The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
Here's how you can file your tax returns electronically and still beat the July 31 deadline.
The "weaponisation" of economic activity - through tariffs and sanctions - is now a reality, with countries leveraging these tools strategically, External Affairs Minister S Jaishankar said at the Raisina Dialogue recently.
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.
The tax department will remain a source of endless nightmares for citizens and 'transparent taxation' will remain an empty slogan and a cruel joke, observes Debashis Basu.
The scale of illegal gambling and betting in India is staggering, with 1.6 billion visits recorded between October and December 2024 across four analysed platforms -- Parimatch, Stake, 1xBet, and Battery Bet.
'The finance minister has done as much as she can when you look into the fiscal constraints she had.'
According to a police officer, the fire started in the office of the Commissioner in room number 325 on the third floor of the building. He said many of the employees were outside the building as it was lunchtime, otherwise, the casualty could have been more.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Supreme Court of India has released an inquiry report into the alleged discovery of a large amount of cash at the residence of Delhi High Court judge Yashwant Varma. The report, which includes photos and videos, was uploaded on the court's website. Chief Justice of India Sanjiv Khanna has formed an in-house committee to investigate the matter and has asked the Delhi High Court Chief Justice to not assign any judicial work to Justice Varma. Justice Varma has denied the allegations, claiming they are part of a conspiracy to frame him. The inquiry report, submitted by the Delhi High Court Chief Justice, has been made public and calls for a deeper probe into the incident. The incident has raised concerns about judicial accountability and has prompted the Congress party to call for strong measures to uphold public trust in the judiciary.
Prime Minister Narendra Modi asserted that his "vocal for local" campaign is bearing fruit as Indian products are going global and making their presence felt across the world. He said that India was becoming the land of infinite innovations, finding affordable solutions and offering them to the world. The prime minister also highlighted the country's rising defense products, electronics, automobile sector, and the success of superfoods, Ayush products, and yoga. He said India should be presented to the world as it is, without any bias. Modi said that the country was now emerging as a manufacturing hub and a "factory of the world." He added that India was creating solutions that were affordable, accessible, and adaptable, and offering them to the world without gatekeeping.
The Central Board of Direct Taxes (CBDT) has extended various tax returns filing deadlines till December 31 this year but it will continue to levy interest on delayed payments made after July 31, the original due date. Officials say tax payment has to be done through net banking, and the assessee doesn't need to use the e-filing portal, which has been facing glitches. So, taxpayers have to bear the interest payment liability of 1 per cent per month on the outstanding tax for those who filed a return after July 31.
Ramesh alleged that through the "electoral bonds scam", the Bharatiya Janata Party has collected Rs 8,200 crore and used the route of "pre-paid, post-paid, post-raid bribes and shell companies".
Failure to disclose any income can lead to penalties and legal issues.
The volume of new fund offerings (NFOs) in 2025 will fluctuate based on market conditions. However, innovation is expected to continue unabated. With an increasing number of fund houses aiming to establish a presence in the 'factor' investing space and changes in fund-of-fund taxation providing more opportunities, several industry-first offerings are anticipated.
The government has notified October 1 as the starting date for direct tax dispute resolution scheme Vivad Se Vishwas 2.0. Vivad Se Vishwas scheme 2.0 was originally announced in Budget 2024-25 presented in July for resolution of certain income tax disputes pending appeal.
The Delhi high court on Wednesday upheld an order of the Income Tax Appellate Tribunal (ITAT) refusing to stay a notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore.
Tata group retail firm Trent Ltd reported a 34 percent increase in consolidated net profit to Rs 496.54 crore in the December quarter, helped by the expansion of the store network and increase in attractive value propositions. The company's consolidated revenue from operations grew 34.32 per cent to Rs 4,656.56 crore during the quarter under review. Trent is also pursuing store portfolio optimization, which involves upgrading or consolidating smaller footprint stores with newer stores in more attractive micro markets.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
A day after Finance Minister Nirmala Sitharaman flagged technical glitches on the income tax department's new e-filing website, IT major Infosys said it expects the system to stabilise in the course of this week. On Tuesday, Sitharaman had asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints.
The Enforcement Directorate has filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo-India and some others, official sources said on Thursday. The prosecution complaint was filed before the court of Special Judge Kiran Gupta in New Delhi on Wednesday under the criminal sections of the Prevention of Money Laundering Act and Vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. The judge posted the matter for consideration on December 13.
'Till the BJP does not understand Kejriwal they cannot win Delhi.'
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Maruti Suzuki India on Tuesday reported an 18 per cent year-on-year dip in consolidated net profit at Rs 3,102 crore for the second quarter ended September hit by the withdrawal of indexation benefit and change in the tax rate on long term capital gains on debt mutual funds. The country's largest carmaker had posted a net profit of Rs 3,786 crore in the July-September quarter of last fiscal.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
Many investors confuse investment with a tool to save tax and do not see them as a tool to build wealth!
The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31.
Her immovable assets are worth over Rs 7.74 crore, which includes two inherited half shares of agricultural land in Mehrauli area of New Delhi and a half share in a farmhouse building located therein, all of which together are now worth over Rs 2.10 crore.
The Central Bureau of Investigation (CBI) has registered an FIR against an Enforcement Directorate (ED) assistant director who escaped during a trap operation last week. The ED officer, posted in Shimla, is accused of demanding bribes from promoters of educational institutes in Himachal Pradesh. The CBI has already arrested the officer's brother and a middleman in connection with the case. The ED officer and his supervisory officers have been transferred to Delhi.
With the new tax slabs applicable for income earned during Financial Year 2014-15 and host of new changes in income tax returns and filing norms, this e-filing season will certainly bring in a new experience for taxpayers. Here's how
Finance minister Nirmala Sitharaman on Monday said windfall tax on petroleum products, crude is not ad hoc, but being charged in regular consultation with the industry. Addressing an event organized online, the minister said it is unfair to call windfall tax as ad hoc, because the tax rate and its resetting are done in complete consultations with the industry. "The very idea was implemented after taking the industry into full confidence," she said at a function organised by Elara Capital.
Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously".
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
FMCG major Hindustan Unilever Ltd on Wednesday reported a 19.18 per cent rise in consolidated net profit at Rs 2,989 crore in the December quarter.
A week after the Income Tax Department's much publicised new e-filing portal went live, users continued to face technical glitches ranging from longer than usual logging time, inability to respond to notices and not all features functioning yet, chartered accountants said on Monday. The new portal, "http://www.incometax.gov.in/"www.incometax.gov.in, was launched last Monday (June 7), which the tax department as well as the government said was aimed at making compliance more taxpayer-friendly. But users complained of technical issues facing the site from the very first day and not everything has been fixed even after a week, chartered accountants (CAs) said, adding that taxpayers are unable to view past e-filed returns and many features/ facilities continue to be marked 'coming soon'. Finance Minister Nirmala Sitharaman herself had asked Infosys - the vendor which created the portal - and its Chairman Nandan Nilekani to fix the technical glitches.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
You can carry forward losses and revise the returns umpteen times in case of mistakes.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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