Purchase of items in excess of two-and-half times the income filed under annual information return (AIR) may become one of the criteria for selecting cases for scrutiny assessment by the income tax department.
'Historically, equities have consistently outperformed debt, gold, property, and other assets over a reasonable period.'
Will stop work on February 20.
Tax department sends notices saying they are liable to pay MAT.
CBDT feels 30% growth in income-tax not feasible.
A separate and dedicated window for grievance redressal has been launched recently.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
Advance preparation in this financial year 2008-09 itself can help you avoid the last-minute anxiety
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
RediffGURUS Ashwini Dasgupta, Anu Krishna, Dr Karthiyayini Mahadevan and Jinal Mehta answer queries from Rediff readers.
Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
Information technology firm Patni Computer Systems on Thursday said its earnings for a financial period could be affected
Here are some mistakes taxpayers make and how to avoid them...
Deadline ends, after two extensions and only 70% file detailed return for July
CBDT is the apex policy making body of the IT department.
The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1. This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement.
The Income Tax Department will now process and send refunds in a short time of 7-10 days
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
The meeting is likely to be attended by a number of leading developers, including realty firms DLF and Unitech.
RNOR status is a sub-set of the Resident Status.
rediffGURU Kanchan Rai, founder, Let Us Talk, offers advice on how to navigate problems in a relationship.
The RBI holds its next policy meeting in early June.
Union Minister Nitin Gadkari on Tuesday launched the country's first crash testing programme Bharat NCAP aimed at improving road safety standards of motor vehicles up to 3.5 tonnes. Bharat New Car Assessment Programme (Bharat NCAP) is India's own crash testing programme and is cheaper than tests conducted abroad, Gadkari said, adding that the star ratings will help buyers understand the quality of the product and make an informed purchase decision. Bharat NCAP will be implemented from October 1, 2023.
Today one can easily file returns online.
This Budget will set a direction to increase the ease of doing business and restore confidence in the economy.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
Revised tax forms will be simple; stress on foreign travel and assets has been reduced
Mahindra Satyam said it will withdraw the petition filed against the Tax Department challenging its direction to pay tax.
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
The Reserve Bank of India's latest order prohibiting Bajaj Finance from sanctioning and disbursing loans under its 'eCOM' and 'Insta EMI Card' products may not have serious implications on the non-banking finance company's profitability, provided the ban is lifted within six to eight weeks, analysts said. "In a surprise move, the RBI has asked Bajaj Finance to stop sanction and disbursal under two of its digital lending products. "While the move is negative, the speed of correction will be key to reinstate products," global brokerage Jefferies said in a report.
It is mandatory for everybody to enter his/her PAN
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
