'Captain Cool' MS Dhoni, now retired from international cricket and seen only in the IPL, was the second-highest taxpayer among cricketers
If AO doesn't respond within 21 days, CPC may release refund, or adjust it partially based on taxpayer's consent
Budget 2023 has maintained the status quo on tax policies with more thrust on certainty, which is a step in the right direction
Directive issued for maximising revenue collection and monitoring advance tax mop up
Defenders of preferential tax treatment argue that capital gains tax is a form of "double taxation" as corporate profits are taxed as ordinary income
Respond on time, with expert help if required, to prevent further punitive measures
Of the 1.3 million active patients in India, around 890,000 have given consent to be up for adoption
There are several transactions that one needs to mention mandatorily in the ITR 2021-22 (AY 2022-23). It is necessary to avoid a notice from the I-T department
The new SOP will make officials more accountable and will also make the entire process transparent
The government has tightened GST norms. But some of the changes have caused "inconvenience" to taxpayers, to say the least.
The tax department's initiatives would, in the normal course, have been welcomed by honest taxpayers, but implementation issues and the taxman's misaligned views are causing problems
CBDT has extended the due dates for electronic filing of various forms under the Income-tax Act, 1961 considering the difficulties reported by the taxpayers and other stakeholders
Your guide for Modi's taxpayers' charter and its benefits
PM Modi said the charter had been introduced with defined rights and responsibilities. Read the full text of the tax charter document here
From taxpayers' point of view, this scheme provides a good window of opportunity to reduce litigation and it must be evaluated positively.
It is standard practice in all countries and its origins lie in the creation of the US Fed in 1915
Disputes relating to wealth, securities transactions, commodities transaction tax, and the equalisation levy are not covered under the scheme.
The recognition of this problem is a welcome development. Regulatory overreach and higher risk perceptions are a major concern, constraining business growth that need to be addressed.
As per the Budget document, an individual taxpayer opting for the new tax regime will not be entitled for deduction under 80C of the Income Tax.