Income Tax

Income Tax Return filing due date for FY 2019-20 extended by govt. Check details here

In the announcement of the economic relief package, Finance Minister Nirmala Sitharaman said that the due date for Income Tax Returns for the year 2019-2020 is now being extended by the Centre.

Attention! SBI warns customers of fake income tax refund messages, says do this

State Bank of India (SBI), India's largest lender has cautioned its customers about fake income tax refund messages. The bank took to its Twitter handle to alert its customers about the fraud messages.

Want your Income Tax refund quickly? Follow these steps

Due to COVID-19 pandemic, many of us are trying to secure enough liquidity. Amid all this, there is good news for taxpayers.

Know how investing in NPS can give tax benefits

As new financial year has commenced and every professional is busy making financial plans by looking into different investment options in-order to save tax. We will guide you as how your old age financial aid NPS can give you tax benefits. Just read out few facts about NPS investment and tax benefits.

I-T dept sends e-mails to 1.72 lakh assessees; says to ascertain tax refunds

10.2 lakh I-T refunds worth Rs 4,250 cr issued in a week: CBDT

The Income Tax department has issued over 10.2 lakh refunds worth Rs 4,250 crore within a week, the Central Board of Direct Taxes (CBDT) said on Wednesday.

5 new income tax rules come into effect from today: Here's all you need to know

With the beginning of the new financial year, some changes in income tax rules have come into effect from today. Here is all you need to know.

Govt promulgates Ordinance to give effect to I-T compliance, full deduction for donation to PM-CARES

The government on Tuesday brought in an Ordinance to give effect to various relief measures, including an extended deadline for filing income tax, customs and central excise returns, to help taxpayers tide over the coronavirus crisis.    

Disabled veterans receive Rs 100 as February pension; protests erupt against IT deduction

Banks have been asked by the Principal Controller of Defence Accounts (Pensions) to deduct income tax from the pensions of disabled soldiers. As per the clarification issued by the Central Board of Direct Taxes (CBDT) in June 2019, banks have cut pensions of disabled veterans for the month of February. The controversial move has sparked protest a protest amongst the affected veterans, some of whom have been credited with meager amounts as their monthly pensions. 

Over 4.78 lakh income tax appeals pending at end of March 2019

The number of income tax appeals pending at various judicial fora stood at 4,78,801 at the end of the financial year 2018-19, the Lok Sabha was informed on Monday. 

Income Tax e-Filing Caution: Must check things before opening any email, url or SMS

Income Tax e-Filing Caution: Even clicking on a link can land you in trouble these days. While we file our income taxes, there are certain traps you must not fall into. These can use your personal and financial details to harm you in every possible way. The below mentioned are certain e-mail ids, SMS source codes and URLs you can trust.

Income Tax Declaration: Things to keep in mind if you have rented out your house

There are many sections under which one can save taxes accordingly by investing in different tax saving methods and showing income from other sources like rental property and rental income. But apart from salary, rental income or income from property is one of the most common sources of income in India which taxpayer want to add on especially the ones who are retired and have rental income as the main source of their livelihood.

I-T detects Rs 470 crore TDS default by Delhi-based corporate houses

The Income Tax Department has detected about Rs 470 crore TDS (tax deducted at source) default by some big Delhi-based corporate houses after surveys were conducted against them recently, officials said. The department's TDS wing in Delhi has launched a special monitoring of private companies and government organisations in order to ensure that due taxes are deducted under this direct taxes category in the last quarter of this financial year that ends on March 31.

How much money you can save? This new e-calculator will answer all questions on new, old tax regime

The Income Tax department has launched an e-calculator to answer all your queries on the new vs old tax regime. People can calculate how much they will have to pay in eighter of the tax regimes, how much they can save and which scheme will be suitable for an individual.

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

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:

Pensioners, job starters, entrepreneurs to gain more from IT rate cut

Opting for the new tax rates proposed in the budget could be beneficial for job-starters, pensioners, entrepreneurs and those taxpayers unable to claim available deductions and exemptions under the current tax structure, government sources said.

Government has rights over NRIs' 'only' India income: FM Sitharaman

Finance Minister Nirmala Sitharaman on Sunday said the government has full sovereign right on the income generated by an NRI in India and as such he will be taxed as per Indian laws. 

Union Budget: New income tax rules to only benefit those not availing any deduction, says Crisil

Given that a large proportion of those availing deductions will not move to the new IT regime, the announcement will at best be a mild positive for taxpayers

New income tax regime big disincentive to investment: Analysts

Tax experts and analysts on Saturday said the optionality clause in the new income tax budget proposal is a big disincentive for investment in tax-saving instruments, which will dampen the markets and have ripple effects across all asset classes, including housing.

EXPLAINED: Is New Income Tax slab good news for taxpayers?

Income Tax Slabs 2020: In what is being considered as a major relief for the middle class, Finance Minister Nirmala Sitharaman on Saturday introduced new income tax slabs and rates in the Union Budget 2020 speech in Lok Sabha. However, is new income tax slabs introduced by Modi govt 'good news' for taxpayers? We try to explain.