Income Tax is a tax imposed by the government on income generated by businesses and individuals. Taxpayers are required to file income tax return annually depending on their income tax slab. Income tax e-filing is also an option. More
Legal heirs of the dead must file income-tax returns for income earned in the year the dead passed away. Legal heirs cannot just merge the income with their own income and file just one tax return
The due date for filing income tax returns has again been pushed back to December 31. Avoid interest and penalties by filing income tax returns before the due date
Here's a quick look look at the key ITR filing due dates for AY20 - 21or income tax return due dates
The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for filing the Annual Return and Reconciliation Statement forms to December 31, 2020 from October 31.
Filing your income-tax returns through the government’s e-filing portal is easy. Make sure you have all your documents ready
You can revise your income tax return as many times as you want. It’s useful if you forget to claim a deduction or declare an income while filing earlier
While claiming deductions, it is important to have proper knowledge of tax rules
I-T Department, SEBI also involved in the probe. Syndicate of share brokers and entry operators said to be behind these dealings. I-T Dept searches 22 brokerage houses in major cities. West Bengal said to be the hub. Department submits an initial report to SEBI for further investigations
Seven ITR forms are available for you to file returns. Complete disclosure of your income is not enough. Make sure you use the correct form, too
The Central Board of Direct Taxes (CBDT) has warned Indian Revenue Service (IRS) officers not to use political or other outside influence for transfer postings
So long as you make your tax-saving investments or incur certain expenses within March 31 (July 31 this year), you are still allowed tax deductions
Sale proceeds from mutual funds are taxed, depending on how long you’ve held on to them
The Centre had on July 29, extended the deadline for filing of original and revised ITRs till September 30. The two-month extension – the third such given for FY21 – comes as the government looks to mitigate taxpayers’ hardships amid the coronavirus pandemic.
The form reflects not just TDS deducted by your employer or bank, but also details of various financial transactions
You need to file returns even if your income falls below the basic threshold after all deductions
Brace yourself for a tedious process while disclosing LTCG in your income tax return forms
Moneycontrol analyses some indicators that have shown substantial improvement since the lockdown months, with some even exceeding 2019 levels.
The government's net direct tax collection fell 31 percent year-on-year to Rs 1.92 lakh crore in April-August 2020, Minister of State for Finance Anurag Singh Thakur said in Parliament. Net direct tax collection was Rs 2.79 lakh crore in April-August 2019.
The Centre had on July 29 extended the deadline for filing of original and revised ITRs till September 30
Gains from amendments to the Finance Act, 2018, were eligible for additional taxation, but any trading income for Assessment Year 2020-21 does not need to be disclosed.
In case you want to make a change or correction in your original return filed for FY19, you can also file a revised return.
The faceless assessment scheme is aimed at making taxation transparent
In a notification dated August 31, the Central Board of Direct Taxes (CBDT) included 'scheduled commercial banks', listed in the second schedule of the Reserve Bank of India Act, 1934, under Section 138 of Income Tax Act for sharing of information.
Detailed guidelines for the implementation of faceless assessment have now been released
If taxes have been paid outside India, then you may also claim foreign tax credit