Finance Minister Pranab Mukherjee wants the income tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
Police in Dahod, Gujarat, seized over Rs 2.56 crore in unaccounted cash from a car during a routine vehicle check. The cash was being transported from a courier firm to Vadodara, and the driver could not provide documentation for the money's source.
Finance Minister Pranab Mukherjee has revised the Income Tax rates.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Many people invest in insurance with a view to saving taxes. So what are the tax rebates available to an individual in respect of premium paid on life insurance policies?
The World Bank's "World Development Report 2026" urges developing countries to adopt low-cost AI tools to accelerate progress in healthcare, education, and judicial services. The report highlights AI's potential to boost productivity and improve public services, while noting that jobs in high-income countries are more at risk from automation than those in developing nations.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
Indian listed companies experienced their fastest revenue growth in 15 quarters during Q1FY27, with combined net sales rising 18.4% year-on-year, while net profit grew 16%, primarily driven by mining, metals, and banking sectors, despite a contraction in operating margins due to higher input costs.
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
The Income Tax Department has clarified that income from the transfer of investments made before April 1, 2017, is excluded from the scope of the General Anti-Avoidance Rules (GAAR), addressing industry concerns about retrospective application.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
'Government's focus should be on the expenditure side in this Budget, not so much on the taxation side.'
TVS Motor Company reported a significant 56.8 per cent year-on-year increase in net profit to 1,036 crore in Q1FY27, driven by record sales volumes, an improved product mix, and robust demand in both domestic and international markets, with management anticipating continued double-digit industry growth.
The government on Thursday extended the deadline till December 31 for filing of income tax returns by individuals for the financial year 2021, amid the coronavirus pandemic and technical glitches in the IT portal. Earlier, the deadline was extended to September 30, 2021. Usually, the last date for filing the ITR (Income Tax Returns) for the individual taxpayers is July 31. "On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961, Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22," the finance ministry said in a statement.
An employee whose financial future is 60-80 per cent dependent on a single company's growth trajectory has no genuine safety net.
A Special Investigation Team (SIT) probing the alleged embezzlement of donation money at the Ram Temple in Ayodhya is expected to question people associated with the Shri Ram Janmabhoomi Teerth Kshetra Trust and review banking arrangements for donations.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
Actor Mohanlal has declared possession of 10 elephant tusks and 13 ivory idols to the Kerala Forest Department under an amnesty scheme. This new disclosure comes as he continues to face trial for alleged illegal possession of wildlife articles, a case that originated in 2011 and has seen the Kerala High Court direct the continuation of legal proceedings against him.
A joint team of police and SSB seized over Rs 85 lakh in Indian and Nepalese currency and detained six persons along the Indo-Nepal border in Bahraich district.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Recent changes to tax exemptions and allowances, including increased education, hostel, and HRA limits, have made the old tax regime more competitive against the new regime, prompting salaried employees to re-evaluate their choice for the current financial year.
GDN has a fascinating genius at its centre, but Madhavan's terrific performance is let down by a repetitive, overly familiar biopic treatment.
The income-tax (I-T) department has started scrutinising cases for the assessment year (AY) 2018-19 to determine which of them need to be reopened, a process that might result in a raft of tax notices. This follows this year's Union Budget move to reduce the time limit for tax reassessment from 10 years to five in cases of escaped income. The new provision becomes effective on September 1 and will make past assessments for AY 2018-19 time-barred.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Voltas has announced a joint venture with Atomberg Innovation to manufacture high-efficiency room air conditioner (RAC) compressors, aiming to strengthen localisation and supply-chain resilience. Despite significant volume growth in RACs, the company's margins remain a key concern for analysts.
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.
Cooperatives have demanded the abolishment of income tax on theirs as well as the state cooperative banks' earnings failing which they would resort to agitations across the country.
Filing your Income tax returns electronically through the internet is a simple, easy and convenient process.
Filing your Income tax returns electronically through the internet is a simple, easy and convenient process.
According to a police officer, the fire started in the office of the Commissioner in room number 325 on the third floor of the building. He said many of the employees were outside the building as it was lunchtime, otherwise, the casualty could have been more.
Behind the aesthetics of an entrepreneurial lifestyle lies a silent financial crisis that nobody is talking about: Freelancers are sprinting toward a retirement brick wall.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
The Income Tax authorities have left the offices of the BBC in New Delhi and Mumbai after three days of lengthy questioning of some of its staff, the United Kingdom-headquartered public broadcaster said on Thursday.
The government earned Rs 7.42 lakh crore as direct taxes in 2015-16, a 66 per cent increase from Rs 4.45 lakh crore in 2010-11
'It is not because of the war in West Asia, which began on February 28.' 'Petroleum product prices are already going through the roof. They are bound to have a serious inflationary impact.' 'A country's leadership is tested in trying times. It is here that the current leadership is failing.'
The government had in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, to give compliance relief to taxpayers.
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Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
Indian benchmark indices, Sensex and Nifty, opened higher on Friday, primarily driven by a significant surge in Bajaj Finance shares following its strong Q1 FY27 earnings report, coupled with continued foreign fund inflows and a dip in crude oil prices. Track Sensex, Nifty on July 31.
Education loan defaults carry serious consequences. Credit bureaus record missed payments against both the student and the co-borrower, usually a parent.
