Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
The Maharashtra government has launched a "restaurant" to save the vulture, nature's most efficient scavenger. The 20-acre restaurant is located in the Fansad sanctuary in the Raigad district which is spread over 50 sq km.
We invited readers who have taken the CAT in previous years to share their experiences. Archit Shrivastava, an IIM Indore student, shares his advice.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
The ruling Bharatiya Janata Party has suffered an embarrassment in Uttarakhand after state party spokesman Vishwas Dabut allegedly beat up a policeman and tore his uniform in Dehradun, following a road rage.
Industry had sought this 3-month extension, specifically for players struggling to collate the information that are required to be disclosed in the GST forms.
The new restriction will be challenging for businesses, as they will have to do regular follow-ups with their suppliers.
Govt may tighten presumptive taxation norms and also do away with some deductions.
The urn containing the ashes presently lies at Mani Bhavan in south Mumbai -- a building in which Mahatma Gandhi lived when he visited the city -- where tourists, schoolchildren and people continued to stream in on Tuesday -- the last day of its public display.
ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
You can reduce your tax burden by wisely using partially taxable allowances, suggests Bindisha Sarang.
Tax planning should not be left for March. If you do so, you could face a severe cash crunch in that month, warns Sanjay Kumar Singh.
The Patels of Gujarat are seething and they have warned Prime Minister Narendra Modi and Chief Minister Anandiben Patel of consequences if their demands for reservations are not met.
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
The point to note is that since the new rebate is up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
Capital gains exemption benefits are available under Section 54 and 54F of the Income Tax Act. Individuals, however, need to be aware of the conditions attached to these provisions, suggests Archit Gupta, founder and CEO, ClearTax.
The clarification comes amid reports that sweet shops have discontinued chocolate barfis and chocolate sandesh.
...for others it would be an incentive to participate more robustly in equities and other tax instruments.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
Which one of these expectations do you think will actually materialise, come February 1?
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.
Three key instruments that can help you meet your financial goals, while also allowing you to enjoy tax deductions are ELSS, term cover and health cover.
Many hurdles that investors could have faced after enrolling for the scheme have been removed.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
Individuals often postpone tax planning till the end of the financial year. As the deadline for showing proof of investments draws near, they invest randomly in any product that will help them save tax for that year. Later, they realise that it is not suited for them, so they abandon it. Tax planning should not be a standalone, one-off activity, but should be in sync with your overall financial plan, says Sanjay Kumar Singh.
Killa is a deep film with lofty ambitions and brilliant performances, raves Raja Sen.
The fight between Aam Aadmi Party leader Arvind Kejriwal and BJP's Prime Ministerial candidate Narendra Modi for supremacy in this temple town has divided students of IIT, Varanasi into two camps who will campaign for their chosen candidate in their own ways.
The government has made employers responsible for verifying whether the claims filed are according to the law. Earlier, companies went only by self-declaration of employees.
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