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income tax

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

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  • Filing income tax returns for the dead, the legal heir’s responsibility Oct 30, 2020 09:50 AM IST

    Filing income tax returns for the dead, the legal heir’s responsibility

    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

  • Putting off income tax return filing? Be prepared for heavy fines Oct 27, 2020 10:07 AM IST

    Putting off income tax return filing? Be prepared for heavy fines

    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

  • ITR filing due date for AY20-21 extended; here are key dates to keep in mind Oct 25, 2020 12:35 PM IST

    ITR filing due date for AY20-21 extended; here are key dates to keep in mind

    Here's a quick look look at the key ITR filing due dates for AY20 - 21or income tax return due dates

  • GSTR-9 filing date for FY19 extended to December 31 Oct 24, 2020 03:08 PM IST

    GSTR-9 filing date for FY19 extended to December 31

    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.

  • An easy-to-use guide to filing your income tax returns Oct 23, 2020 10:21 AM IST

    An easy-to-use guide to filing your income tax returns

    Filing your income-tax returns through the government’s e-filing portal is easy. Make sure you have all your documents ready

  • How to file a revised income tax return Oct 21, 2020 09:50 AM IST

    How to file a revised income tax return

    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

  • Income Tax mistakes: Avoid these errors while filing returns or you may get a notice Oct 20, 2020 10:09 AM IST

    Income Tax mistakes: Avoid these errors while filing returns or you may get a notice

    While claiming deductions, it is important to have proper knowledge of tax rules

  • Revenue Department unearths Rs 8,200-crore tax evasion, illiquid options trading scam on BSE Oct 19, 2020 11:51 AM IST

    Revenue Department unearths Rs 8,200-crore tax evasion, illiquid options trading scam on BSE

    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

  • Use the correct ITR form or else your tax returns would be invalid Oct 14, 2020 10:37 AM IST

    Use the correct ITR form or else your tax returns would be invalid

    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

  • CBDT warns officers against political intervention in transfer postings Oct 13, 2020 05:14 PM IST

    CBDT warns officers against political intervention in transfer postings

    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

  • Missed claiming tax deductions in investment declarations? Do it while filing returns Oct 13, 2020 09:56 AM IST

    Missed claiming tax deductions in investment declarations? Do it while filing returns

    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

  • How to disclose dividends and capital gains on MFs while filing tax returns Oct 13, 2020 09:44 AM IST

    How to disclose dividends and capital gains on MFs while filing tax returns

    Sale proceeds from mutual funds are taxed, depending on how long you’ve held on to them

  • ITR 2019-20: Here's why it is necessary to file income tax return before November 30 deadline Oct 12, 2020 03:10 PM IST

    ITR 2019-20: Here's why it is necessary to file income tax return before November 30 deadline

    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.

  • Tax returns: Made high-value transactions or large investments? The new Form 26AS captures it all Oct 09, 2020 09:04 AM IST

    Tax returns: Made high-value transactions or large investments? The new Form 26AS captures it all

    The form reflects not just TDS deducted by your employer or bank, but also details of various financial transactions

  • Why you need to file returns even if your employer deducts full taxes Oct 07, 2020 09:01 AM IST

    Why you need to file returns even if your employer deducts full taxes

    You need to file returns even if your income falls below the basic threshold after all deductions

  • Confused over scrip-wise disclosure of gains in tax returns? Here’s help Oct 06, 2020 09:15 AM IST

    Confused over scrip-wise disclosure of gains in tax returns? Here’s help

    Brace yourself for a tedious process while disclosing LTCG in your income tax return forms

  • Hope floats for Indian economy as manufacturing activity, GST collections, vehicle sales pick up Oct 02, 2020 05:13 PM IST

    Hope floats for Indian economy as manufacturing activity, GST collections, vehicle sales pick up

    Moneycontrol analyses some indicators that have shown substantial improvement since the lockdown months, with some even exceeding 2019 levels.

  • CGA data: Declining trend in corporate tax collection remains a worry Oct 01, 2020 02:59 PM IST

    CGA data: Declining trend in corporate tax collection remains a worry

    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.

  • ITR filing: Deadline to file income tax return for AY20 extended to November 30 Sep 30, 2020 05:14 PM IST

    ITR filing: Deadline to file income tax return for AY20 extended to November 30

    The Centre had on July 29 extended the deadline for filing of original and revised ITRs till September 30

  • Traders do not have to report gains made under individual stocks in I-T filings: FinMin Sep 26, 2020 08:43 PM IST

    Traders do not have to report gains made under individual stocks in I-T filings: FinMin

    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.

  • ITR filing AY 2019-20: Last date for filing income tax return is September 30 - things you should know Sep 16, 2020 12:38 PM IST

    ITR filing AY 2019-20: Last date for filing income tax return is September 30 - things you should know

    In case you want to make a change or correction in your original return filed for FY19, you can also file a revised return.

  • CBDT dedicates two-thirds of workforce to faceless assessment scheme Sep 14, 2020 03:58 PM IST

    CBDT dedicates two-thirds of workforce to faceless assessment scheme

    The faceless assessment scheme is aimed at making taxation transparent

  • I-T authorities can share info with scheduled commercial banks: CBDT Sep 01, 2020 05:10 PM IST

    I-T authorities can share info with scheduled commercial banks: CBDT

    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.

  • Faceless assessments and appeals: A step towards fair and transparent taxation Aug 24, 2020 10:02 AM IST

    Faceless assessments and appeals: A step towards fair and transparent taxation

    Detailed guidelines for the implementation of faceless assessment have now been released

  • Filing your income-tax return? Read this first to avoid mistakes Aug 19, 2020 08:44 AM IST

    Filing your income-tax return? Read this first to avoid mistakes

    If taxes have been paid outside India, then you may also claim foreign tax credit

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