Income Tax
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Income Tax filing to EPF investment: Changes in rules from April 1 | All you need to know
Business | Mar 31, 2021, 12:49 PM ISTFrom changes in banking rules due to merger of banks, income tax filing rule changes in terms of EPF investment, to, new salary structure from April 2021, TDS/TCS deduction, changes in ITR rules for senior citizens, LTC cash voucher scheme, banks merger etc. are some of the glaring changes that are going to take place from 1st April 2021.
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Income Tax rules are changing from April 1; Here is all you need to know about new norms
News | Mar 30, 2021, 03:00 PM ISTApril 1 will mark the beginning of a new financial year and will bring a slew of income tax changes. Some of the changes were announced by the Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021 in February. Here is a list of changes which will be introduced from the coming financial year.
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Now, pre-filed ITR forms with capital gains, dividend, other details
Income Tax | Mar 18, 2021, 10:58 AM ISTTransaction details of individual tax filers with respect of capital gains, dividend income, and interest income will soon become a standard of the pre-filled Income Tax return (ITR) form as the government looks to make tax compliance convenient for taxpayers.
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Income Tax Rates For FY 2021-22: How to choose between Old Regime and New Regime
Income Tax | Feb 09, 2021, 04:50 PM ISTThe new Income Tax regime effective from April 1, 2020, co-exists with the old Income Tax regime. It offers lower, concessional tax rates compared to the rates offered in the existing rates.
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Union Budget 2021 Income Tax announcement: I-T slabs, exemptions under 80C, 80D unchanged
Business | Feb 01, 2021, 10:58 PM ISTThe 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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Finance Minister Nirmala Sitharaman poses with the Budget team
News | Jan 31, 2021, 08:12 PM ISTFinance Minister Nirmala Sitharaman with the Budget team; she will present the Union Budget 2021-22 tomorrow.
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Budget 2021: Revised Income Tax slabs to more exemptions under 80C, 80D - What to expect from FM?
Business | Feb 01, 2021, 08:22 AM ISTFrom bringing back jobs in the market to tax deductions, there are a lot of expectations from Modi government's Budget. Although Sitharaman, in the last Budget, announced cuts in personal income tax, the government has so far pushed for a rebate on all payable taxes, and the basic tax exemption limit has remained the same.
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Income Tax: I-T refunds worth Rs 1.81 lakh crore issued so far in FY21
Business | Jan 27, 2021, 06:27 PM ISTThe Income Tax Department on Wednesday said it has issued over Rs 1.81 lakh crore worth refunds to more than 1.74 crore taxpayers so far this fiscal year.
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Crackdown on corruption! Govt's big move against tax evasion, benami property. How to file complaint
Income Tax | Jan 13, 2021, 05:28 PM ISTThe Central Board of Direct Taxes (CBDT) has launched an automated dedicated e-portal on the e-filing website of the department to receive and process complaints of tax evasion, foreign undisclosed assets as well as grievances regarding benami properties.
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Income Tax Returns: Over 5.27 crore ITRs filed for fiscal 2019-20 till Jan 7
Business | Jan 08, 2021, 10:20 PM ISTMore than 5.27 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 7, the Income Tax Department said on Friday.
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Income tax calendar 2021: Important dates and deadlines you should know
Income Tax | Jan 04, 2021, 02:10 PM ISTThe Income Tax department extended the income tax filing dates for the thrid time. Individuals who do not have to file tax audit reports and were to file their income tax returns for FY20 by 31 December got time till January 10.
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Due date for filing income tax returns extended. Check details
Business | Dec 30, 2020, 11:03 PM ISTIn view of the continued challenges faced by taxpayers in meeting statutory compliances due to the outbreak of COVID-19, the government on Wednesday further extends the dates for various compliances.
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Income Tax Returns: Over 4.54 crore ITRs filed for fiscal 2019-20 till Dec 29
Business | Dec 30, 2020, 03:55 PM ISTAt the close of deadline for filing ITRs without payment of late fees for fiscal 2018-19 (assessment year (AY) 2019-20), over 5.65 crore returns were filed by taxpayers.
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Income Tax Returns: Over 4.15 crore ITRs for fiscal 2019-20 filed till Dec 26
Income Tax | Dec 27, 2020, 06:22 PM ISTAs the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to avoid last minute rush.
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Karnataka Congress chief DK Shivakumar summoned by CBI in disproportionate assets case
India | Nov 24, 2020, 05:00 PM ISTKarnataka Congress chief DK Shivakumar has been summoned by the Central Bureau of Investigation on November 25, 2020 in connection with the CBI raid that took place at his residence on October 5.
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Tax relief! Govt announces relaxations for home buyers, developers - Check details
Business | Nov 12, 2020, 02:56 PM ISTUnion Finance Minister Nirmala Sitharaman on Thursday announced income tax relaxations to allow sale of primary residential units of up to Rs 2 crore value below the circle rate. So far, only 10 per cent difference between the circle rate and the agreement value was allowed.
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India among select nations which recognise taxpayers: PM Modi
Business | Nov 11, 2020, 06:37 PM ISTPM Modi on Wednesday inaugurated the state-of-the-art-office cum residential complex of Income Tax appellate Tribunal-ITAT in Cuttack, Odisha. Addressing the event via video conferencing, PM Modi said, "India among select nations which recognise taxpayers' rights and responsibilities; step towards creating trust in tax system."
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ITR Filing: Finance Ministry notifies extended deadline for FY19-20 income tax return filing
Income Tax | Oct 30, 2020, 06:18 PM ISTITR Filing: The Finance Ministry has notified the extended due date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20.
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LTC cash voucher scheme: Private sector employees, non-central govt staff eligible for I-T exemption
Business | Oct 30, 2020, 10:39 AM ISTThe conditions listed out by the CBDT for availing the tax exemption under the LTC cash voucher scheme require the employee to spend a sum equal to three times of the value of the deemed LTC fare.
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I-T refunds of Rs 1.26 lakh cr issued to 39.14 lakh taxpayers till Oct 27
Income Tax | Oct 28, 2020, 08:04 PM ISTThe Income Tax department has issued refunds worth over Rs 1.26 lakh crore to over 39 lakh taxpayers this fiscal so far.