"In India, a return to a gradual path of growth-friendly fiscal consolidation is desirable to create fiscal space, but full and smooth implementation of the new goods and services tax is necessary to avoid tax revenue underperformance resulting in cuts to capital expenditures," the IMF said.
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.
Do check what your annual income and your existing commitments. The taxable income is arrived at after accounting for standard deduction and zero tax slab limit.
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.
Taxpayers whose refunds are delayed are often responsible themselves because most of the reasons are in their control, say tax experts
As mutual fund houses are not allowed to accept investments in foreign currencies, they have to first open an NRE/NRO account with a bank in India to route their investments.
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.
Several startups have raised concerns related to taxation of angel funds under the Section 56 of the Income Tax Act, which provides for taxation of funds received by an entity. As many as 18 startups have got notices from tax authorities.
On January 2016, Prime Minister Narendra Modi unveiled a slew of incentives to boost start-up businesses, offering them a tax holiday, inspector raj-free regime and capital gains tax exemption as part of the start-up action plan.
French national Herve Falciani was sentenced in late 2015 to five years in prison for economic espionage. A Swiss court also convicted him for illegally obtaining data, breach of business confidentiality and of bank secrecy.
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 issue was raised before a bench of justices S Ravindra Bhat and A K Chawla by two lawyers, one of them a senior advocate, whose income tax returns were not accepted by the e-filing portal of the Income Tax (I-T) department for want of Aadhaar number.
It is not enough to encourage people to start companies, if you are going to encourage investors to not fund them.
The income tax return may also be required as documentary evidence for any application for visas or for loans, etc.
If you are going to open a PPF account at the last minute or going to buy an investment product issued by a life insurance company, you are going to commit payments in future
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
A PPF account can be opened at your nearest post office or leading banks and of late this facility is available online as well.
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
The government had collected tax amounting to Rs 86,318 crore during January.
DGGSTI has sent letters to the SBI, PNB, Canara Bank, Syndicate Bank and ATM service providers, including NCR, AGS Transact, Tata Payments Solutions and Hitachi.
Individuals who have missed the tax filing deadline of FY 2015-16 and FY 2016-17 can still file their tax returns by March 31, 2018.
In November last year, the government had constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country.
Some tax-saving investment options available which can help you plan your annual savings, or which you can use to make a lump sum investment at the close of the financial year.
You can still file your returns following few steps even if you do not get Form 16 from your employer.
HRA is an allowance given by the employer to an employee in order to meet expenses in connection with rent payments.