Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
Do you have financial planning queries? Ask rediffGURU Anil Rego.
The income tax authorities have initiated proceedings for payment of service tax.
In a relief to actor Shah Rukh Khan, the Income Tax Appellate Tribunal has overturned an order of the tax authorities to add Rs 2.28 crore he had lent his wife as interest free loan to buy flat and jewellery to his net wealth.
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
Here is a look into the slabs for the current financial year to help you prepare your investments and income, and to be able to file your tax returns accurately in the following assessment year.
Option can be exercised only for self-applications and after a year of non-payment.
Giving major relief to budding entrepreneurs, the government on Thursday allowed startups to avail tax concession only if total investment including funding from angel investors does not exceed Rs 10 crore.
Nirmala Sitharaman is proving to be a better finance minister than her initial rookie status might have led people to expect, observes T N Ninan.
Tax evasion is an illegal activity which entails not filing income tax returns altogether or misrepresenting the tax payable amount.
This follows a renewed effort by CBDT to seek clarification on the issue.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
This follows a renewed effort by CBDT to seek clarification on the issue.
Under new government, tax office to explore ways to reduce disputes.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
If belated returns are not filed till March 2014 and there is no outstanding tax, you can be charged a penalty of Rs 5,000.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
Mobile applications will now take centre-stage as Bharti Airtel grows its business.
Alert: Special Service Tax registration camps for service providers in Mumbai.
Widening the scope of its enquiry regarding practices adopted by foreign auditing firms to operate in India through surrogate entities, ICAI has asked 11 more domestic chartered accountancy firms to furnish details of operational arrangement with them.
The International Monetary Fund (IMF) warned on Tuesday that India's general government debt (comprising both central and state government debt) could exceed 100 per cent of gross domestic product (GDP) in the medium term. It also cautioned that long-term debt sustainability risks are high due to the significant investment required to meet India's climate change mitigation targets. The Indian government, however, disagreed, arguing that risks from sovereign debt are extremely limited as it is predominantly denominated in domestic currency.
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
The Nobel laureate filed an application before the High Court.
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The Central Board of Direct Taxes has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes big ticket international transactions.
The proposals before the ministry is to hike the tax exemption limit from the existing Rs 250,000 per annum to at least Rs 300,000 if not 500,000.
Corp tax arrears at over Rs 3.11 trillion as of Dec 2014.
With the Centre submitting a list of 627 account holders in foreign banks to Supreme Court in the blackmoney case, Attorney General Mukul Rohatgi on Wednesday said that the deadline for investigation under the Income Tax Act into these accounts is March 31, 2015.
Greater focus on international transactions.
After capping anonymous cash donations to political parties at Rs 2,000, the government is amending law to make it mandatory for them to file returns on income by December every year or risk losing tax exemption status.
Comptroller and Auditor General found that they have been given wrong benefit of income deduction.
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.
As taxpayers face technical glitch on the GST portal, the government on Tuesday said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem. The Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B and auto-population of GSTR-3B on portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted.
The new service tax of 14% will jack up costs of shopping, travel, insurance premiums and property purchases
The Mahanagar Telecom Nigam Ltd will get a tax refund of Rs 264 crore (Rs 2.64 billion) from the Income-Tax Department.
Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act. These deductions are available to assesses, who have taken a loan to either buy or build a house.
