The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
After the GST Council's meeting in March, the Centre had sought views from Attorney General K K Venugopal -- who is the chief legal officer of the government -- on the legality of market borrowing by the council to make good any shortfall in the compensation fund. The AG in his view said there is no obligation on the central government to pay the GST compensation shortfall, according to the sources.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
Understand the pros and cons of SGBs before rushing to invest in them based on past returns.
'It makes sense to have gold in one's portfolio keeping the political and economic risks of 2024 in mind.'
Ensure the employer has all relevant documents. Else, your pay will take a serious hit in the next two months.
Rising rural distress due to back-to-back droughts have put pressure on FM to spend more on social schemes; no change in tax slabs likely
A term plan's premium is lower than that of a wholelife plan.
Although many European countries have high income taxes, they don't charge as much as India.
The code, which will replace the existing Income Tax Act 1961, aims to rationalise tax rates to bring more people and companies under the tax net.
The changes to the original draft of the Direct Taxes Code are going to cost taxpayers, with the government planning to significantly alter the slabs.
'I am shocked that the BJP makes so many commitments. What did they deliver as the NDA?'
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Investors looking for a fixed-income product that is free of credit risk may invest in these bonds.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
Earners in between Rs 50 lakh and Rs one crore will have to pay 10% surcharge
Earners in between Rs 50 lakh and Rs one crore will have to pay 10% surcharge
In the midst of third wave of COVID-19, Finance Minister Nirmala Sitharaman has come up with an impactful Budget which is balanced, fiscally prudent and growth-oriented, the USA India Chamber of Commerce has said. President of the Boston-based USA India Chamber of Commerce (USAIC) Karun Rishi, however, said it is a matter of concern that the budget lacks tangible measures to increase revenue generation. "Opting to keep the fiscal deficit at 6.9 per cent and increase capital expenditure by 35 per cent is a masterstroke. "The annual budget estimates the effective capital expenditure of Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP," he said. "A phenomenal increase in the government's capital expenditure is likely to facilitate the expenditures on infrastructure and create jobs.
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
Budget announcements will come right before five states, with population of around 250 million, go to polls.
On retirement, you will draw a lesser amount as pension.
Finance Minister Arun Jaitley may not raise I-T exemption limit to Rs 500,000.
Finance Minister Arun Jaitley may not raise I-T exemption limit to Rs 500,000.
Tax payers will be looking forward to some relief from Finance Minister Pranab Mukherjee who is expected to raise the income tax exemption limit to at least Rs 2 lakh in his budget proposals.
As the triangular political contest in Telangana intensifies, many believe that for the regional major BRS, it is a battle for survival after being routed in the assembly polls held late last year. What is haunting the party this time is the scams, the 10-year anti-incumbency factor, and family dominance in the party.
Arbitrage funds have recorded net inflows for three months straight, after steep outflows for half a year before that. The trend changed as mutual fund (MF) schemes improved amid a rise in equity market volatility. Investors redeemed over Rs 31,000 crore from arbitrage schemes between June and November before putting in Rs 3,000 crore in the last three months, shows data from the Association of Mutual Funds in India (Amfi).
'The IAS officers are after the rich people, the IRS officers are after the middle class and the IPS officers are after the poor. This is the new varnashrama created by the bureaucracy.'
People with more than Rs 10 lakh (Rs 1 million) annual income may not get the tax relief originally proposed in the Direct Taxes Code, as the finance ministry is for tweaking slabs across the board to offset concessions elsewhere.
Denying any delay in the introduction of Income Tax Code that will comprehensively review current income rates and slabs, Finance Minister P Chidambaram on Thursday said the government will introduce the code this year.
'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
'Nirmalaji must consider herself a very lucky finance minister, partly because of the government's response to covid and partly because we as a nation have done very well as an economy, post pandemic.'
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
At present, there is no income tax for people earning less than Rs 1.5 lakh as annual income.
Tax rates would be made known only in the proposed Act, a bill for which will be introduced in Parliament in the coming monsoon session.
The Central government will borrow up to Rs 1.1 lakh crore on behalf of the states to bridge the shortfall in GST collections, the finance ministry said on Thursday. A slowdown in the economy since last fiscal has resulted in a drop in the Goods and Services Tax (GST) collections, upsetting the budgets of states which had given up their right to levy local taxes such as sales tax or VAT when GST was introduced in July 2017. To make up for the shortfall, borrowing from the market was proposed.
The focus of the Union Budget is on providing basic amenities to the poor, middle class and youth, Prime Minister Narendra Modi said on Wednesday, and asserted that it is imperative that India becomes self-reliant.
Even though option to invest as a company is available, many FPIs have chosen trust route to enjoy less tax or zero tax through tax havens such as the Cayman Islands and Luxembourg.
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.
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