Page 12 - Income Tax Returns

No timeline to remove income tax exemptions, says Nirmala Sitharaman

"We have not made up our minds as yet (on the removal of all exemptions)... We are trying step by step, move forward and no particular timeline given," she said

Yes, only 15 million Indians pay tax; but who is to blame for this?

It is Mr Modi's govt that has added to the problem, and it can resolve it, only if it has the stomach to ignore the inevitable howls of protest from a very vocal middle class, writes T N Ninan

FinMin expects at least 80% of taxpayers to move to new tax regime

The government introduced new tax slabs with reduced rates for an annual income of up to Rs 15 lakh for those foregoing exemptions and deductions under a simplified tax regime

2 tax regimes after Budget: Which one to choose if you claim exemptions

Experts say paying tax has now become very person-specific. Each taxpayer will have to study the situation and decide whether to opt for the new regime or not

Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more

The personal income tax has been simplified and reduced. Individuals will have to pay tax at the reduced rate of 10% for incomes of Rs 5-7.5 lakh, against the current rate of 20%

Income mismatch probe: 5,000 companies under tax department lens

The Central Board of Direct Taxes has directed its tax sleuths to intensify enforcement action and launch search-and-survey operations against these firms

Big taxpayers yet to take benefits of Sabka Vishwas amnesty scheme

These taxpayers have declared tax dues of around Rs 79,968 crore and after availing the various reliefs and amnesty as per the rules of the scheme, they would pay around Rs 35,094 crore, sources said

Power bill over Rs 100,000 or owning house jointly? Can't use ITR-1 form

ITR 1-Sahaj is for individuals having an annual income of up to Rs 5 million from salaries, a house, interest income, family pension income, etc. The form will require passport details

ITR-1 form not for those paying Rs 100K in power bill, owning house jointly

The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21

Indexation benefit to advance tax: Expert answers all taxation queries

If you receive Rs 30 lakh in cash during marriage, is it taxable? Read to find out

Income Tax dept has issued 21 mn refunds till November worth Rs 1.46 trn

The Centralised Processing Centre (CPC) processed 4.70 crore tax returns between April 2019 and November 28

Top 1.5% account for 19% of total earnings: Tax returns data show disparity

This is a rise from 17 per cent in 2015-16 and highlights an increase in inequality

CBDT extends ITR filing deadline in J-K, Ladakh UTs to November 30

It said the ITRs filed by individual taxpayers, post the set deadline of August 31, will be considered valid till November 30

Over 5.65 cr income tax returns for FY20 filed as Aug 31 deadline ends

Total number of income tax returns (ITRs) filed for AY 2018-19 was 5.42 crore

Online platforms, CAs aren't responsible for wrong income-tax filing

Be ready for a long haul even if there are punching errors from these service providers

ITR 2019-20: A simple step-by-step guide to filing your income-tax return

Good news is that the income-tax department has extended the last date for filing ITR from July 31 to August 31, 2019

FAQs: 10 key things you must know about income-tax return (ITR) filing

What are income-tax returns? Must you file them? What if you did not? What are the benefits of filing an ITR? How do you get a refund for any excess tax deducted? Find answers to all your questions

No change in income tax return forms, only utility software updated: CBDT

The policy-making body of the Income Tax Department issued a statement saying the updating process of these forms' utility software does not hamper the filing of returns

12 documents you need to file your income tax return this year

From Form 16 to tax saving investment proofs, a list of documents you need to have by your side while filing ITR

Modi received income tax refunds at least five times in 18 years, Rahul six

This is based on the online 'refund status' service provided by the Tax Information Network of the Income Tax Department, managed by NSDL e-Governance Infrastructure Ltd