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Income tax

Demystifying the New "Discard" Option in Income Tax Returns: A Comprehensive Guide for Taxpayers

Demystifying the New "Discard" Option in Income Tax Returns: A Comprehensive Guide for Taxpayers

Mon, Dec 04, 2023

Taxpayers rejoice! The Income Tax Department has introduced a revolutionary new feature – the 'Discard' option. In this video, we’ll delve into the details of this game-changer, explaining its benefits, eligibility criteria, and the simple process of discarding your income tax return. So, whether you're a seasoned taxpayer or a first-timer, this video will equip you with the knowledge to make the most of this convenient option.

Income Tax Tips: What Are The Tax Regulations On Transaction Between Spouses

Income Tax Tips: What Are The Tax Regulations On Transaction Between Spouses

Tue, Nov 07, 2023

Don't assume that all transactions between spouses are tax-free. There are some nuanced rules to be aware of, especially when it comes to gifts, investments, and rental income. In this video, we'll break down the key tax implications to keep in mind when dealing with your spouse financially.

International Travel To Get More Expensive From October: Everything You Need To Know

International Travel To Get More Expensive From October: Everything You Need To Know

Fri, Sep 15, 2023

The new 20% TCS rule on international travel is coming into effect on October 1st, 2023. Here's what you need to know about how it will impact your travel plans and how you can save money.

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Income Tax Department identifies over 67 lakh non-filers

Income Tax Department identifies over 67 lakh non-filers

Thu, Dec 22, 2016

The Income Tax Department (IT) has identified 67.54 lakh non-filers for financial year 2014-15, it said in a statement.

Your salary to rise if Govt acts on new income tax slabs in Budget 2017; we calculate

Your salary to rise if Govt acts on new income tax slabs in Budget 2017; we calculate

Wed, Dec 21, 2016

Currently, no tax is charged up to income of Rs 2.5 lakh per year.

Bring certain agricultural activities into income tax net: Experts tell Jaitley

Bring certain agricultural activities into income tax net: Experts tell Jaitley

Wed, Dec 21, 2016

In an attempt to curb people from converting black money into white, economists in their pre-budget consultative meeting with Finance Minister Arun Jaitley in New Delhi on Tuesday suggested the minister to bring certain type of agriculture income under tax net.

Are you an SME? We explain how to take advantage of income tax on digital turnover

Are you an SME? We explain how to take advantage of income tax on digital turnover

Wed, Dec 21, 2016

Earlier this week, finance ministry had rolled out a benefit of lower income tax rate, under section 44AD, for small businesses with turnovers up to Rs 2 crore if it were in digital/banking transactions.

Election Commission to ask I-T authorities to look into finances of 200 political parties

Election Commission to ask I-T authorities to look into finances of 200 political parties

Wed, Dec 21, 2016

Seeking to stem flow of black money in elections, the Commission has proposed a slew of electoral reforms but most are pending with the government.

30% tax advantage for digital transactions: Jailtey

30% tax advantage for digital transactions: Jailtey

Tue, Dec 20, 2016

The government on Monday said small traders and businesses with a turnover of up to Rs 2 crore would pay less tax if they accept payments through banking and digital means.

This is how Govt may discourage you from using cash

This is how Govt may discourage you from using cash

Tue, Dec 20, 2016

After demonetisation, Government of India is currently mooting several proposals to push the country towards being less-cash. Apart from giving discounts on using debit or credit cards, there is a possibility that using cash may be taxed, Aseem Manchanda reports.

Save over 50% tax if new income tax slabs are implemented in Budget of 2017

Save over 50% tax if new income tax slabs are implemented in Budget of 2017

Mon, Dec 19, 2016

For the income between Rs 10 lakh to Rs 15 lakh, the tax rate is likely to be 20% as per the new proposal.

GST rollout may be pushed to July, industry needs time: Experts

GST rollout may be pushed to July, industry needs time: Experts

Sun, Dec 18, 2016

With "turf issue" over tax payer jurisdiction continuing to clog GST Council deliberations, the Goods and Services Tax (GST) rollout could be delayed by a quarter to July 1 as industry would require time to prepare itself, experts said.

