Filing your income tax return online this year? 5 points you should know to avoid hassles later.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
The Delhi high court has granted bail to Hari Om Rai, the former MD of Lava International mobile company, in a money laundering case involving smartphone-maker Vivo. Justice Manoj Kumar Ohri granted relief to the ex-Lava official, who was in custody since his arrest by the Enforcement Directorate (ED) in October last year.
A 'will' unlocks many exclusive tax advantages which are otherwise not available to taxpayers. Here are five important ways in which a will can save you tax. . .
With July 31 being the last day for filing income-tax returns, tax assesses need to start getting their returns ready electronically.
Tax Guru Anil Rego answers your personal income tax queries.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
If belated returns are not filed till March 2014 and there is no outstanding tax, you can be charged a penalty of Rs 5,000.
Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31.
Now that you know what you must do BEFORE and WHILE filing income tax returns online, here's what you must do AFTER you have filed returns online.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
In this article we shall discuss four preliminary steps to be taken for filing your income tax return accurately and correctly.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
For all those who have been slow in filing their tax returns this year or have not been able to complete the process, this extension has no impact at all.
It's tax time and you need to know your basics. . .
You have just three days left now for filing your income tax returns and avoid being penalised. Please avoid these 10 mistakes if you ae filing your returns online.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
Former Indian Prime Minister Manmohan Singh passed away on Thursday night at the age of 92. He was brought to the emergency department of AIIMS Delhi in critical condition after "sudden loss of consciousness."
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Avoid simple mistakes to make sure that the income tax returns process is hassle-free.
Avoid common mistakes, figure out how to file returns if you invest in stocks and other concerns
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Ensure that all property-related documents are up-to-date.' 'Relying on outdated documents can create legal complications.'
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
After capping anonymous cash donations to political parties at Rs 2,000, the government is amending law to make it mandatory for them to file returns on income by December every year or risk losing tax exemption status.
Whether salaried or running your own business, it's about time to get your investment proofs in tax-saving instruments ready for filing your income tax returns later this year.
Filing tax returns is an annual mandate that tax payers have to comply with, the last date for which is in sight: July 31, 2010.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
Those people without the Aadhaar number have found a loophole in the system
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
Taxmantra has come up with few points which should be kept in mind before filing income tax return. This will enable you to file return without any encumbrances.
Can you file your tax returns for the last three years before March 31, 2009? Is a post office recurring deposit covered under Section 80C? Can you claim any tax benefit on money spent on your child's school uniform? How can you avail of tax deductions under Section 80 DD? Can you claim tax deduction on interest paid on personal loans? Here are the answers.
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