We know that if the IT industry goes on strike even for a day or two, the repercussions will be international, and we will suffer as a country.' 'We don't want that to happen.'
'Keeping quiet is not an option for me. It should not be an option for anyone. If you have a voice, you must use it.' Tamil actor Vishal speaks out.
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
From Dabur to HUL, here are 10 stocks with significant rural exposure in the auto, agri-chemical and fast moving consumer goods sectors, which should see an uptick in sales growth.
Indian and Finnish finance ministry officials on Tuesday discussed Nokia's Rs 21,153 crore (Rs 211.53 billion) tax dispute case and reviewed the double taxation avoidance agreement.
Right steps you can considerably reduce the tax outgo.
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
'The prime minister's advisers might have told him that going along with this AIADMK government will damage his image.'
The chief operating officer said that the carrier will surmount the present crisis very soon.
Airline says can't discuss dues publicly, denies grounding of planes
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