If you are a salaried individual, Form 16 is the most important document for filing your tax returns. It has details of PAN, TAN, address, salary earned and tax deducted
CBDT clarified that during FY 2017-18, out of a total of 6.74 crore ITRs which were e-filed, 5.47 crore ITRs were filed for AY 2017-18. In comparison, during FY 2018-19, a total of 6.68 crore ITRs were e-filed, which included 6.49 crore ITRs of AY 2018-19.
With this ruling the uncertainty surrounding tax treatment of such ancillary charges may come to an end.
Even if an NRI does work in India, the payment they receive will be taxable in India. And, if an NRI worked abroad but received his salary in India, the amount will be added to their taxable income in India.
Various countries have entered into agreements or treaties with other countries to avoid double taxation.
Now Form 16 will carry each and every detail and amount of exemption on allowances claimed by an employee. Therefore, this increases disclosures of salaried taxpayers
Salary structure comprises fixed and variable components. Certain amounts are fixed and paid monthly or periodically. Others may be variable and be paid on fulfillment of further conditions.
Continuing with its slew of measures in tax automation, electronic filing has been made mandatory
Watch the video to know about tax planning, new ITR forms and more.
Gautam Nayak, prominent chartered accountant explains to us the various deductions we can get for expenses.
This stipulation, according to tax experts, is aimed at tightening the noose on unlisted companies appointing dummy directors and use shell companies to round trip black money.
Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal.
He further said the GST (Goods and Services Tax) Council has cut tax rates on consumption items to 12 or 18 per cent from the highest slab of 28 per cent and lowering rate on cement is next on agenda.
Such a high tariff is not fair, Trump said Tuesday during National Republican Congressional Committee Annual Spring Dinner here.
Corporate tax collection during 2018-19 totalled Rs 662,748 crore while income tax amounted to Rs 442,170 crore. STT collection was 11,527 crores, latest data until April 1 showed.
It is important to acknowledge that India had a near currency crisis in 2013, largely due to the unsustainable level of fiscal deficit in the preceding period.
This financial calendar will aid you to plan your taxes, remind to file your income tax on time and save on penalty
The elite financial snooping unit of the country has compiled comprehensive data of such instances, including fake currency deposits, for the year 2017-18.
Be sure to link the PAN and Aadhaar by the March 31 deadline to avoid any complications in filing tax this year.
Capital gain or loss is the difference between the sale consideration and the cost of acquisition of an asset
After uploading the revised return, the taxpayer must ensure that the same is verified properly. Tax return filing process remains incomplete till the time the return is duly verified
The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (the PF Act) defines ‘basic wages’ as all emoluments paid in cash to an employee in accordance with the terms of their contract of employment, subject to certain exceptions.
According to sources, efforts are being made to make up for the shortfall in direct tax collection, but the revised target seems to be daunting. The government had earlier estimated Rs 11.5 lakh crore mop-up from direct tax collection.
A key suspect involved in the racket has been arrested and Rs 19.75 crore was recovered from him, a press release from the Hyderabad Central GST Commissionerate said Tuesday night.
Depending on the type of scrutiny notice issued (complete /limited), it is important to review and arrange all documents well in advance before the reply is submitted