'As one of many immigrants at Nvidia, I know the opportunities we've found in America have profoundly shaped our lives.'
The income tax act states, 'Profession implies apparent achievement in special knowledge as distinguished from mere skill, special knowledge has to be acquired only after study and application.'
'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.'
The time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
Deductions missed in Form 16 can still be claimed while filing ITR.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
ITRs with zero tax liability have increased to 55.7 million in FY25.
To ensure a glitch-free rollout of the next-generation GST with reduced rates and lesser slabs, Finance Minister Nirmala Sitharaman chaired three separate meetings to assess GSTN's preparedness and the time it would take to implement technological changes required in the software systems.
'There is no retrospective changing of the law, only its simplification.'
Three men in Aligarh, Uttar Pradesh, received income tax notices demanding crores of rupees despite earning meager salaries, highlighting the growing issue of identity theft in India. The victims, who earn between Rs 8,500 and Rs 15,000 per month, were shocked to receive notices for Rs 33.88 crore, Rs 3.87 crore, and Rs 7.79 crore respectively. The authorities believe that businesses have been conducting large-scale transactions using forged Aadhaar and PAN cards in the names of these individuals.
If you are a new taxpayer or one who is struggling to obtain a foothold in the world of taxes, our attempt at simplifying the tax filing process seeks to help you sail through this. Read on. . .
The feud reached its peak when Musk made explosive allegations about Trump's connection to disgraced financier Jeffrey Epstein, marking a dramatic escalation in their increasingly personal conflict.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Sahaj and Sugam, introduced last year, did not help much due to the stringent specifications for printing these forms.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
For LG Electronics India, the Rs 11,607 crore initial public offering (IPO) is not just a fundraising exercise. The company's senior executives describe it as a step towards becoming "future-ready", showcasing financial strength while preparing for the next phase of growth in a market they see as still underpenetrated.
It is important to have the necessary documents on hand to verify the information in the form.
rediffGURU T S Khurana answers readers' personal income tax queries.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
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.
As a protege of Shinzo Abe, Takaichi is expected to scale bilateral ties much higher. Trade and investment shall grow. People-to-people contacts shall be scaled up, points out Dr Rajaram Panda.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
If you were deputed abroad, filing income tax can be tricky.
Co-working spaces provider WeWork India is aiming for a revenue growth of over 20 per cent for the coming years, even as its initial public offering (IPO) with only an offer for sale (OFS) component gets valued at Rs 3,000 crore at the top of the price band. The IPO opens on October 3, a newspaper advertisement said.
'It's better to stay away from large IT stocks until there is clarity on tariffs.'
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
The time limit is proposed to be extended from the current two years to four years.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Assam Chief Minister Himanta Biswa Sarma says most of those present with singer Zubeen Garg in Singapore during his death have yet to respond to CID summons, and addresses related political accusations.
Actor Sonu Sood was questioned by the Enforcement Directorate (ED) in connection with a money-laundering case linked to the online betting app 1xBet. The investigation involves several celebrities and focuses on alleged tax evasion and the duping of individuals.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi replied to many such readers' queries.
The Supreme Court on Friday upheld JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL), bringing down curtains to a prolonged legal battle that spanned nearly eight years.
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.
'Experts and stakeholders have raised concern over the refund provision in the draft Bill. That was a drafting error, which will be rectified,' a government official said.
Yuvraj Singh on Tuesday appeared before the Enforcement Directorate (ED) for questioning in a money laundering case linked to an online betting app named 1xBet.
Foreign companies now pay less tax relative to their earnings than at any time in more than three decades. Foreign private companies paid 24.36 per cent of their pre-tax profit as tax in 2023-24, show numbers from the Centre for Monitoring Indian Economy (CMIE).
The last date of filing returns for the FY 20009-10 has just passed us. It is quite possible that some of us may not have been able to file returns before the last date. What happens then? Is there any way out?
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