Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'Till the BJP does not understand Kejriwal they cannot win Delhi.'
You don't need to be intimidated by the thought of filing tax returns
Even if your only source of income is salary and the tax has been deducted at source, you need to file returns.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Investmentyogi.com provides the income tax slab rates for FY 2009-10 (corresponding to Assessment Year 2010-2011).
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.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
Persons and entities who have faced search or survey proceedings by the income tax department "in any previous year" will no longer be allowed to file updated tax returns. Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
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 digital technology, the I-T department's ability to catch tax evaders has increased many times.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Though the government is yet to notify the new form, begin with collating documents, checking interest certificates and tallying form 26AS.
Filing your Income tax returns electronically through the internet is a simple, easy and convenient process.
Filing your Income tax returns electronically through the internet is a simple, easy and convenient process.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Online tax returns are processed much faster than aper returns and the tax is worked out automatically as the payee completes the form.
As per norms, the returns have to be filed online on www.aces.gov.in.
While movie stars like Akshay Kumar, Amitabh Bachchan and Salman Khan are among the top I-T payers, very few of the wealthiest Indians figure on the list.
Atul Subhash, who worked for a private firm in Bengaluru, left behind a 24-page death note, giving extensive details of what he alleged was years long of emotional distress of marital issues; multiple cases filed against him and harassment by his wife, her relatives, and a judge based in Uttar Pradesh, police said.
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.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
Every taxpayer should prefer filing income tax return online in order to avail full benefits associated with it and to remain hassle free.
British broadcaster BBC has communicated to the income-tax department that some of its past income, for its operations in India, could have gone unreported during the statutory filing of returns and hence it would like to amend it, official sources said on Wednesday.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
"If a film Kashmir Files is made, then at least, there should also be film 'Lakhimpur Files', where farmers were crushed under the wheels of a jeep," the SP president told journalists in Sitapur district on Wednesday when asked for his opinion on the Bollywood movie.
In a statement, the prosecutor's office said Ronaldo had knowingly used a "business structure" created in 2010 to hide his income in Spain from his image rights.
Amit Gupta, MD, Sag Infotech, answers your personal income tax queries.
Tax must be paid by the assessee failure of which will invite interest and penalties.
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.
Find out the implications of filing tax returns after the deadline fixed by the Income Tax Department.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Online food delivery aggregator Zomato on Wednesday said it has received a GST demand order along with interest and penalty amounting to Rs 17.7 crore from the Assistant Commissioner of Revenue, West Bengal. The demand order, received by the company on Tuesday, is with respect to non- payment of GST on delivery charges and interest, penalty thereon.
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
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