Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
'Vigilance' is a dreaded term for PSB employees and there are instances where this fear is misused by the higher authorities to tame their subordinate officials. This fear always deters PSB executives from making decisions -- the fewer the decisions, the less the chance of falling into trouble, points out Tamal Bandyopadhyay.
'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Non-compliance can also result in legal complications and disputes with the tax authorities.
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.
There are challenges galore before him, and it is not going to be easy. In the next four years, he has to conjure a system that changes the optics about him and the BJP both nationally and internationally so that he can ride back on his own, claim the top slot, and not have to lean on a coalition, asserts Ramesh Menon as Modi 3.0 completes a year in power.
So, the next time someone tempts you with a slightly higher FD rate from a lesser-known bank, point them to hybrid funds that can deliver extra returns without the administrative and emotional rollercoaster.
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
IndusInd Bank on Sunday said accounting lapses in the derivative portfolio will cost the bank Rs 1,960 crore in FY25. A bank-appointed external auditor has determined cumulative adverse accounting impact on P&L at Rs 1,959.98 crore as on March 31, which is similar to the amount disclosed on April 15, IndusInd Bank said in a regulatory filing.
Form 16 contains details of salary income, deductions, and exemptions.
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.
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries
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.
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.
'Going forward, the encouragement would be to move to the new tax regime.'
All that you must know about the pros and cons of gift deeds, tax implications, essentials, documents required, conditions, etc...
rediffGURU Vipul Bhavsar answers readers' 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.
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.
Here's how you can file your tax returns electronically and still beat the July 31 deadline.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
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.
Prashant A Bhonsle explains the tax benefits you can avail under Section 80E of the Income Tax Act.
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.
The government had in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, to give compliance relief to taxpayers.
rediffGURU Samkit Maniar answers readers' personal income tax queries
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return.
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
In a relief for the Congress, the Income Tax department on Monday told the Supreme Court that it will not take any coercive action against the opposition party for tax demand notices of Rs 3,500 crore approximately in view of Lok Sabha elections.
