ITR form: Who is eligible to file which tax return for FY 2019-20?
The income tax return forms have been notified by the Central Board of Direct Taxes (CBDT). It is important to file your tax return using the correct ITR form. If the tax return is filed not using the correct form, then the ITR will be termed as 'defective return' and you will be asked to file the ITR again.
'Millionaire's tax' for coronavirus relief passes Argentina Senate
In a session streamed live on YouTube, and after a long and polarizing deb...
GST: Aim of digitisation is to convenience taxpayers and not harass them, says Bombay High Court
The Bombay High Court was hearing a petition...
I-T refunds worth Rs 1.29 lakh cr issued to 39.49 lakh taxpayers
"CBDT issues refunds of over Rs 1,29,190 crore to more than 39.49 lakh taxpayers between 1st April, 2020 to 3rd November, 2020. Income tax refunds of Rs 34,820 crore have been issued in 37,55,428 cases & corporate tax refunds of Rs 94,370 crore have been issued in 1,93,059 cases,” Income Tax department said in a tweet.
Parliament passes bill providing relief to taxpayers on compliance front amid Covid
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, which seeks to replace an ordinance and make few other changes in direct and indirect tax laws, was returned by a voice vote in Rajya Sabha.
Has working from home increased your tax liability? This is what you should do to save on tax
As work-from-home becomes the new normal across the country, salaried taxpayers are seeing their tax shoot up. Many of the allowances in the pay package, including the commonly used reimbursement of fuel or conveyance expenses, have become taxable due to the travel restrictions imposed by Covid.
IT Department to map digital behaviour of taxpayers to create profiles
“If I give you a requisition for five things, you (taxpayer) respond to one, and take adjournment to respond to the other, that’s assessee behavior that is being mapped, which in the manual days was not being mapped,” Smita Jhingran, chief commissioner of income tax at Regional e-Assessment Centre, Delhi, said.
Here's how the income tax department tracks your financial transactions
The government recently amended the Form 26AS which will show high-value transactions that are conducted by you in the financial year. However, there are other ways in which the tax department can track your financial transactions. Given below are the list of those ways.
These individuals have to pay full income tax for FY2019-20 even before getting income, TDS details
As per the govt notification, all taxpayers with total self-assessment tax liability for FY2019-20 exceeding Rs 1 lakh must pay all of it by July 31, 2020, else penal interest of 1 per cent per month under section 234A of the Income-tax Act would be levied on any short payment of this.
Form 26AS: High value transactions, other details that your tax passbook will show
The government has revised the format of Form 26AS to show the high-value transactions conducted by an individual during the financial year. This will help individuals to file an error-free income tax return.
Vivad se Vishwas FAQs issued: Litigant can get refund under scheme if more tax already paid
The 'Vivad se Vishwas' Scheme aims at dispute resolution in respect of pending income tax litigation in order to reduce pending litigation, generate revenue for the Government and benefit taxpayers.
Tax queries: Exemptions, deductions you will not get in new income tax regime
Every week, an expert selected by ET answers queries from our readers on income tax and other levies.
Rs 4.45 lakh crore tax deductions claimed by individual taxpayers in AY 2018-19
Rs 4,45,150 crore was the total deduction availed of by individual assessees in AY 2018-19, while Rs 3,17,845 crore was the total tax paid by them.
90% taxpayers claimed less than Rs 2 lakh deductions in FY19: Govt
Income Tax Act offers deductions under section 80C - provident funds, life insurance premium, home loan principal repayment etc., health insurance premium under section 80D, additional Rs 50,000 dedution in NPS under section 80CCD (1B) etc.
5 taxpayer friendly initiatives taken by tax department in 2019
A look at five important steps introduced this year by the I-T dept to make the life of the taxpayer easier.