The extension has been given considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, it added.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
A 10-part series that explains all you want to know about how India's EPF turns a slice of your monthly salary into long-term savings, pension, and life insurance.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
It's better to inform your new employer about income earned and deduction availed with the previous one.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Finance Minister (FM) Nirmala Sitharaman has presented a forward-looking Budget, reinforcing the government's commitment to 'Reform, Perform, and Transform'.
According to official sources, complaints were received by the department that TDS was being collected arbitrarily by the payers. Another reason for this decision is that refunds from the department have also gone up. Sources said it should not affect the assessee who may be paying a high rate of TDS and is not compensated even after the employer or broking firm or any other organisation gets a refund on higher rate of TDS which may not be applicable to such income.
Three key instruments that can help you meet your financial goals, while also allowing you to enjoy tax deductions are ELSS, term cover and health cover.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
The finance ministry is instead thinking of expanding the list of services on which the tax would be levied under the reverse charge mechanism.
Here's a simple primer to what actually Form 16 is and what must be done with it.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
TDS means tax deducted at Source. It is deducted by the banks if the interest earned on your fixed deposit exceeds Rs 10,000 in a financial year.
>According to the latest RBI data, PPF receipts have already experienced a decline between April 2023 and February 2024. Other schemes like the Sukanya Samriddhi Account and National Savings Certificate are also witnessing reduced inflows.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Otherwise, while filing returns, you may have to pay additional tax.
Though seven opportunities have been granted to the states, it appears that full compliance has not been affected and several states are in default, it said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Income tax payers can now file their tax returns more easily, says tax expert Subhash Lakhotia.
The government on Tuesday announced central assistance of Rs 2.2 lakh crore over the next five years to meet housing requirement of 1 crore urban poor and middle class families under the Pradhan Mantri Awas Yojana-Urban and proposed interest subsidy to provide loans at affordable rates. In her Budget speech, Finance Minister Nirmala Sitharaman said, "Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore." "This will include the central assistance of Rs 2.2 lakh crore in the next 5 years," she added.
Here's a checklist, meant as a handy last-minute reference, that can help you.
rediffGURU T S Khurana answers readers' personal income tax queries.
The draft report of the committee contains 27 suggestions for amendments under the I-T Act and eight for reform through administrative instructions.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
TDS has been successfully used for direct taxes like the income tax.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
The panel's recommendations will be aimed at making a predictable and non-adversarial tax regime in the economy.
It is essential to file returns when your income crosses/exceeds the basic exemption limit even if it means that on account of you investment planning, your tax obligation may be nil.
If you're a salaried person there are many ways to save taxes
