Kingfisher Airlines was found to have deducted tax at source on salary payments but had not deposited it in government account, Minister of State for Finance S S Palanimanickam said in a written reply.
Anil Rego, CEO, Right Horizons lists out the important things, of course, apart from the IT exemption limit, that the salaried class must be looking forward to in the Union Budget 2015-16 that Finance Minister Arun Jaitley will present tomorrow morning
BCB removes its director Najmul Islam from key post after players revolt
This article tries to strip off the jargon and present the contents of the current act with respect to the punishments and penalties applicable to various offences as defined by the tax man.
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
Here is a quick guide to help you understand the typical documents and forms required for filing returns. A clear understanding helps you to file your returns correctly and accurately.
Have a query regarding tax planning or tax filing? Maybe we can help. Drop us a line and our expert, Anil Rego of Right Horizons, will answer it. Got a question for Anil Rego? Please write to us at getahead@rediff.co.in with the subject line as 'Tax query'.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
The Supreme Court is scheduled to hear a plea challenging the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). The plea, filed by Wangchuk's wife, argues the detention is illegal and violates his fundamental rights.
"The CBDT extends the 'due date' for filing of ITRs as well as reports of Audit (which were required to be filed by the said specified date) from September 30, 2018 to October 15, 2018 in respect of the said categories of taxpayers," the CBDT said in a statement.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
It is always adivsable to file income tax returns on time.
The Monsoon session of Parliament saw the passage of several key bills in both the Lok Sabha and Rajya Sabha, despite repeated disruptions and adjournments.
'That is going to have an impact on literally every one, whether you buy a toothpaste, a safety pin, a car, shoes or medicines or you go to a diagnostic centre.'
US President George W Bush and his wife reported a taxable income of $727,083 for the last year and paid $227,490 in federal income taxes, the White House said.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
The Enforcement Directorate (ED) has arrested Jawad Ahmed Siddiqui, chairperson of the Al Falah group, on money laundering charges. The ED alleges that Siddiqui generated Rs 415 crore dishonestly from students of educational institutions run by his Trust.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Taxpayers might face several issues while filing returns this year.
Tax experts answer your budget-related queries
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The core dilemma remains: Why provide further stimulus to an economy that is already booming at an 8 per cent growth rate? asks Rajeswari Sengupta.
The best course for the government at this time would be to tighten the seat belt a little more, without compromising on its investments in creating better infrastructure and giving a push to privatisation, points out A K Bhattacharya.
Navjot Kaur Sidhu claims support within the Congress party after being suspended for her controversial remarks. She also accuses Sukhjinder Singh Randhawa of corruption and links to smugglers.
Noting that recent uncertainties created by global tariffs have not impacted the Indian economy severely, Anuradha Thakur, secretary, Department of Economic Affairs, said the central government is hopeful that the recent goods and services tax (GST) rationalisation will ignite the much needed animal spirits in the financial sector.
Prepare your replies with expert help, if necessary. Keep relevant documents ready to support your replies.
Slapped a 10 per cent surcharge on 'super-rich' and corporates. Levied an inheritance tax and raised duties on mobile phones, cigarettes, and luxury vehicles.
Learn to track your ITR's progress and correct any errors.
For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents. Around 24 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like divestment, and 1 paise from non-debt capital receipts, the Budget documents said.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
More than 8 crore income tax returns for assessment year 2024-25 have been filed this year, of which 74 per cent taxpayers have opted for new tax regime, a source said. Also, around 75 lakh updated ITRs have been filed this year in high garnered additional taxes of Rs 8,000 crore.
Net direct tax collection dipped 3.95 per cent to Rs 6.64 lakh crore so far this fiscal, mainly on account on higher refunds, according to government data released on Tuesday. Direct tax includes taxes on income paid by companies, individuals, and by professionals, and other entities.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The Income Tax Department has slapped a penalty of Rs 944.20 crore on IndiGo, which said it will contest the order that is "erroneous and frivolous". The order was received by InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Saturday.
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
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