With the deadline for filing returns just four months away, familiarise yourself with the processs so that you can avoid last-minute rush
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
Extending the deadline for the third time, the government on Wednesday allowed individuals to file income tax returns for 2019-20 fiscal till January 10. The deadline for companies and individuals who need to get their accounts audited too have been extended by 15 days till February 15, the finance ministry said in a statement. The due date for filing income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively.
Experts say only three per cent individuals pay taxes.
Electronic filing of service tax will be made compulsory in the next two months," CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
Senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank would not be required to file income tax returns for the financial year beginning April 1.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Aryan Anand had submitted fake and falsified documents to secure admission into Lehigh University, a private research university in Pennsylvania for the 2023-2024 academic year.
Cairn files notice against India in $1.6 billion tax dispute.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
Taxpayers often get confused regarding how to file their income tax return with multiple Form 16s. Here's some help.
All categories of taxpayers can now file their income returns on October 29 and 30.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
Edtech firm Think and Learn, which owns Byju's brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT's decision, a top official said on Tuesday. On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju's.
In an hour-long chat on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Direct tax expert Vikas M Gandhi offers some valuable tips.
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
As controversy grew, BJP leaders, actors also joined the discourse against him.
The Union finance ministry has temporarily suspended the facility for e-filing of income tax returns as it could not procure a security certification for the Income Tax Department's website in time.
Tax consultant Mahesh Padmanabhan throws light on six reasons why you must file your tax returns and then lists out the virtues of why you must not hide interest income earned while filing tax returns.
The CBI had registered a preliminary enquiry in 2016 which was later converted into a regular case, they added.
The complaint against CM's son Vaibhav Gehlot and a man described as the younger Gehlot's business associate seeks action under the Prevention of Money Laundering Act.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
TRPs are part of a pilot programme that the income tax department launched this year to help self-employed individuals and small businessmen, salaried people, senior citizens and Hindu undivided families file returns.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
The third-highest category of security in the country has been granted to Agnihotri because of the film-maker's increased threat perception after the The Kashmir Files release.
Two weeks since the much talked about new income tax return filing portal was launched, technical glitches continue to mar the site, an issue finance ministry officials will take up in a meeting with Infosys -- the vendor which provided the IT solution -- at a meeting on Tuesday. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed. At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts.
Infosys, in 2019, was given the contract to develop the new portal. It was launched in June last year and stakeholders had reported glitches and difficulties in the functioning of the portal. "On the I-T project, we are extremely proud that as of December 31, as was reported, 5.8 crore returns were filed through that timeframe.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Will Annamalai's attacks on the DMK revert the anti-BJP feeling in Tamil Nadu, asks N Sathiya Moorthy.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
The top court said it cannot order a roving inquiry into purchase of electoral bonds on the assumption that it was quid pro quo for award of contract.
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