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Thursday, August 11, 2022

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INCOME TAX NEWS

I-T dept searches properties of Tamil Nadu film producers, distributors, unearth cash, valuables worth crores

August 07, 2022 7:18 am

The search operations were conducted at almost 40 premises in Chennai, Madurai, Coimbatore and Vellore and till now, the I-T sleuths have unearthed Rs 20 crore in cash and detected undisclosed income exceeding Rs 200 crore.

Verification of ITR timeline reduced to 30 days from 120: I-T dept order

August 02, 2022 2:59 pm

Till now, the time period to e-verify the ITR or send the ITR-V through post, after filing of an Income Tax Return (ITR), was 120 days from the date of the uploading of the ITR.

Explained: ITR filing deadline is over, this is what you need to know if you did not file your return by July 31

August 01, 2022 7:02 pm

You still have until December 31, 2022 to file ‘belated’ ITRs for FY 2021-22, along with a penalty of Rs 5,000 if your total annual income is more than Rs 5 lakh. If it is less than 5 lakh, the penalty will be Rs 1,000.

ITR filing: Having trouble filing your income tax return? Check out these FAQs by the Income Tax Department

July 31, 2022 1:31 pm

Since the government has made it clear the last date will not be extended this year, anyone missing the July 31 deadline may file their ITR after paying a late fee of up to Rs 5,000 by the end of December.

ITR Filing 2021-22: From house rent to donations; key tax deductions which can be availed

July 27, 2022 5:42 pm

ITR 2021-22: We take a look at some lesser-known tax deductions which can be availed by taxpayers.

ITR Filing 2021-22: Last 2 days left to file ITR; here's how to file your Income Tax Return online

July 29, 2022 10:10 am

Income Tax Return (ITR) Filing Online AY 2022-23: The last date to file your ITR is July 31. Follow these steps to file your income tax return online.

ITR Filing FY 2021-22: Know last date, list of documents required to file your Income Tax Return

July 14, 2022 9:33 am

Income Tax Return (ITR) Filling Deadline for FY 2021-22: Are you filing your income tax return (ITR)? Then you must read this to know the documents required.

Explained: TDS on transfer of virtual digital assets, applicable from July 1 — what the guidelines say

June 23, 2022 3:51 pm

The Finance Act, 2022 introduced Section 194S in The Income Tax Act, 1961, under which a TDS of 1 per cent will be levied on the transfer of VDAs effective July 1 if the value of transactions exceeds Rs 10,000 in a year.

Are you a doctor or social media influencer? Here's how new TDS rule will impact you from July 1

June 22, 2022 2:23 pm

New TDS Rules From July 1: The Central Board of Direct Taxes (CBDT) has issued guidelines on the applicability of new TDS provisions which come into effect from July 1, regarding benefits received in a business or profession and said that such perquisites can either be in cash or kind or partly in both of these forms.

Explained: Why PAN, Aadhaar have been made mandatory for high-value cash deposits & withdrawals

May 13, 2022 6:37 am

The mandatory condition of obtaining PAN for deposit and withdrawals would help the government in tracing the movement of cash in the financial system.

INCOME TAX VIDEOS

Explained: Here's how the Modi govt budgeted for elections

June 22, 2020 6:03 pm

Budget 2019: Indian Express Rural Affairs Editor Harish Damodaran and Consulting Editor Shaji Vikraman take a deep dive and explain fine prints of the Union Budget presented by Finance Minister Piyush Goyal in Lok Sabha today.

Budget 2019 could give tax reliefs to make it popular

June 22, 2020 6:04 pm

Poorva Prakash, Senior Director, Deloitte India, says that the upcoming Vote on Account could give multiple personal tax concessions in order to make it a popular. She explains what can be expected on February 1.

Budget 2019 could give tax breaks for home buyers, rented properties

June 22, 2020 6:04 pm

Poorva Prakash, Senior Director, Deloitte India, explains what can be expected in the upcoming Vote on Account to make it a populist one.

Budget 2019 could raise basic tax exemption limit to Rs 3 lakh

June 22, 2020 6:04 pm

Poorva Prakash, Senior Director, Deloitte India, explains that as a trend Finance Ministers don't make any major personal tax changes in a Vote on Account. However, she expects the Finance Minister to lay a roadmap for tax sops in this.

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 3)

February 29, 2016 4:47 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 1)

February 29, 2016 4:45 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.

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