Sharing "specific information" with the income tax department about any benami transaction or property could earn you up to Rs one crore, while the same for undisclosed black money stashed abroad could fetch up to Rs 5 crore. Besides,…
Q1. I have salary income, interest from saving bank account and dividends from equity funds. For interest from bank accounts, do I have to submit proof to claim deduction under Section 80TTA? Do I need to include dividends as part of other…
In case of government/ PSU employees, it may also result in reference being made to concerned vigilance division for action under conduct of service rules.
While the total taxpayer base grew at an average rate of about 7.9 per cent a year, individual taxpayers recorded an average annual growth rate of 8.2 per cent in these five years, inching up from 94 per cent in AY 2011-12 to 94.9 per cent…
The tax department has uploaded the new income tax return (ITR) Form1 or Sahaj for the financial year 2017-18 on its e-filing website. This is the form that is used by most of the salaried class to file their ITRs.
The Reserve Bank of India (RBI) has made linking of national biometric ID Aadhaar to bank accounts mandatory as part of its updated 'Know Your Customer (KYC)' guidelines.
Income tax can be a confusing subject especially when you are at the start of your professional life. But not planning your taxes will only lead to you losing your hard-earned money.
The income tax department has warned salaried taxpayers against under-reporting income or inflating deductions / exemptions while filing income tax returns.
The latest ITR -1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department.
A new financial year may not call for resolutions and lifestyle changes, but your financial life will undergo a quite a few alterations in 2018-19.
The income tax department recently notified income tax return (ITR) forms for the financial year 2017-18 (assessment year 2018-19). A one-page simplified ITR Form-1 (Sahaj) has been notified.
The new income tax return forms released by the Central Board of Direct Taxes (CBDT) for filing returns for the financial year 2017-18 have several new columns.
Section 80G of the income tax Act allows donations made to prescribed funds and institutions as a deduction from gross total income before arriving at taxable income.
The Central Board of Direct Taxes (CBDT) has said that taxpayers who receive a pension from their ex-employers are also eligible for the same standard deduction as salaried persons.
The Delhi Court today sought the Centre's and tax authority CBDT's response on a plea opposing the requirement of quoting Aadhaar number or linking it with PAN in e-filing tax returns.
April 1, the beginning of the new fiscal 2018-19, brings in some major changes in the tax structure which were announced by Finance Minister Arun Jaitley while presenting the Union Budget 2018.
"To facilitate filing of Income Tax returns and completion of associated work, all income tax offices throughout India shall remain open from March 29-31, 2018, " a finance ministry statement said.
As per Section 139(1) of the Income Tax Act, the due date for filing income tax return (ITR) is July 31 of every assessment year for individual / Hindu Undivided Family.
In the budget 2018 speech, Arun Jaitley introduced various tax changes which will come into effect from April 1 this year.
All CPPS are instructed Income Tax on Central Govt Pension to be deducted each month and Form-16 to be issued during May every year - CPAO OM dated 9th March 2018.