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
A team of Income Tax department sleuths raided the residence of Raghav Bahl in Noida and are looking for documents and other evidence related to the case under probe.
Income tax refunds get delayed by the tax department at several of the instances due to a number of reasons. In general for salaried class taxpayers, refunds get processed a little earlier than in other cases. However if you too are
The deadline to file income tax returns (ITR) and audit report for the financial year 2017-18 for some classes of taxpayers was extended by the government on Monday to 15 October from 30 September. The CBDT (Central Board of Direct Taxes)
Government extends deadline for filing income tax returns and the audit report for financial year 2017-18 to Oct. 15.
An individual is taxed basis the tax slab he or she falls in, besides the residential status of the concerned also holds great importance. In India, residential status as per Income tax laws is decided by the provisions defined for the
The Mumbai Directorate of Income-Tax investigation wing had conducted the survey at four business premises of Jet Airways in Mumbai and Delhi
Withholding tax also referred as retention tax is generally found in all tax systems and is an income tax obligation that is charged to income at source and herein the payer of the income is liable to pay this tax to
After SEBI and the corporate affairs ministry, the Income Tax department has put Jet Airways under the scanner.
It may well be the case that after filing your Income tax return for the financial year 2017-18 (Assessment year 2018-19), you may be waiting for the excess income tax paid by you to be processed and verified by the department
SC slams the Income Tax department for making “misleading statement” about the pendency of an appeal, fines Rs 10 lakh.
More than 5.29 crore income tax returns (ITR) have been filed by taxpayers for the financial year 2017-18, within the deadline of 31 August 2018, according to a PTI report. This means that there has been an increase of more than
Over five crore income-tax returns were filed till 30 August and 20 lakh returns were filed on 30 August.
Following the CCI nod to the Walmart-Flipkart deal, the I-T department expects Walmart to approach it under Section 197 of the Income Tax Act.
The buzz is that the Income Tax department stands to make a whopping $2 billion from the $16 billion Walmart-Flipkart deal.
The new Income tax filing deadline, ie. August 31, is just a day away. Earlier, the due date was July 31, which was later extended by a period of one month. However, the applicants from Kerala can file their returns by September 15, on account of the devastating floods in the state. Here's what
Considering the devastating floods which have affected life in the state, the due date for filing income tax return for assessees in Kerala has been extended by 15 days to September 15 by the CBDT (Central Board of Direct Taxes). The
There can be cases when you forget to claim for one or the other deductions that you can benefit from or say fail to produce some other investment proofs to your employers and hence were required to pay higher taxes then.
Though with the new provisions it is now mandatory to have a demat account in place for the day-to-day trading in shares or just to have the physical delivery in shares in demat form or electronic format. It is to be
Since April 5, 2018, the Income Tax Department has been uploading the Income Tax Return (ITR) forms for the Assessment Year 2018-19 (Financial Year 2017-18). In total there are 7 such forms.So, out of all these 7 ITR forms, which one should you file?Read here to know your ITR form.
In a given financial year, your income is taxable in three ways, namely- 1) Tax deducted at source, 2) Advance tax payments, and 3) Self-assessment taxes (before filing ITR).In case of salaried individuals, TDS is deducted directly from income.Taxpayers whose total tax-liability exceeds Rs. 10,000, have
Every individual, whose total income during a financial year exceeds the maximum income not chargeable to tax, is required to file an income tax return (ITR) as per the Income Tax Act, 1961.Have you wondered how you can file your ITR without seeking the help of a Chartered Accountant (CA)?Here's