- GoodReturns•2 days ago
Income Tax Dept. Cautions Taxpayer On Refund Fraud
In its latest move, income tax department is making taxpayers aware about the different scams being practiced and the most recent being the income tax refund related fraud. In this case, fraudsters have been asking taxpayers over mail and SMS, about
- GoodReturns•3 days ago
No Tax Benefit On Sale Of House If New House Is In Spouse's Name: ITAT
A taxpayer was denied income tax benefits, by the Income Tax Appellate Tribunal's (ITAT) Mumbai bench, on the gains made from the sale of a long-term residential property despite using it to purchase a new house. He was denied the claim on
- GoodReturns•3 days ago
Remember These Changes In Income Tax Rules When Submitting Tax-Saving Proofs
This is the time of the year when you are asked to submit the various tax-saving investment and expenses that qualify for deductions etc. to adjust the TDS amount to be charged on your salary of the last 3 months of
- GoodReturns•6 days ago
Prepare To Submit Proof Of Tax Saving Instruments Before Deadline
If you are a salaried taxpayer, you should know that TDS (tax deducted at source) is charged on your earnings for the year by your employer on behalf of the Income Tax Department and if you wish to save on it,
- GoodReturns•9 days ago
Claiming Deduction U/s 80G: Key Change From AY 2018-19 That You Should Know
Basically everyone as per their capabilities wish to contribute for some good cause as in a catastrophic event of a natural disaster or to some NGO etc. And in lieu of such donations made taxpayers are allowed a rebate as they
- GoodReturns•10 days ago
CBDT Plans On Introducing Pre-Filled Income Tax Return Forms
You may soon get pre-filled income tax returns forms on the department's e-filing website that will make the process easy. According to a PTI report citing CBDT's (Central Board of Direct Taxes) chairman Sushil Chandra, said that the department is currently
- Bloomberg Quint•10 days ago
Taxpayers To Soon Get Pre-Filled Income Tax Return Forms, Says CBDT
The tax department is working on pre-filled forms which will be based on TDS details filed with the department.
- Bloomberg Quint•11 days ago
Panel Redrafting Income Tax Law Unlikely To Cut Rates
The task force set up to redraft the income tax law will focus on removing the ambiguities.
- Bloomberg Quint•11 days ago
Number Of People Filing Income Tax Returns Up 50% To 6.08 Crore, Says CBDT
CBDT’s Chandra said the Revenue Department would achieve direct tax collection target of Rs 11.5 lakh crore for the FY19.
- Bloomberg Quint•11 days ago
Income Tax Department Probing Tax Issues In Walmart-Flipkart Deal
Walmart reportedly paid over Rs 7,439 crore as tax to the government on payments made by it to major shareholders of Flipkart.
- Firstpost•13 days ago
Why reverse mortgage isn't catching the imagination of India's elders despite income tax exemptions
Reverse mortgage was introduced in India by Budget 2007-8 with National Housing Bank (NHB) assigned the role of the pivot
- GoodReturns•17 days ago
NRIs Not To Disclose Foreign Assets, Bank A/cs: Income Tax Tribunal
As per the Income-Tax Appellate Tribunal (ITAT), NRIs are not obliged to provide details in relation to their foreign assets and bank accounts held outside of the country.Nonetheless, also when there arises some discrepancy, the onus lies with the department of
- NewsBytes•17 days ago
#FinancialBytes: Income tax deductions taxpayers can claim under Section 80C
Income tax accounts for a major part of the government's revenue and salaried individuals form a significant chunk of the overall taxpayers.While paying taxes could be a little hard on taxpayers' bank balance, they can lower their tax liability and save on taxes by claiming tax deductions while
- NewsBytes•18 days ago
#FinancialBytes: What is income-tax refund and how to claim it?
Every year, crores of taxpayers across India file their Income Tax Returns (ITRs). However, when it comes to income tax refund, many are still ignorant about the same.Most taxpayers lack proper awareness about income tax refunds and the process of availing the same.From checking the refund status to
- GoodReturns•19 days ago
Draft For New Income Tax Laws Likely To Be Out By 28 Feb
The finance ministry on Monday said that its task force will be submitting their draft report on a new direct tax act by 28 February 2019. In November 2017, a 6-member task force was established to rewrite the more than 50
- News18•23 days ago
Service Charge Not Distributed to Workers by Restaurants Liable to Income Tax: CBDT
The income tax department has asked field offices to examine the books of hotels and restaurants to see if there is any 'under reporting' or 'non-reporting' of service charge collected by them.
- Firstpost•24 days ago
Walmart-Flipkart deal: Income Tax Department issues notices to Sachin and Binny Bansal on capital gains
The deal, wherein co-founder Sachin Bansal and Japan's Softbank Corp Group exited, valued Flipkart at $20.8 billion.
- Reuters•28 days ago
Irish PM pledges to increase top income tax threshold
Ireland's prime minister on Saturday pledged to remove more workers from paying the highest rate of income tax by increasing the threshold by more than a third if his government continues in office for the next five years. Ireland started reversing years of savage spending cuts and tax hikes in
- GoodReturns•last month
Number Of Income Tax E-Returns Filers Increase By Over 59%
Data released by the Income Tax Department showed that the number of e-returns filers grew by more than 59 percent in the April to October period to 6 crore. The last date for filing income tax returns for the financial year
- Bloomberg Quint•last month
75 Lakh New Tax Filers Added To Income Tax Net This Fiscal Year: Official
The Income Tax Department is hopeful of meeting the target of adding 1.25 crore fresh tax filers by the end of the fiscal year.
- IANS India Private Limited•2 months ago
PMK blasts 518 per cent property tax rates hike
Chennai, Oct 26 (IANS) PMK founder S. Ramadoss on Friday urged the Madras High Court to summon the concerned Minister and all officials and condemn them for hiking the property tax rates much more than the undertaking given to the court. In a statement issued here, Ramadoss said the Corporation of Chennai
- IANS•2 months ago
PMK blasts 518 per cent property tax rates hike
Chennai, Oct 26 (IANS) PMK founder S. Ramadoss on Friday urged the Madras High Court to summon the concerned Minister and all officials and condemn them for hiking the property tax rates much more than the undertaking given to the court. In a statement issued here, Ramadoss said the Corporation of Chennai
- Bloomberg Quint•2 months ago
Q2 Results: Bharti Airtel Posts Surprise Profit On Deferred Tax Gain
Bharti Airtel’s net profit rose to Rs 119 crore in the July-September period from Rs 97 crore in the preceding quarter.
- Bloomberg Quint•2 months ago
GST Return Filing: Companies Staring At Huge Loss Of Tax Credit
Absence of a mechanism for taxpayers to reconcile invoices may lead to loss of significant amount of tax credit.
- GoodReturns•2 months ago
IT Officers Can't Adjust Your Refund Against Tax Demand Without Valid Notice
Income tax officers as per the Income Tax Act are required to send a valid notice in lieu of the outstanding tax demand to the respective taxpayer. This said IT officials are not authorized to make any adjustments against tax demand
