New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
'The deeper problem is big government -- a giant monster with a giant appetite, which requires it to put more and more pressure on tax officials to extort. 'And the monster is getting bigger by the day. But then, Mr Modi too knows this,' says Debashis Basu.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
The e-filing system of income tax has come to the rescue of lakhs (hundreds of thousands) of tax assesses who had filed their returns electronically this year and they will escape penalty even if their acknowledgment is dated a day later.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
The income tax probe against the Congress leaders has arisen from the investigation into the private criminal complaint filed by Bharatiya Janata Party leader Subramanian Swamy before a trial court in connection with the National Herald case, in which the trio are out on bail.
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
In a setback to megastar Amitabh Bachchan, the Supreme Court on Wednesday allowed the Income Tax department to reopen a tax case against him pertaining to his income for the assessment year 2001-02.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
The details that you file regarding your income, investments and tax exemptions are verified by the Income Tax department with the details obtained as per your Permanent Account Number records.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
You can carry forward losses and revise the returns umpteen times in case of mistakes.
Premium paid on life insurance policies entitles you to tax benefits. Read on to find out more about this.
The idea is to cut litigation, lower the cost of collection and prioritise bigger defaulters.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
When the subscriber reaches superannuation or the age of 60, 60 per cent of the total corpus accumulated in NPS can be withdrawn as a lump sum.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
Assessees whose tax is deducted at source now can file their returns in the current assessment year without quoting a proposed tax number, UTN, as the government deferred its introduction."Taxpayers filing their income tax returns for assessment year 2009-10 or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN)," the Central Board of Direct Taxes said in a statement issued on Tuesday.
Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax
It is the second firm to have received retrospective tax notice this year after Vodafone Group.
The I-T department had issued re-assessment notice in March 2015 to the media group after noting that Rs 642 crore has allegedly not been computed for the tax assessment purposes of NDTV for financial year 2007-2008.
I-T dept to outsource PAN card allotment
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31.
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
Once the income has been classified as either business income or capital gains, be consistent.
These plans are best suited for individuals with a lower risk appetite as they provide guaranteed benefits.
It is very important to maintain your tax record even if you are not in the taxable income bracket as tax return papers are required when applying for a loan
US-based technology major IBM is contesting a claim of the revenue department which has increased the company's taxable income substantially to around Rs 11,000 crore (Rs 110 billion).
The Bengaluru-headquartered company said the 'draft assessment order' from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bengaluru.
The adjustment orders for AY2012, are expected between January and March 2016.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
Change in performance appraisal system will deter corruption and motivate officers to pass correct orders.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
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