Mon, Nov 18, 2024
The Central Board of Direct Taxes (CBDT) has launched a new campaign aimed at informing taxpayers about the importance of declaring foreign assets in their Income Tax Returns (ITR). The initiative focuses on ensuring compliance with tax laws and helps taxpayers understand their reporting obligations regarding foreign assets.
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Mon, Aug 19, 2024
ITR filing: In cases where discrepancies are found, the department can issue a notice requesting proof of deductions or details about the income source. Failure to provide satisfactory responses could result in additional tax liabilities, penalties, and interest charges for late tax payments. Continued non-compliance might even lead to legal action.
Mon, Jul 15, 2024
ITR filing season: The Income Tax Department's helpdesk is working 24x7 to assist the taxpayers. This helps in providing services ranging from filing of ITR to tax payment. The help desk provides assistance through calls, live chat, Webex sessions, and social media.
Mon, Jun 12, 2017
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Sat, Jun 10, 2017
Supreme Court on Friday upheld a law that will make the usage of Aadhaar mandatory while filing for IT returns for those who have it and its linkage to the PAN card. We tell you how you can link the two.
Fri, Jun 09, 2017
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The Supreme Court (SC) is likely to pronounce its verdict on the petitions challenging constitutional validity of newly-inserted section in the Income Tax Act that makes linking of Aadhaar number with PAN mandatory for filing Income Tax (IT) returns on Friday.
Tue, Jun 06, 2017
Income Tax Return (ITR) filing deadline is coming close with each passing week. Though many of the taxpayers are still waiting for the end moment, it is always advisable to start filing early.
Mon, May 22, 2017
Income Tax (IT) slabs have been tinkered with a bit by Finance Minister Arun Jaitley during his Budget speech on February 1, 2017. If you are looking to file your Income Tax Returns (ITR) and have a few questions regarding your income tax slab or how much tax you can save this year, read on.
Sun, May 14, 2017
The Income Tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document.
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.
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.
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
Sun, May 07, 2017
According to sources, CBI has uncovered 393 shell companies which were used to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money.
Wed, Apr 26, 2017
Supreme Court on Wednesday was hearing out the plea of the petitioners who said that the Aadhaar card cannot be made mandatory in India. The petitioners Arvind Datar Senior Counsel along with A.K. Siri argued that section 139 AA is discriminatory and violative of Article 14.
Wed, Apr 05, 2017
The government announced on Wednesday that citizens have to mandatorily quote Aadhaar numbers while applying for PAN numbers and filing for their IncomeTax returns starting from July 1 this year.
Mon, Apr 03, 2017
The ITR-1 Form, also called Sahaj (meaning easy in Hindi), is the Income Tax Return Form for salaried individuals.
Fri, Mar 31, 2017
CBDT in one of the major reforms, notified the designing of one page ITR form to simplify the process of tax filing.
"Representations have been received from various stakeholders regarding difficulties in uploading of declaration in Form No 1 under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) scheme.
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.
Mon, Mar 27, 2017
Investments made in the period 1st April 2016 to 31st March 2017 only can be claimed as deduction from the total income.
Wed, Mar 22, 2017
Finance Minister Arun Jaitley while speaking in Lok Sabha on Wednesday said that the government is linking Aadhaar card of individuals while filing Income Tax Returns (ITRs) to stop tax evasion.
As the Finance Bill is classified as a Money Bill, it does not require bicameral approval and can be passed only by Lok Sabha, a media report said.
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