It is very important to maintain your tax record even if you are not in the taxable income bracket as tax return papers are required when applying for a loan
Here are some mistakes taxpayers make and how to avoid them...
I-T department raises tax demand on them for unpaid tax deducted at source
There are millions of taxpayers, all of whom are susceptible to this frustrating situation.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
While experts pointed out the impact of corporation tax cuts cannot yet figure in collections as most companies are yet to decide on their choice, government officials said a part reason for slow collection is the tax cut.
Returns for income earned till FY12-13 can be filed till March 31.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
If you have missed your tax filing deadline, there is not much to fret if your tax dues are fully paid, says Anil Rego
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
In an online chat with readers on July 8, Anil Rego answered their tax queries. Here's the chat transcript in case you missed the chat
'Today when people are fighting to get their salary, you are telling them you will privatise airports!'
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
The income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
'Our passionate love for our nation as seen in our anger at slogan shouters does not extend to caring for the nation in other ways. We are one of the dirtiest people on earth and even our holiest river the Ganga can only be cleaned if the Supreme Court orders it, and even then with difficulty,' says Aakar Patel.
Budget should be a platform for govt to take bold steps.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
Getting US citizenship will in no way affect your right of being able to own or hold the agricultural land in India.
Tax incentives to have cascading effect on the capital goods industry.
Boost to dairy sector will generate jobs
Income from renting of properties is taxed at a flat rate of 10%.
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