The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
Investors can meet cash needs without selling their securities.
In the medium term, corporates and vendors could move away from visa dependency, shift more work offshore and share higher cost burdens with clients.
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
'I am doing the drive in making sure that people pass this on. So the drive is not with distrust. The drive is just in case.' 'Just in case it doesn't get passed on, I am here.'
'Do exhaustive research and then select the one that best fits your budget and requirements.'
The Bombay high court has admitted an appeal filed by the Income Tax authorities, challenging relief granted to Bollywood star Aishwarya Rai Bachchan by the Income Tax Appellate Tribunal.
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.
Young investors with a higher risk appetite are better off with a combination of term insurance and equity funds.
"The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household consumption, savings and investment," Sitharaman said presenting what was dubbed as 'reformist' budget for the next fiscal in Lok Sabha.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
Fitch Ratings on Wednesday raised India's GDP growth forecast to 6.9 per cent for current fiscal year, from 6.5 per cent earlier, citing strong June quarter growth and domestic consumption-led demand.
rediffGURU T S Khurana answers readers' personal income tax queries.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
Municipal corporations penalise late property tax payments. 'Penalties can include attachment of properties, bank accounts, rent and other movable assets," says Anand Moorthy, co-founder, Square Yards.
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.
CPGRAMS -- an online platform available to citizens 24x7 to lodge their grievances to public authorities on service delivery -- has existed for close to two decades. But it has never been this active, points out Tamal Bandyopadhyay.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
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Traders in Karnataka are raising concerns over GST demand notices based on UPI transaction data. A tax official defends the action, stating it's within the law and recipients can respond with documentation.
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
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.
The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
Startup and venture funds on Tuesday cheered the Budget decision on the abolition of angel tax for all investor classes, terming it a "game-changer" that would remove significant barriers in growth and foster a vibrant and dynamic ecosystem. Angel tax refers to the tax that the government imposes on funding raised by unlisted companies, or startups if their valuation exceeds the company's fair market value.
As per the Budget memorandum, the government has proposed amendment to Sub-Section 2 of Section 23 of Income Tax Act, which relates to determination of annual value of house properties.
The Comptroller and Auditor General (CAG) of India has criticized the Maharashtra state excise department for operational lapses that led to a significant revenue shortfall. The report cites incorrect fee assessments, failure to implement revised rates, and other irregularities.
The Jan Vishwas (Amendment of Provisions) Bill 2025, aimed at decriminalizing minor offenses to promote ease of living and business, was introduced in the Lok Sabha and referred to a Select Committee.
When the market is down, you can buy more units, which offers you the rupee cost averaging. But the question here is, with so many options available in the market, which one should you choose? Keep reading to get the answer.
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
A bench of Justices BV Nagarathna and N Kotiswar Singh, which issued notice on the plea of the Congress against the March 13 high court order, however, said the ITAT can proceed on the political party's appeal.
In a case related to Mumbai-based Jai Trust versus Union government, the court ruled that a gift is a consideration-less transaction, and hence, not liable for capital gains tax. It quashes the reassessment notice issued by the tax authorities alleging that a specific income has escaped assessment on transfer of shares as gift by the trust.
rediffGURU T S Khurana answers readers' personal income tax queries.
Deductions missed in Form 16 can still be claimed while filing ITR.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
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Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
