Page 12 - Income Tax Returns

ITR-1 notified: Here is how to file Income Tax Returns for AY 2020-21

The department has released the ITR-1 utility (e-form) on its e-filing website available in Excel and Java formats

Power bill over Rs 100,000? Now it's must to file income-tax return

Centre notifies changes; last date for filing extended to Nov 30 from Jul 31

Re-evaluate the tax regime you've chosen if your salary has changed

For different income levels, there are different break-even deduction points. If you can avail of higher deductions than that, stick to the old regime

Small businesses to taxpayers get share in govt's stimulus package

Dates for filing income tax returns and other assessments extended as Finance Minister lists details of Rs 20 trillion help for economy.

IRS officers for super-rich tax hike amid coronavirus outbreak; govt riled

The committee has argued the 'super-rich' have a higher obligation towards ensuring public good and recommended either raising income-tax rate for the highest slab or re-introducing wealth tax

Covid-19: Taxmen suggest 40% tax on super-rich, higher levy on foreign cos

The suggestions are part of a paper titled 'Force', which stands for 'Fiscal Options & Response to the COVID-19 Epidemic'

Arrears' collection will be tricky

We need to understand the nature of the astronomical tax arrears' figure of Rs 9 trillion

How to deduct TDS against salary under new rules from April? CBDT clarifies

The circular also addresses the confusion that there cannot be a change in option by the employee during the year, coming as a relief for employers

63.5 mn ITRs e-filed till Feb 15; number will increase further, says Thakur

The number of ITRs at 63.5 million till February 15 for AY20 has already surpassed that for AY19

63.5 mn ITRs e-filed till mid-Feb in FY20, up from 62.8 crore in FY19

The ITRs of AY 2019-20 can be submitted up to March 31, 2020, and hence this number is expected to go up further

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