Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
Avoid common mistakes, figure out how to file returns if you invest in stocks and other concerns
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
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.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
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.
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes. In two separate regulatory filings, the insurer said it has received tax demand orders of over Rs 16.5 crore and Rs 10.5 crore from authorities for alleged short payment of GST and input tax credit claim mismatch.
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.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Those people without the Aadhaar number have found a loophole in the system
The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The bench allowed the rejoinder affidavit to be filed by petitioners in two weeks thereafter and posted the matter for final hearing in January, 2025.
This follows a recommendation by the Income Tax department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju's confession. I-T officials said since the returns were e-filed, there was no provision to check whether or not the tax audit reports were certified by the chartered accountant.
Usually July 31 is the last date for filing tax returns. It is important to file the returns on time in order to avoid paying penalty.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
'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.'
As the name suggests, advance tax is nothing but tax paid in advance during the financial year. Any income that has not undergone tax deduction at source is liable for taxes under advance tax. Advance tax normally arises when there is income through capital gains, interest earned, winnings from lotteries, income from house property or income from business.
Here's a simple primer to what actually Form 16 is and what must be done with it.
Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding
We the people are left in the wind, waiting on the whims of an unengaged president and an oligarch with a nearly bottomless wallet, observes Sree Sreenivasan.
It is always adivsable to file income tax returns on time.
Have a query regarding tax planning or tax filing? Maybe we can help. Drop us a line and our expert, Anil Rego of Right Horizons, will answer it. Please write to us at getahead@rediff.co.in with the subject line as 'Tax query' and our expert will answer them.
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
The Securities and Exchange Board of India (Sebi) has intervened in the matter concerning alleged irregularities by Trafiksol ITS Technologies, which had come out with a Rs 45 crore initial public offering (IPO) last month. In an ex-parte order, the market regulator has said it will undertake a detailed examination into the disclosures made by the small and medium enterprise (SME) company in its draft offer document. BSE had halted the listing of Trafiksol, a software provider for traffic systems, amid complaints around use of the issue proceeds and wrongful disclosures.
India's second largest IT services company Infosys has been slapped with a 'pre-show cause' notice for alleged GST evasion to the tune of about Rs 32,403 crore. In a BSE filing, the Bengaluru headquartered IT firm said Karnataka State GST authorities have issued a pre-show cause notice for payment of GST of Rs 32,403 crores for the period July 2017 to March 2022, towards the expenses incurred by overseas branch offices of Infosys Ltd, and added that the company has responded to the pre-show cause notice.
Have you planned to file your income tax return? But, did you check Form 26AS before tax filing? If you haven't verified it, you could be looking at trouble
Here's a checklist, meant as a handy last-minute reference, that can help you.
Gland Pharma beat muted expectations for Q2FY25. There was increased Ebitda (Earnings before interest, taxes, depreciation and amortisation) loss at Cenexi, the CRAM subsidiary. However, overall Ebitda margin was better than expectations at 21.1 per cent. But given two years of earnings decline in FY23 and FY24, the business may have bottomed and upper-teens EPS (earnings per share) growth looks possible over next two financial years.
There are some solid reasons for acquiring a PAN card (if you don't have one) and filing your ITR within the due date, which is 31st July every year.
