Moneycontrol PRO
you are here: HomeNewsIncome tax
income tax
Jump to
  • I-T dept detects Rs 1,300 crore black income after raids on Karnataka realty sector Nov 17, 2022 07:43 PM IST

    I-T dept detects Rs 1,300 crore black income after raids on Karnataka realty sector

    The raids were conducted on October 20 and November 2 at about 50 premises in Bengaluru, Mumbai and Goa.

  • More than 140 companies issue bonus shares in 2022, highest since 2006 Nov 11, 2022 09:29 AM IST

    More than 140 companies issue bonus shares in 2022, highest since 2006

    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.

  • How one common ITR form will ease income tax filings Nov 03, 2022 09:36 AM IST

    How one common ITR form will ease income tax filings

    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.

  • First job, first paycheck? Now set the money agenda for years ahead Oct 27, 2022 08:37 AM IST

    First job, first paycheck? Now set the money agenda for years ahead

    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.

  • Investing overseas? Keep these tax rules in mind Oct 04, 2022 10:08 AM IST

    Investing overseas? Keep these tax rules in mind

    Tax rates on capital gains from equities, mutual funds and real estate are higher compared to domestic investments.

  • UK to reverse cut to higher rate income tax Oct 03, 2022 11:37 AM IST

    UK to reverse cut to higher rate income tax

    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.

  • Remember This While Availing Tax Deductions | Investments | Tax | MC Explains Sep 29, 2022 06:35 PM IST

    Remember This While Availing Tax Deductions | Investments | Tax | MC Explains

    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.

  • Finance Minister asks taxmen to focus on faster processing of ITRs, grievance redressal Sep 27, 2022 09:22 PM IST

    Finance Minister asks taxmen to focus on faster processing of ITRs, grievance redressal

    Addressing tax officers, the minister said that collections from direct taxes exceed indirect tax and that has brought in equity in mop up.

  • Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal Sep 27, 2022 07:43 PM IST

    Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal

    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.

  • Looking to invest in stocks and properties abroad? Know the limits, avenues and taxation rules Sep 23, 2022 08:52 AM IST

    Looking to invest in stocks and properties abroad? Know the limits, avenues and taxation rules

    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.

  • Is your life insurance maturity amount always tax-free? Sep 20, 2022 08:17 AM IST

    Is your life insurance maturity amount always tax-free?

    Section 10 (10D) of the Income-tax Act decides whether the maturity proceeds of your life insurance policy will be tax-free or not.

  • CPR, Oxfam say they cooperated with I-T dept during survey; compliant with Indian laws Sep 09, 2022 10:34 PM IST

    CPR, Oxfam say they cooperated with I-T dept during survey; compliant with Indian laws

    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).

  • Direct tax collection surges by 35% to Rs 6.48 lakh crore Sep 09, 2022 08:31 PM IST

    Direct tax collection surges by 35% to Rs 6.48 lakh crore

    This collection is 37.24 percent of the total Budget Estimates of Direct Taxes for 2022-23, the Income Tax Department said.

  • Foreign tax credit: Form 67 submission date extension alone is no big relief Sep 05, 2022 10:39 AM IST

    Foreign tax credit: Form 67 submission date extension alone is no big relief

    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?

  • Over 1.55 lakh updated ITRs filed in May-September Sep 04, 2022 06:24 PM IST

    Over 1.55 lakh updated ITRs filed in May-September

    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.

  • Income tax department issues refund of over Rs 1.14 lakh crore to taxpayers Sep 03, 2022 12:16 PM IST

    Income tax department issues refund of over Rs 1.14 lakh crore to taxpayers

    Corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases, the income-tax department said.

  • Filed your taxes? Now, what to do if you get a notice? Sep 02, 2022 08:57 AM IST

    Filed your taxes? Now, what to do if you get a notice?

    Many taxpayers have been getting letters from the income tax department about tax calculation differences. But not all such letters demand additional payment.

  • 'Baseless, exaggerated figure': Dolo 650 makers on allegation of distributing freebies worth Rs 1,000 crore Aug 19, 2022 12:49 PM IST

    'Baseless, exaggerated figure': Dolo 650 makers on allegation of distributing freebies worth Rs 1,000 crore

    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.

  • Faceless assessment: CBDT gives fresh SOPs; directs officers to give ample time to assesses Aug 18, 2022 08:56 PM IST

    Faceless assessment: CBDT gives fresh SOPs; directs officers to give ample time to assesses

    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.

  • Simply Save | Is the time limit for verification of I-T returns now down to 30 days for late filers? Listen in! Aug 17, 2022 07:05 PM IST

    Simply Save | Is the time limit for verification of I-T returns now down to 30 days for late filers? Listen in!

    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

  • Revised, belated and updated income tax returns: Do you know the difference between them? Aug 17, 2022 08:18 AM IST

    Revised, belated and updated income tax returns: Do you know the difference between them?

    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.

  • India@75 | Taxation benefits for those born in the Independence year Aug 15, 2022 09:35 AM IST

    India@75 | Taxation benefits for those born in the Independence year

    Stringent conditions make taxation benefits for those above 75 years of age pointless.

  • I-T dept seizes Rs 56 crore cash, Rs 14 crore worth jewellery during raids in Maharashtra Aug 11, 2022 08:47 PM IST

    I-T dept seizes Rs 56 crore cash, Rs 14 crore worth jewellery during raids in Maharashtra

    The searches were launched on August 3 and more than 30 premises of the two entities in Jalna, Aurangabad, Nashik and Mumbai were covered.

  • Tax department conducts searches on former chief equities dealer of Axis Mutual Fund Aug 05, 2022 10:46 PM IST

    Tax department conducts searches on former chief equities dealer of Axis Mutual Fund

    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.

  • Tax-payers now have 30 days to verify returns; here's how you can do it Aug 03, 2022 12:12 PM IST

    Tax-payers now have 30 days to verify returns; here's how you can do it

    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