The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
There have been multiple instances of the same entity appearing as both a public shareholder as well as under the promoter classification in some listed companies. And this dual-classification happened in the same quarter, according to data compiled by primedatabase.com.
The government on Thursday extended the deadline till December 31 for filing of income tax returns by individuals for the financial year 2021, amid the coronavirus pandemic and technical glitches in the IT portal. Earlier, the deadline was extended to September 30, 2021. Usually, the last date for filing the ITR (Income Tax Returns) for the individual taxpayers is July 31. "On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961, Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22," the finance ministry said in a statement.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
IndusInd Bank MD and CEO Sumant Kathpalia on Tuesday resigned with immediate effect, taking moral responsibility of accounting lapses in the derivatives portfolio, having financial implication of Rs 1,960 crore to the bank.
Mahesh Padmanabhan of RelaxwithTax will host 'The Tax Window', a chat to answer all your tax queries between 2 pm and 3 pm IST on Monday, July 16, 2011.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
All that you must know about the pros and cons of gift deeds, tax implications, essentials, documents required, conditions, etc...
Global Rating agency Moody's on Wednesday said it was reviewing IndusInd Bank's risk management capabilities, and its leadership transition, with the private sector lender grappling with accounting lapses pertaining to its derivatives transactions. "The financial impact of the derivatives losses is quite manageable considering IndusInd Bank's strong capital.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Filing your taxes is not as big a headache as you may make it out to be. All you need is to be clear on some fundamentals and have your papers in place. Here's help.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
Taking possession without an OC can lead to legal complications, denial of utilities such as water and electricity, hurdles in availing home loans or reselling the property, and even eviction.
'Going forward, the encouragement would be to move to the new tax regime.'
Lamingo Systems, a Bangalore based technology start-up firm promoted by two entrepreneurs - Navin Kumar and his wife Monika Rungta - has launched eLagaan.com in this current tax filing season, a portal which promises to prepare the tax returns easy to be filed both electronically and in paper mode.
Filmmaker Ram Gopal Varma has been issued a non-bailable warrant by a Mumbai sessions court after he failed to appear in court to address a cheque bounce case. The court rejected his plea for suspension of a three-month jail sentence and ordered his arrest. The case stems from a 2018 complaint by a company that alleged Varma's firm issued two dishonored checks totaling Rs. 3,72,219.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Sources said that Langa and an unidentified employee of the Gujarat Maritime Board (GMB) have been booked on the charges of theft and under relevant sections of the Prevention of Corruption Act.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Form 16 contains details of salary income, deductions, and exemptions.
It's better to inform your new employer about income earned and deduction availed with the previous one.
Ritika Gupta, a study abroad expert and founder of Aaera Consultants, explains how Germany's new visa rules will affect international students and working professionals.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Non-compliance can also result in legal complications and disputes with the tax authorities.
With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
rediffGURU Samkit Maniar answers readers' personal income tax queries
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
ELSS investments require a long-term commitment of at least seven years.
Almost all verification and assessments of returns selected for scrutiny are being done electronically through an anonymous back office, manned by tax experts and officials, without any personal interface between taxpayers and officers.
If you have not yet filed an ITR for the 2022-2023 financial year, you can file a belated return.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
The perils mentioned here may seem few in number, but each of it encompasses an entire set of dangers posed by the free online tax filing offers.
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
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