Agriculture income in the country is exempt from tax, and so the I-T feels that income is being misreported to evade tax.
Net income tax collection till June 15 grew at a healthy 26.2 percent to Rs 1,01,024 crore from across the country as of Rs 80,075 crore in June 15 in the year ago period.
While buying a term insurance plan for yourself, it is necessary to know that term insurance not only provides you protection benefit but also comes up with many other benefits
However, the apex court upheld the validity of Section 139AA of the I-T Act, subject to the outcome of the batch of petitions before its Constitution bench which is examining if the Aadhaar scheme infringes on the Right to Privacy and if there is threat of data leakage.
Get ready to face tax scrutiny if you have filed a revised tax return showing a significant jump in income after demonetisation.
The Centre will have to depend on recovery of arrears in the current fiscal year in the absence of Income Disclosure Scheme (IDS) or tax amnesty scheme, which provided a cushion to the government in FY17.
All you need to know to bring you up to speed with the world of personal finance this week.
As you prepare to file your income tax, one of the basic things you should know is which tax form should you use to file your returns. The Income Tax Department has specified different tax returns form for a different class of taxpayers
May is when employers start handing over Form 16 to employees. Filing income tax returns early has its own benefits, so do it now.
The Gandhis have been accused of conspiring to “cheat and misappropriate funds” by paying just Rs 50 lakh through which Young Indian Pvt. Ltd obtained the right to recover Rs 90.25 crore which Associate Journals Ltd (AJL) owed to the Congress.
Tax experts say in case you have not yet got your Form 16 it is time to remind your employer since a few weeks of the new financial year has already elapsed.
The government is likely to amend a law that will allow the two enforcement agencies to auction assets of defaulters or those involved in money laundering.
Two government officials privy of the development have told the Economic Times that an additional 95 lakh people have filed for tax returns.
ll investors related to mutual funds (MF), bank account holders and those who have invested in insurance schemes cannot operate their accounts opened between July 1, 2014 and August 31, 2015, from May 1 if they are not compliant with FATCA — tax information sharing law.
The searches were carried out against the NV Group of companies in which Shailesh is a director, a senior I-T official said. Sources said unexplained cash and documents were recovered during the raids.
Form 26AS contains all details of taxes deducted and deposited by the deductors or paid by the taxpayer himself.
India's largest commodity bourse, Multi Commodity Exchange (MCX) is planning to open up its old, buried cases. The board - led by new chairman Saurabh Chandra - is mulling opening cases where its employees were involved and named in the forscenic audit report.
Recently the government made it mandatory to provide both Aadhaar card number and PAN number while filing for taxes.
The I-T department has used advanced data analytics to identify suspect cash deposits before launching the latest edition of the operation
In a press statement released this past Friday, the income tax department said that the efforts of Law Enforcement Agencies (LEAs) under the department of revenue have witnessed phenomenal success towards eliminating domestic black money during the last three years.
Trial runs are currently on; new system to protect millions of tax payers’ confidential financial data from falling into wrong hands
The notification directs brokerage houses, banks, insurance companies and other financial institutions to instruct US investors to comply with the deadline and block their accounts if they fail to do so.
The Income Tax searches held at the premises of an associate of Tamil Nadu Health Minister C Vijayabaskar has revealed routing of Rs 89 crore for "distribution to voters" in RK Nagar assembly constituency which goes to bypoll on April 12.
Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount would be levied on the receiver.