Tag: taxpayers

Tax returns filing this year: What has changed

Every year, there are certain changes that are incorporated in the forms issued for filing income tax returns (ITR) and the processes involved, which the...

It is important to check pre-filled tax forms

If you are filing your income tax returns (ITR) online this year, you are likely to get certain information pre-filled in the tax forms. The...

Incomes which we generally forget to include in our ITRs

Many salaried and retired taxpayers file their Income Tax Return (ITR) themselves and they are bound to commit certain mistakes due to absence of proper...

Revamped tax-filing portal is still giving taxpayers trouble

The government has launched a revamped income tax filing portal—www.incometax.gov.in—aimed at improving the experience of taxpayers and to make the process of filing of income...

Tax filing deadline extended. That doesn’t mean relief from interest penalties

To provide relief to the taxpayers amid the covid-19 pandemic, the government has extended till 30 September the deadline for filing income tax returns (ITR)...

Are Portfolio Management Fees Tax Deductible?

Many investors, high net-worth individuals in particular, invest in the stock markets or debt markets through portfolio management services (PMS). The objective of investing through...

What to keep in mind while filing I-T return of FY21

The income tax department (ITD) launched a new e-filing portal (www.incometax.gov.in) on 7 June, as part of project CPC 2.0. It aims to provide improved...

Shouldn’t income tax be payable only on income?

Income tax is a tax payable on income. Unfortunately, at times, the tax laws end up taxing receipts that are not really incomes, or which...

10 big tax reliefs announced by the government for taxpayers

The government has announced several measures to ease income tax compliance and additional relief measures for taxpayers during the coronavirus pandemic. From further extension of...

Tax department must introspect on failure in technology implementation

The launch of the new income tax portal has brought home the truth about how the tax department has made taxpayers dependent on technology in...

Know how to file ITR using the new tax filing portal

In order to ease the tax filing process and tasks, the income tax department has launched a new web portal which is more interactive and...

Four things to keep in mind while filing income tax return this year

Every year, the income tax department introduces certain changes in the tax-filing process or the tax forms. It is important for a taxpayer to know...

New income tax e-filing portal to issue quick refunds. Check features

The new ITR e-filing portal is set to go live from 7 June. The existing portal will remain non-operational till 6 June to prepare for...

The challenges that taxpayers face on PF and NPS

Last year, the government had brought in a move to tax an employer’s contribution towards various retirement funds vide Finance Act, 2020. This sought to...

Pre-filled returns of income could prove to be a headache for taxpayers

In her budget speech, the finance minister announced that pre-filled income tax returns, which so far came filled in with details of salary, tax payments...

Status quo signals stability in tax regime: Experts

MUMBAI: Taxation experts have opined that making no major changes in the tax structure signal a strong resolve to have stability in the tax regime...

income tax returns: 5% more income tax returns filed this year

NEW DELHI: Income tax returns filed this year have risen by about 5 per cent to nearly 6 crore as more businesses and entities filed...

Commerce and industry minister reviews ‘Vivad Se Vishwas’ scheme

MUMBAI: Commerce and industry minister Piyush Goyal recently interacted with large corporates and top tax professionals on ways to make the ‘Vivad Se Vishwas’ scheme...

Taxpayers have to give details of each MF, stock that they sold: What it means?

If you redeemed your mutual funds or sold shares in the financial year 2019-20, you will have to give the details of each sale transaction...

Some taxpayers are getting SMS or email from tax department. Know why

Income tax department has been sending SMSes and emails to taxpayers to file their income tax return (ITR) for financial year 2018-19. This is in...

Initial cost of foreign remittance to go up

Budget 2020 introduced the provision for tax collected at source (TCS) at the rate of 5% on all remittances above ₹7 lakh under the Liberalized...

What taxpayers can expect from faceless assessment scheme

The government recently launched faceless assessment scheme (FAS). Under this, a computer picks cases for scrutiny and randomly allots them to a team of tax...

Widening the scope of SFT can affect taxpayers in many ways

The government is planning to widen the scope of the statement of financial transactions (SFT). It is an initiative under which various institutions report specified...

Catching elusive taxpayers still a work in progress

A tweet from a government handle, now deleted, was the cause of much upset with social media going a little nuts on the increasing compliance...

The big-ticket transactions that can bring you under the radar of the I-T dept

To widen the tax net, the income tax department is using analytics to scrutinize data to find out people who haven’t filed income tax returns...