July 31 is the last day for filing income tax return. You can file ITR online through income tax's e-filing ITR website. This year, the government has introduced many changes in ITR form. It is important to know the changes before filing ITR to avoid any unwanted penalty later on.
The income tax department is working on a processing centre for the allotment of e-PAN on a real-time basis, Parliament was informed on Monday.
The Income Tax Department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore.
Justifying raising of tax incidence on the super-rich, the finance ministry said the highest tax rate in India was still lower than many countries, including the US and China, and it was a worldwide phenomenon to ask the super-rich to pay extra tax.
Soon, Aadhaar card can be used to file Income Tax Return. Government of India has proposed Aadhaar-PAN interchangeability to make ITR filing easy and convenient for the general public. Nirmala Sitharaman announced the same in her debut union budget presented Friday.
The Income Tax department Thursday conducted raids on multiple properties of Hilal Rather, the son of former Jammu and Kashmir finance minister Abdul Rahim Rather, in connection with an alleged loan misappropriation and tax evasion case, officials said.
The pension will be non-taxable only to those personnel who have retired due to any kind of disability, defence sources added.
The government is considering to increase the personal income tax threshold in Budget 2019-20, according to a Bloomberg report. Budget 2019-20 is set to be presented by Finance Minister Nirmala Sitharaman on July 5.
The new directives make it clear that compounding of offences is "not a matter of right" and the department can extend such a relief only in certain cases keeping in view factors like "conduct of the person, the nature and magnitude of the offence on the context of the facts and circumstances of each case."
Any offence which has to bear on any offence under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 would not be generally compounded, the revised guidelines said.
The Government has compulsorily retired almost a dozen senior tax officers on charges ranging from extortion, bribe and sexual harassment.
Form 16 revised: The Income Tax department has notified changes in Form 16 that requires more details from employers about deductions under tax saving schemes. Aim is to felicitate stricter scrutiny of claims made by assessees to check tax avoidance or evasion.
Irfan Raza Ansari owns various businesses and has total assets worth Rs 66.54 crores, according to an affidavit filed by him.
Recently, Amitabh Bachchan had paid off loans of around 2,084 farmers in Muzaffarpur, Bihar.
After exposing Rs 281-crore 'collection racket' in MP, IT team reaches Delhi
Political row erupts over IT raids on two aides of Congress CM in Madhya Pradesh
The board has asked the tax offices to undertake this special task and bring under their ambit the time period (over the last two years) when these companies were struck off from the records of the Ministry of Corporate Affairs (MCA).
Income tax raid on former IAS officer Netram's residence in Lucknow
Income tax assessments will be "completely faceless", without the taxpayer having to face the taxman, in about two years and assessees will be provided pre-filled return forms as part of the government's initiative to simplify procedures, a senior government official said on Sunday.
The new income tax provisions introduced by the government can help you save on taxes. Check the table given here to know how.
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