Only third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers.
Prime Minister Narendra Modi has launched the 'transparent taxation' platform having components — faceless appeals by taxpayers, faceless assessment of taxpayers and the Rights' Charter for the taxpayers. An in-depth look into what these tax reforms mean.
Our effort is that our tax system should be seamless, painless, faceless: PM Modi
The government on Wednesday extended the deadline for filing income tax returns for 2018-19 fiscal by two months till September 30.
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.
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