Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The new forms, 8 in number, are between 2 and 20 pages. There's a list of instructions too
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
A huge cadre restructuring in the I-T department, with the creation of over 20,700 posts recently, has brought about a number of changes in the existing jurisdictions of assessing officers of the department across the country.
In order to avoid late payment, interest and penalty know these things before filing income tax returns...
Your tax outgo depends on the documentary evidences of income and tax benefits availed
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.
Avoid these common mistakes to have hassle-free filing of tax returns.
Income tax sleuths who reached Khan's residence on Jail Road in Rampur in Uttar Pradesh at 7 am on Wednesday completed their search Friday evening.
Filing your income tax return online this year? 5 points you should know to avoid hassles later.
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
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. . .
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
First things first: For those wondering if they need to reapply, the answer is no.
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.
With July 31 being the last day for filing income-tax returns, tax assesses need to start getting their returns ready electronically.
The bench was hearing a Public Interest Litigation (PIL) challenging the State Government's decision to retrospectively reduce the rate of police protection provided during the IPL matches. The PIL was filed by RTI Activist Anil Galgali.
Businesses that have not filed GSTR-3B returns in the preceding two months will not be able to file details of outward supplies in GSTR-1 from September 1, GSTN has said. While businesses file GSTR-1 of a particular month by the 11th day of the subsequent month, GSTR-3B, through which businesses pay taxes, is filed in a staggered manner between 20th-24th day of the succeeding month. In an advisory to taxpayers, GSTN, which manages the technology backbone for Goods and Services Tax, said that Rule-59(6) of Central GST Rules which provides for restriction in filing of GSTR-1, will come into effect from September 1, 2021.
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.
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.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
In this article we shall discuss four preliminary steps to be taken for filing your income tax return accurately and correctly.
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.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31.
It's tax time and you need to know your basics. . .
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
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.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The per capita income of Indians as gleaned from income-tax filing is expected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47, coinciding with 100 years of the country's Independence, according to SBI Research. In dollar terms it will increase from about $2,500 in FY23 to $12,400 in FY47. Soumya Kanti Ghosh, group chief economic adviser, State Bank of India, said the weighted mean income was Rs 4.4 lakh in AY14. That rose to Rs 13 lakh in FY23.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
Tax Guru Anil Rego answers your personal income tax queries.
Avoid simple mistakes to make sure that the income tax returns process is hassle-free.
