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  Bombay High Court orders Rs. 1,128 crore tax refund to Vodafone Idea Limited

  Business | November 09, 2023 23:53 IST

  Vodafone Idea had filed a petition, asserting the excess tax paid, leading the court to express concern about the assessing officer's apathy.

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  Do minors have to file separate Income Tax Returns? Check details here

  Business | July 28, 2023 15:05 IST

  A minor can have two sorts of income: earned and unearned; in both circumstances, ITR should be recorded, observing specific guidelines applicable to earning minors.

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  What are the penalties under Income Tax Act? Check details

  July 26, 2023 14:13 IST

  A penalty of Rs 5,000 if the refund is completed after the due date specified in section 139(1). However, if the total amount received does not exceed 5 lakhs, the penalty will be Rs 1,000.

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  ITR filing: Check these advantages that you can get from filing income tax returns before deadline

  July 21, 2023 13:02 IST

  The majority of people frequently view the process of filing income tax returns as time-consuming and cumbersome. That is the motivation behind why many choose to skip documenting returns.

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  CBDT issues Income Tax return forms for the fiscal year 2022-23

  February 15, 2023 15:11 IST

  The Central Board of Direct Taxes (CBDT) issued Income Tax return forms for individuals, Hindu Undivided Families, businesses, and others for the fiscal year 2022-23, earlier than last year, providing ample time to prepare their returns.

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  Infosys says some users continue to face difficulties, working to streamline I-T portal experience

  Business | September 23, 2021 13:40 IST

  The Bengaluru-based company, which has drawn flak for glitches continuing months after the launch of the portal in June, said it has seen steady increase in usage over the last few weeks, and over 3 crore taxpayers have logged into the portal and successfully completed various transactions. 

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  US body hails Indian govt's move to withdraw retrospective tax law

  World | August 06, 2021 7:29 IST

  USISPF applauds India’s move to withdraw the retrospective tax amendment relating to tax on indirect transfers

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  Govt amends Income Tax Act, retrospective tax rule junked

  Business | August 05, 2021 18:51 IST

  ​The Central government on Thursday proposed to amend Income Tax Act to provide that no tax demand shall be raised in future on the basis of said retrospective amendment for any indirect transfer of Indian assets, if transaction before May 28, 2012.

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  Union Budget 2021 Income Tax announcement: I-T slabs, exemptions under 80C, 80D unchanged

  Business | February 01, 2021 22:58 IST

  The salaried class was expecting from Nirmala Sitharaman to revise the Income Tax slabs that have been left unchanged for years. Besides higher basic exemption limits, people also expected a hike in the exemption limits under Section 80C and 80D.

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  Tax Reforms: How the middle-class taxpayers can benefit from new system

  August 15, 2020 12:49 IST

  Prime Minister Narendra Modi last Thursday unveiled faceless tax assessment and appeals to reduce the scope for corruption and overreach by officials, signalling a major reform in the income tax system in the country. Here's an expert view on how the new tax reforms will help the middle-class.

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  The Beginner’s Guide To Income Tax Sections & How To Save Taxes

  Brand Content | February 06, 2020 13:52 IST

  Income Tax 2020: A quick look at some of the most commonly-availed sections of the Income Tax Act which provide you tax savings. Here is beginner's guide to income tax sections and how to save taxes:

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  Attention employees! CBDT says 20% of your salary will be deducted if you don't do THIS

  Business | January 29, 2020 11:22 IST

  Are you a salaried person and earning over ₹ 2.5 lakh per annum? Then this news is important for you. The Income Tax Department has reiterated that employers must cut tax at source at 20 per cent or a higher rate if the employees do not provide PAN and Aadhaar details to the employer.

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  Thinking of Diwali gift? Rules you should know to avoid hefty tax

  Business | October 17, 2019 14:54 IST

  Gifts are exchanged on numerous occasions like weddings, Diwali, birthdays and anniversary. But little did you know that these gifts are taxable and taxman have a role in what you are going to gift away!

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  New income tax rules: 7 changes to impact taxpayers. All you need to know

  Business | September 03, 2019 11:15 IST

  Budget 2019 came up with several tax-related amendments and new rules that came into effect on from September 2019. One needs to be aware of these new changes in the rules as it will impact every taxpayer. From tax on cash withdrawals to PAN-Aadhaar interchangeability, many monumental changes were proposed in the Budget 2019.

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  Earning between Rs 5 lakh to Rs 10 lakh? You may have to pay 10 pc income tax as per new rules

  Business | August 29, 2019 0:02 IST

  Sources close to developments have revealed that the task force has recommended five tax brackets of 5 per cent, 10 per cent, 20 per cent, 30 per cent and 35 per cent, against the prevailing structure of 5 per cent, 20 per cent and 30 per cent.

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  ITR Filing Deadline: Countdown begins! ONLY 5 days left to file Income Tax Return and avoid penalty

  Business | August 26, 2019 14:29 IST

  ITR Filing 2019: The last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19) is August 31. To avoid penalties, taxpayers need to ensure to file income tax return before the last day of filing. Only four days are left to file income tax return (ITR) and it is mandatory for taxpayer to file ITR within a pre-determined due date.

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  ITR E-Filing Alert: New rules you must know before filing income tax return online

  Business | July 10, 2019 19:32 IST

  July 31 is the last day for filing income tax return. You can file ITR online through income tax's e-filing ITR website. This year, the government has introduced many changes in ITR form. It is important to know the changes before filing ITR to avoid any unwanted penalty later on.

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  Panel on direct tax laws to look into cross-verification of financial transactions, data sharing

  India | June 26, 2019 21:46 IST

  The Finance ministry has broadened the terms of reference (ToR) of the task force, headed by CBDT member Akhilesh Ranjan, to also include faceless and anonymized verification/ scrutiny/ assessment and reduction of compliance burden by simplification of procedures.

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  Startups seek scrapping of contentious angel tax proposal in Income Tax Act

  Business | February 13, 2019 17:44 IST

    Finance Minister Piyush Goyal Monday assured that genuine startups may get a breather from the provisions.  

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  Walmart may approach I-T dept to determine tax liability in Flipkart deal

  Business | August 09, 2018 16:35 IST

  Flipkart had shared share purchase agreement with tax authorities in May, and I-T department is currently calculating the tax rate that would be applicable for investors in Flipkart who are selling the shares to Walmart. Significant shareholders like SoftBank, Naspers, venture fund Accel Partners and eBay, have agreed to sell their shares.