Political parties can't accept old notes in donation; tax exemption rules unchanged: Arun Jaitley

Political parties can't accept old notes in donation; tax exemption rules unchanged: Arun Jaitley

Sun, Dec 18, 2016

In a bid to clear the air on tax exemption to political parties, Finance Minister Arun Jaitley said on Saturday they can not accept donations in old Rs 500 and Rs 1,000 notes since these bills were junked last month and clarified that there is no new exemption granted.

Income tax exemption given only to registered political parties subject to certain conditions: CBDT

Income tax exemption given only to registered political parties subject to certain conditions: CBDT

Sat, Dec 17, 2016

After the government announced that political parties depositing old notes post demonetisation will be exempted from income tax, the CBDT issued a clarification on Saturday stating that the exemption from income tax is given to only registered political parties subject to certain conditions which

Deposit in bank acounts of political parties exempt from tax, says Hasmukh Adhia

Deposit in bank acounts of political parties exempt from tax, says Hasmukh Adhia

Sat, Dec 17, 2016

As it levies stiff penalties on unaccounted cash in banks, the government on Friday said political parties depositing old Rs 500 and Rs 1,000 notes in their accounts will be exempt from income tax.

How to calculate Advance tax and who should pay it?

How to calculate Advance tax and who should pay it?

Wed, Dec 14, 2016

If your do not pay Advance tax as per the schedule, you will become liable to pay interest under section 234B and 234C.

Did Arun Jaitley just hint at lower income taxes rates?

Did Arun Jaitley just hint at lower income taxes rates?

Tue, Dec 13, 2016

Jaitley said, "Future transaction would be substantially digital and once they are substantially digital, they would come in the tax net. Therefore, the future taxation level would be much higher than what is currently being collected."

Income Tax department seizes Rs 130 crore post-demonetisation

Income Tax department seizes Rs 130 crore post-demonetisation

Tue, Dec 06, 2016

The Income Tax Department has carried-out swift investigations in more than 400 cases.

Rs 13,860 crore declared in IDS ''not mine'': Mahesh Shah

Rs 13,860 crore declared in IDS ''not mine'': Mahesh Shah

Sat, Dec 03, 2016

Mahesh Shah, a businessman from Gujarat who made a surprising disclosure Rs 13,860 crore in unaccounted wealth under the Income Declaration Scheme (IDS) two months ago, said on Saturday he was used as a front by some businessmen and politicians to declare the money and would name them soon.

Digital banking may eat into ATM business

Digital banking may eat into ATM business

Fri, Dec 02, 2016

According to V. Balasubramanian, President, Financial Software and Systems (FSS), the demand for ATMs is unlikely to be affected in the next couple of years, but "it is not possible to make a growth estimate after two years given the changed situation".

Income Tax Raid? Your gold worth 500 grams per lady, 250 grams for unmarried lady and 100 grams per man is safe

Income Tax Raid? Your gold worth 500 grams per lady, 250 grams for unmarried lady and 100 grams per man is safe

Fri, Dec 02, 2016

In a statement, Meenakshi J Goswami, I-T Commissioner and Spokesperson of the Central Board of Direct Taxes (CBDT), clarified that jewellery bought from disclosed income will not be taxed under existing or proposed amended provisions.

Income Tax: This is how the new amnesty scheme looks like

Income Tax: This is how the new amnesty scheme looks like

Tue, Nov 29, 2016

The Government on Monday introduced a new Bill in Lok Sabha to tax newly deposited undeclared income as part of demonetisation drive.

Income Tax Dept may assess only 1% tax assesses on staff shortage

Income Tax Dept may assess only 1% tax assesses on staff shortage

Mon, Nov 21, 2016

The Income Tax department has come under tremendous pressure on account of shortage of staff and they may only focus on catching the big time tax evaders in the country.

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