Appreciating its continuous efforts towards making the tax administration taxpayer-friendly, transparent and geared towards facilitating voluntary compliance, she said there has been a paradigm shift in its role in recent years, from being just a revenue collecting organisation to becoming a more citizen-centric establishment.
In a major move aimed to redefine "creamy layer" for OBCs, the government is mulling to increase the income bar from present Rupees 8 lakh to Rs 12 lakh and and drop "gross income" to bring in "net taxable income". The government had earlier proposed to include "salary" in determining "creamy layer".
CBDT on Saturday informed that from this Assessment Year (2020-20201), taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers' financial transactions as specified Statement of Financial Transactions (SFTs) in various categories.
ITR Filing: The last date for Income Tax Return (ITR) filing for AY 2020-21 has been extended by the Income Tax Department. It will be applicable for filing of ITR for the financial year 2019-20. Here're the important things you need to know about Income Tax Return filing.
The income tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax.
Delhi's unauthorised colonies that were regularised last year, the government has exempted owners from income tax even if they had purchased land or house at rates below the prevailing market price.
In the announcement of the economic relief package, Finance Minister Nirmala Sitharaman said that the due date for Income Tax Returns for the year 2019-2020 is now being extended by the Centre.
State Bank of India (SBI), India's largest lender has cautioned its customers about fake income tax refund messages. The bank took to its Twitter handle to alert its customers about the fraud messages.
Due to COVID-19 pandemic, many of us are trying to secure enough liquidity. Amid all this, there is good news for taxpayers.
As new financial year has commenced and every professional is busy making financial plans by looking into different investment options in-order to save tax. We will guide you as how your old age financial aid NPS can give you tax benefits. Just read out few facts about NPS investment and tax benefits.
The Income Tax department has issued over 10.2 lakh refunds worth Rs 4,250 crore within a week, the Central Board of Direct Taxes (CBDT) said on Wednesday.
With the beginning of the new financial year, some changes in income tax rules have come into effect from today. Here is all you need to know.
The government on Tuesday brought in an Ordinance to give effect to various relief measures, including an extended deadline for filing income tax, customs and central excise returns, to help taxpayers tide over the coronavirus crisis.
Banks have been asked by the Principal Controller of Defence Accounts (Pensions) to deduct income tax from the pensions of disabled soldiers. As per the clarification issued by the Central Board of Direct Taxes (CBDT) in June 2019, banks have cut pensions of disabled veterans for the month of February. The controversial move has sparked protest a protest amongst the affected veterans, some of whom have been credited with meager amounts as their monthly pensions.
The number of income tax appeals pending at various judicial fora stood at 4,78,801 at the end of the financial year 2018-19, the Lok Sabha was informed on Monday.
Income Tax e-Filing Caution: Even clicking on a link can land you in trouble these days. While we file our income taxes, there are certain traps you must not fall into. These can use your personal and financial details to harm you in every possible way. The below mentioned are certain e-mail ids, SMS source codes and URLs you can trust.
There are many sections under which one can save taxes accordingly by investing in different tax saving methods and showing income from other sources like rental property and rental income. But apart from salary, rental income or income from property is one of the most common sources of income in India which taxpayer want to add on especially the ones who are retired and have rental income as the main source of their livelihood.
The Income Tax Department has detected about Rs 470 crore TDS (tax deducted at source) default by some big Delhi-based corporate houses after surveys were conducted against them recently, officials said. The department's TDS wing in Delhi has launched a special monitoring of private companies and government organisations in order to ensure that due taxes are deducted under this direct taxes category in the last quarter of this financial year that ends on March 31.
The Income Tax department has launched an e-calculator to answer all your queries on the new vs old tax regime. People can calculate how much they will have to pay in eighter of the tax regimes, how much they can save and which scheme will be suitable for an individual.
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