"This is the effect of demonetisation," Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said on the sidelines a CII event.
A committee has been set-up under the Central Board of Direct Taxes to draw up a scheme which will encourage a habit of compliance with tax rules
On August 30, the second last day of filing the income tax return (ITR), over 20 lakh returns were filed.
Here's a round up of what happened during the week.
If you are a mutual funds investor, one of the important things to understand is the tax implications on your investments. Investment in mutual funds comes with various tax provisions. While you can claim up to Rs 1.5 lakh deduction for investment in ELSS scheme during the financial year, here are five of them which needs to be kept in mind:
As tax filing deadline inches closer, you may be rushing to collate all your documents to file your returns. But sometimes despite being very careful, we can commit mistakes that can land us in trouble with the tax department. By keeping these points in mind, you can ensure a hassle-free tax filing for yourself
The July 31 deadline to file income tax returns is fast approaching. To ease down the process and reduce the complexity in filing returns, the tax department has introduced several new features. Here are five reasons why you should not hesitate to file ITR on your own
Don’t forget to verify ITR after E-Filing through ITR-V. ITR-V is the Income Tax Return – ‘Verification’ Form.
Filing your income tax return and paying the tax you are due to pay are two different responsibilities and both have to be discharged appropriately
You should not be hesitant in filing your income tax returns yourself. There are several websites which can also help you file your returns effortlessly following certain steps.
On one Electronic Verification Code, only one online income tax return can be verified
The most important change in ITR 1 is that it can only be used by ‘Residents’ having income from salaries, one house property and income from other sources.
If you don’t file ITR, the belated return could lead to extra interest at 1% per month for the remaining tax payable by you
The earlier you file your return, the quicker would be the processing of your refund if any.
The Central Processing Centre (CPC) of the department in Bengaluru, that receives and processes the Income Tax Returns (ITRs), has issued an advisory specifying such taxpayers should not "fall prey" to unscrupulous tax advisors or planners who help them in preparing wrong claims to get tax benefits.
The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in, yesterday.
TDS represents part of Income-tax that is already paid by the assessee, which can be set off against Income tax and balance tax liability to be paid.
As a taxpayer, it is necessary for you to keep abreast of the latest amendments to enable a salaried individual to compute taxes and file individual tax returns.
While filing ITR, it is always better to keep few things readily available with you like - Aadhaar number, PAN Card, Bank details and other investment documents
Form 26AS, also known as Annual Statement, is a document that provides details of TDS, refunds associated with a PAN in a particular financial year
You can still file your returns following few steps even if you do not get Form 16 from your employer.
The department today issued an advisory asking taxpayers to furnish their latest information such as personal and secondary email and mobile phone numbers, address and bank account details.
The Court admitted the matter and passed an interim order, directing the concerned income tax officer to allow the petitioner to file IT Returns manually, without quoting Aadhaar number or Aadhaar enrollment ID
Here’s all you need to know about the process for filing ITRs for NRIs.
The five-day ITR extension is meant to address issue of seeding PAN and Aadhaar, in a major relief to scrambling taxpayers.