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Tax

Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid

Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid

Filing of income tax return –the annual ritual –can get really troublesome if you don't pay heed to the details. Every year, numerous applications get rejected due to incorrect or mismatched information.

Over 36 lakh bank a/cs saw cash deposit of Rs 10 lakh or more in a financial year

Over 36 lakh bank a/cs saw cash deposit of Rs 10 lakh or more in a financial year

Over 36 lakh bank accounts have seen cash deposits of Rs 10 lakh or more in a financial year, Parliament was informed on Tuesday.

Vajpayee, not Congress, set the ball rolling on GST: Finance Minister Jaitley

Vajpayee, not Congress, set the ball rolling on GST: Finance Minister Jaitley

Finance Minister Arun Jaitley on Thrusday said the first move towards the landmark GST was made by the Atal Bihari Vajpayee government 17 years back, and not the Congress.

'Apprehension about price rise post-GST misplaced'

'Apprehension about price rise post-GST misplaced'

Ruling out any price rise post Goods and Services Tax (GST), former Revenue Secretary Shaktikanta Das has said such apprehensions are "misplaced" and initial hiccups in its implementation will be sorted out in the next 2-3 months.

GST reality report: Public responds to government's latest implementation

GST has made to it's launch and now people in different parts of the country share their reactions of how successful they think is GST will be for India.

GST regime from July 1: What will be cheaper- Here’s the complete list

GST regime from July 1: What will be cheaper- Here’s the complete list

A list of supplies, where the GST incidence is lower than the present combined indirect tax rates.

All India ITR launches income tax e-filing app

All India ITR launches income tax e-filing app

All India ITR (www.allindiaitr.com), a government authorised e-filing website, on Tuesday launched a mobile application to make the process of income tax e-filing simple.

 

Telecom industry's cash deficit at Rs 1.2 lakh crore: RCom

Telecom industry's cash deficit at Rs 1.2 lakh crore: RCom

Intense tariff war and high taxes are expected to squeeze Indian telecom operators, leaving a gaping Rs 1,20,000 crore deficit between the industry's earnings and its debt/payment commitments this year, says debt-laden Reliance Communications.

Income Tax department warns against cash dealings of Rs 2 lakh, seeks tip-off

Income Tax department warns against cash dealings of Rs 2 lakh, seeks tip-off

Income Tax department on Friday warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

I-T dept disloses names of 5 defaulters in Delhi

I-T dept disloses names of 5 defaulters in Delhi

As part of its strategy to "name and shame" big defaulters, the Income Tax Department on Thursday published names of five entities who owe over Rs 10 crore in taxes.

 

91 lakh new taxpayers added, undisclosed income of Rs 16,398 crore identified post demonetisation

91 lakh new taxpayers added, undisclosed income of Rs 16,398 crore identified post demonetisation

Personal income tax return filing has gone up post-demonetisationdue to ownership of unanimous money being identified, Finance Minister Arun Jaitley said on Tuesday.

I-T dept to seek info on deposits made during demonetisation in new ITRs

I-T dept to seek info on deposits made during demonetisation in new ITRs

The taxman will seek data on deposits made by an assessee during the demonetisation period as part of the new Income Tax Returns (ITRs) that would be notified soon for assessment year 2017-18.

 

Govt to bring 1-page income tax return filing process from April 1

Govt to bring 1-page income tax return filing process from April 1. Watch complete news story of News 360 for getting the detailed news updates!

Centre to get greater chunk in residual GST Compensation Fund

Centre to get greater chunk in residual GST Compensation Fund

The Centre will have a greater share of the residual amount in the compensation fund at the end of the 5-year period as the GST Bill now provides for equal sharing of the amount as against the earlier formula which favoured states.

 

Tamil Nadu assembly moves bill to levy additional 5 pc tax on liquor

Tamil Nadu government today moved a bill in the state Assembly for levy of an additional five per cent tax on sale of liquor.

Neymar hails multi-million euro tax victory after Brazilian authorities halved fine on appeal

Neymar hails multi-million euro tax victory after Brazilian authorities halved fine on appeal

A financial appeals court (CARF), a body linked to the Economy Ministry, quashed two convictions against Neymar in relation to irregularities in the payment of taxes on deals through two companies created by his father. However, three other convictions were upheld.  

Donald Trump paid USD 38 million in taxes in 2005: White House

President Donald Trump paid USD 38 million in taxes on more than USD 150 million in income in 2005, the White House announced today.

Monitor tax collection to meet target by Mar 31: CBDT to taxman

The CBDT has directed the Income Tax department to "scrupulously" monitor tax collection, which it said is slightly less than the target even as the current financial year is nearing an end.

Tax-free limit for gratuity hiked to Rs 20 lakh 

Formal sector workers may soon be eligible for up to Rs 20 lakh tax-free gratuity as central trade unions have agreed on the proposal in a tripartite consultation with the Labour Ministry. 

Taxman to scrutinise loan deposits under op 'clean money'

The Income Tax department may initiate penal action and impose an equivalent penalty in select cases of loan amount deposits of Rs 20,000 or more as part of the 'Operation Clean Money' to check stash post demonetisation.