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.
Income Tax 2020: A quick look at some of the most commonly-availed sections of the Income Tax Act which provide you tax savings. Here is beginner's guide to income tax sections and how to save taxes:
Opting for the new tax rates proposed in the budget could be beneficial for job-starters, pensioners, entrepreneurs and those taxpayers unable to claim available deductions and exemptions under the current tax structure, government sources said.
Finance Minister Nirmala Sitharaman on Sunday said the government has full sovereign right on the income generated by an NRI in India and as such he will be taxed as per Indian laws.
Given that a large proportion of those availing deductions will not move to the new IT regime, the announcement will at best be a mild positive for taxpayers
Tax experts and analysts on Saturday said the optionality clause in the new income tax budget proposal is a big disincentive for investment in tax-saving instruments, which will dampen the markets and have ripple effects across all asset classes, including housing.
Income Tax Slabs 2020: In what is being considered as a major relief for the middle class, Finance Minister Nirmala Sitharaman on Saturday introduced new income tax slabs and rates in the Union Budget 2020 speech in Lok Sabha. However, is new income tax slabs introduced by Modi govt 'good news' for taxpayers? We try to explain.
Finance Minister Nirmala Sitharaman on Saturday delivered major relief to tax payers by slashing tax rates and restructuring the tax slabs. Sitharaman proposed to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5 to 7.5 lakhs will be required to pay tax at 10 per cent against current 20 per cent.
Beginner's Guide to Income Tax Sections and How to Save Taxes: A quick look at some of the most commonly-availed sections of the Income Tax Act which provide you tax savings.
Urging the government for keeping the trading community on the priority list, the Confederation of All India Traders (CAIT) said on Thursday that the upcoming Union Budget should introduce a special income tax slab for the traders.
People are hoping that the Budget 2020 will bring some relief for the individual tax payers as well
Having gold at home? Do you know how much you can keep without fearing Income Tax department? CBDT has clarified the prescribed quantity of gold considered allowable.
The CBDT has issued two forms-ITR-1 and ITR-4 for the AY 2020-21. There are two major changes in the ITR Forms on house property.
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