Tax Filing

In China, Apple procures the machines used to make iPhones and gives them to its contract manufacturers, and is not subject to tax even though it still owns them

Dhruva Advisors has partnered with global tax services firm Ryan, which has acquired a majority stake in the Indian advisory to expand tax services in India and overseas

Taxpayers across India are facing long delays in income tax return (ITR) processing and refunds. Experts attribute a mix of compliance mismatches and technical slowdowns as the primary causes.

Jio Financial Services Ltd (JFSL) on Monday said taxpayers can take assistance of JioFinance App for filing their returns as it has launched planning and filing module on its platform. Aimed at making tax planning and income tax return (ITR) filing simpler, smarter, and more affordable, the new feature has been developed in partnership with TaxBuddy, an online tax filing and advisory service, JFSL said in a statement. The tax filing feature allows users to either file returns themselves, or opt for expert-assisted filing, with plans starting as low as Rs 24 for self-service options, and Rs 999 for assisted options. The module includes two core features -- tax planner and tax filing, it said, adding that the tax filing feature is designed to address common challenges such as confusion between old and new tax regimes, helping customers save taxes by ensuring deductions under sections like 80C and 80D are not missed, and eliminating over-reliance on costly intermediaries. The tax plan

The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks

After successfully filling out the income-tax return, the next step is to verify it. If a return is filed but not verified within permitted time, it shall be deemed as invalid return

The scheme offers taxpayers the opportunity to settle disputed tax demands by paying the full disputed amount while availing a waiver on interest and penalties

Salaried taxpayers with non-business income can switch between tax regimes yearly. Those with business income who opt out of the new regime cannot re-enter later

The regime allows taxpayers to claim deductions on various investments and expenses, which can significantly lower their taxable income

How can govt improve upon the faceless tax assessment system

Several key financial deadlines have changed, including filing belated income tax returns (ITR) by the due date and availing of Vivad Se Vishwas scheme

July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations

Bombay High Court asks CBDT to give more time for work after petition against software update

Here is all you need to know about the initiative and its impact on your tax filings.

Online tax-filing platform ClearTax on Wednesday said it has partnered with Microsoft to develop a simplified solution that allows gig workers across India to file their taxes through WhatsApp. ClearTax has used Microsoft Azure OpenAI Service to develop a user-friendly solution that allows gig workers to file their taxes via WhatsApp, according to a statement. "The impact of this (initiative) has been swift and substantial. In just 5 weeks of launch, nearly 98,000 gig workers have been able to file their taxes with this new system. Moreover, all these individuals are set to receive several immediate economic benefits of this simplified scheme," the statement said. The Bengaluru-based firm plans to further extend this service to employers, enabling them to assist their blue-collar employees with tax filing and TDS refund claims, it added. "By making tax payment as easy as WhatsApp messaging, we're not just providing short-term relief -- we're expediting the long-term national object

Puducherry Chief Minister N Rangasamy presented a tax-free budget involving allocation of Rs 12,700 crore for the fiscal 2024-2025 in the territorial Assembly on Friday. He said the budget size of Puducherry has been fixed at Rs 12,700 crore. Rangasamy, who holds the Finance portfolio, also stated that the Union Territory's own receipts have been estimated at Rs 6,914.66 crore while the Central assistance including State Disaster Relief fund has been estimated at Rs 3,268.98 crore. The Central road fund has been estimated at Rs 20 crore while allocation under Centrally-sponsored schemes has been estimated at Rs 430 crore. During his 80-minute-long address, Rangasamy also said that he was extremely happy to present his fourth budget in the fifteenth legislative Assembly. The Central government had conveyed its approval for the net borrowing ceiling to the extent of Rs 2,066.36 crore "to bridge our fiscal deficit," he said. He said out of the budget estimate of Rs 12,700 crore, a su

Here's a guide to help you complete your ITR on time

This week we report about common mistakes people make in their tax filing and how India's richest use personalised concierge services

Cipla's share price declined by 0.56 per cent, ending the day's trade at Rs 1,507.50 apiece on the BSE

Fortis Healthcare Ltd on Friday said one of its subsidiaries has received a tax demand of Rs 89.53 crore, including interest for the assessment year 2022-23. Fortis Hospitals Ltd, a material subsidiary of the company has received an Income tax assessment order dated March 21, 2024, wherein a demand of Rs 89.53 crore, including interest of Rs 9.54 crore has been raised, Fortis Healthcare said in a regulatory filing. "The company is evaluating the said order and will take appropriate actions in due course," it added. The expected financial implication on Fortis Hospitals Ltd is Rs 89.53 crore, the company said.