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Income tax News
India's tax net grew in 3 years of PM Modi's rule: Arjun Ram Meghwal
Sun, May 21, 2017
Union Minister Arjun Ram Meghwal while speaking at the Entrepreneurship Development Institute of India (EDII) institute in Ahmedabad on Saturday said that India's tax net has grown due to the Centre's policiesed by the PM Narendra Modi in the last three years.
Income Tax: Half of your income could be tax exempt if you are a professional
Wed, May 17, 2017
Presumptive Taxation involves the use of indirect methods to compute tax liability, where the taxable income is calculated based on assumptions instead of actuals.
Don't want to quote Aadhaar for income tax filing? Govt says you must one of these four
Fri, May 12, 2017
Section 139AA of the Income-tax Act, 1961 as inserted by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form for filing of return of income and for making an application for allotment of Permanent Account Number with effect from July 1, 2017.
7 most common Income Tax filing mistakes; here's how you can avoid them
Thu, May 11, 2017
Although there still are a few months left for one to file income tax returns (ITR), many do not like to wait till the last moment.
Income Tax 2017: Last minute guidelines to avoid common tax filing mistakes
Mon, May 08, 2017
Only a few days left for this financial year to end and tax filing deadline is striking the calendar. Indian Government has already taken many initiatives to simplify the tax filing process by introducing new ITR forms, online filing facility etc. Yet many taxpayers tend to make silly mistakes wh
Tata Sons to seek CCI, tax authorities nod for DoCoMo payout
Wed, May 03, 2017
The other option was Tata purchasing the shares at the fair market value, which was Rs 23.44. However, this was not acceptable to DoCoMo and it had opted for arbitration.
Income Tax: Only 0.39% farmers in India eligible to pay income tax even if asked
Thu, Apr 27, 2017
Niti Aayog member Bibek Debroy cooked up a storm earlier this week when he said that agriculture in India should come under the purview of income tax. So severe are the political implications of such a move that Finance Minister Arun Jaitley immediately swung into action and denied any such thought within the government.
Income tax filing: Four reasons why you should not wait till September
Wed, Apr 26, 2017
While for individuals, filing income tax due date is not much far with just three months in hand. But, for business there is still some time.
First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
Tue, Apr 25, 2017
With the end of the financial year, the process to file tax return has been started. The salaried class people must have already started the process by downloading the necessary forms from the official income tax department website.
10 things you need to keep in mind while making your tax declarations
Sat, Apr 22, 2017
Based on this declaration the employer will deduct the tax from the salary every month.
Mumbai's income tax zone misses revenue target of Rs 2.79 trillion in FY17
Mon, Apr 10, 2017
The Income Tax Department of Mumbai has missed the revenue mop-up target of Rs 2.79 trillion for the financial year 2016-17 on account of more refunds given to tax payers.
Rajya Sabha sends back Finance Bill 2017 with 5 amendments; here's what they are
Thu, Mar 30, 2017
The bill was debated in Rajya Sabha where opposition parties criticised the manner in which it was passed in Lok Sabha and asked for five amendments.
Government embarrassed as Rajya Sabha returns Finance bill with amendments (Roundup)
Thu, Mar 30, 2017
The Narendra Modi government on Wednesday faced embarrassment in the Rajya Sabha as five of the amendments moved by the opposition to the Finance Bill, 2017, were adopted by division before the bill was returned to the Lok Sabha.
From home loans to visa: Here's why you should file income tax returns
Tue, Mar 28, 2017
Not only home loans, bank generally ask for ITR copy for giving any loan like whether it is a home loan, or vehicle loan.
'Countdown' has begun, I-T dept warns blackmoney holders ahead of Mar 31 deadline
Fri, Mar 24, 2017
in advertisements issued in leading national dailies, the department said that the "countdown" in this regard has begun and stash holders should declare their black money "or regret later".
26.7% of central taxpayers migrate to GSTN in Bengal circle
Thu, Mar 23, 2017
"So far, about 26.7 per cent of 88,201 taxpayers, who are registered with central excise and service tax have migrated to GSTN," said Central Excise (Service Tax) Chief Commissioner R.K. Sharma.
Will Aadhaar linkage solve India's income tax woes?
Wed, Mar 22, 2017
Historically, taxpayers have been extra cautious about the details that are sought. Back in April 2015 the government asked for details of travel and passport number. Bank balances were also requested. This led to adverse public opinion and ultimately these had to be rolled back. Consequently, one had to mention bank account numbers and IFSC code, providing passport number was made optional.
Income Tax dept releases list of defaulters owing Rs 448 crore
Sat, Mar 18, 2017
The department brought out the list of defaulters of income tax and corporate tax even as it advised them to pay their "tax arrears immediately".
Income Tax: Here's how you can save Rs 46,000 more tax on your income
Wed, Mar 15, 2017
But one should know that the only investments made in the period April 1, 2016 to March 31, 2017 can be claimed as deduction from the total income.
PMGKY: I-T asks blackmoney holders to make honest declarations
Thu, Mar 09, 2017
The I-T department today nudged blackmoney holders to make "honest" disclosures under the tax amnesty scheme -- PMGKY -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.