The raids were conducted on October 20 and November 2 at about 50 premises in Bengaluru, Mumbai and Goa.
According to analysts, the surge in bonus issues this year was due to a change in the tax rules aimed at stopping the practice of bonus stripping, which kicks in on April 1.
In the common ITR form, tax filers will be required to answer questions in 'yes' or 'no' format and additional information will be asked accordingly.
Spend some, save some and plan your investments and taxes. First-time salary earners should learn the ropes of money management quickly to ensure they don’t squander their money away.
Tax rates on capital gains from equities, mutual funds and real estate are higher compared to domestic investments.
Finance minister Kwasi Kwarteng sent shockwaves through financial markets when he published a mini-budget on Sept. 23, cutting taxes including the 45p highest rate of income tax, in a plan to be funded by vast government borrowing.
Availing deductions under section 80C is the go-to for every taxpayer. But what most don’t realise is that these benefits can be reversed too if they don’t fulfil the required conditions. One can claim these deductions only when these specified conditions are fulfilled, failing which the entire deduction amount claimed in the previous year will be considered as income for the next financial year.
Addressing tax officers, the minister said that collections from direct taxes exceed indirect tax and that has brought in equity in mop up.
Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22.
You can invest in stocks in the US or property in Dubai to diversify your investment portfolio. But first, understand the pros and cons of investing overseas.
Section 10 (10D) of the Income-tax Act decides whether the maturity proceeds of your life insurance policy will be tax-free or not.
The tax department launched the survey operation on September 7 against about six such organisations in the country and sources had said the taxman looked at their balance sheets vis-a-vis the receipt of funds via the Foreign Contribution Regulation Act (FCRA).
This collection is 37.24 percent of the total Budget Estimates of Direct Taxes for 2022-23, the Income Tax Department said.
The notification is silent on the due date for filing revised claims. Does this mean there is no time limit for filing Form 67 in case of revised returns and an individual can file it as and when he/she has the information? Or, should an individual submit it before filing the revised returns?
The income tax department had in May this year notified a form for filing updated income tax returns (ITRs). The taxpayer will have to pay an additional amount over and above the due tax while filing ITR-U.
Corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases, the income-tax department said.
Many taxpayers have been getting letters from the income tax department about tax calculation differences. But not all such letters demand additional payment.
Dolo650 makers say that the Income Tax sleuths have collated the total marketing expenditure from all divisions of the company for past several years to arrive at a 1000 crore figure.
According to the latest directions, a show cause notice will be mandatorily issued by the assessing officer (AO) to a taxpayer in whose case "any variation prejudicial to the interest of the assessee is proposed" or to say where an action against the assessee is proposed.
For tax returns filed by July 31, 2022, time limit to verify remains the same, that is, 120 days from the date of filing the tax return
The due date for filing your income tax return for the assessment year 2022-23 is past. But you can still revise the return if there is a need, file a belated return or an updated return.
Stringent conditions make taxation benefits for those above 75 years of age pointless.
The searches were launched on August 3 and more than 30 premises of the two entities in Jalna, Aurangabad, Nashik and Mumbai were covered.
Income Tax (I-T) Department carried out raids on sharebrokers, middlemen, and entry operators related to fund manager Viresh Joshi who was fired in May.
The process of filing of I-T return is not complete unless you verify the filing either online or offline. For returns filed before July 31, 2022, the time limit is up to 120 days. For returns filed on or after August 1, it is 30 days