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.
Prime Minister Narendra Modi has launched the 'transparent taxation' platform having components — faceless appeals by taxpayers, faceless assessment of taxpayers and the Rights' Charter for the taxpayers. An in-depth look into what these tax reforms mean.
Our effort is that our tax system should be seamless, painless, faceless: PM Modi
The Central Board of Direct Taxes(CBDT) has again extended the deadline for filing of Income Tax Return FY 2018-2019.This no doubt has given some relaxation for taxpayers to file ITR. However, at times it may happen that we make a mistake while filing our ITR at the last minute. Here are common mistakes you should avoid while filing for your Income Tax Returns.
The government on Wednesday extended the deadline for filing income tax returns for 2018-19 fiscal by two months till September 30.
Appreciating its continuous efforts towards making the tax administration taxpayer-friendly, transparent and geared towards facilitating voluntary compliance, she said there has been a paradigm shift in its role in recent years, from being just a revenue collecting organisation to becoming a more citizen-centric establishment.
In a major move aimed to redefine "creamy layer" for OBCs, the government is mulling to increase the income bar from present Rupees 8 lakh to Rs 12 lakh and and drop "gross income" to bring in "net taxable income". The government had earlier proposed to include "salary" in determining "creamy layer".
CBDT on Saturday informed that from this Assessment Year (2020-20201), taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers' financial transactions as specified Statement of Financial Transactions (SFTs) in various categories.
Medical emergency is something which can occur anytime, anywhere and to anyone without giving a warning sign. So, experts suggest taking health insurance is the best option to secure yourself from any future emergencies. Taking health insurance also provides tax benefits as one can get tax deductions while under section 80D.
As the political crisis intensified in Rajasthan following deputy chief minister Sachin Pilot’s revolt against the Chief Minister – Ashok Gehlot, the IT department conducted raids on three business groups and individuals allegedly linked to the aides
Income tax team raids home of leaders close to Chief Minister Gehlot in Jaipur. The development came just before the meeting of Congress Legislative Party scheduled to be held at Rajasthan Chief Minister Ashok Gehlot's residence.
ITR Filing: The last date for Income Tax Return (ITR) filing for AY 2020-21 has been extended by the Income Tax Department. It will be applicable for filing of ITR for the financial year 2019-20. Here're the important things you need to know about Income Tax Return filing:
The income tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax.
Understanding & keeping in mind the times that we are in, we have further extended deadlines. Now, filing of ITR for FY 2019-20 is extended to 30th Nov, 2020, the Income Tax Department said on Saturday.
Delhi's unauthorised colonies that were regularised last year, the government has exempted owners from income tax even if they had purchased land or house at rates below the prevailing market price.
ITR for AY 2020-21: The Central Board of Direct Taxes (CBDT) has today notified Income Tax Return forms 1 to 7 for the Financial Year 2019-20 (Assessment Year 2020-21). The new notification announces rule changes in the Income Tax Rules 2020.
Central Board of Direct Taxes on Friday has issued tax refunds worth Rs. 26,242 crore to 16,84,298 tax assesses since April 1 to May 21, 2020 and corporate tax refund to 1.02 lakh assesses amounting to Rs 11,610 cr given during this period.
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.
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.
Due to COVID-19 pandemic, many of us are trying to secure enough liquidity. Amid all this, there is good news for taxpayers.
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