IT Returns

The transactions were allegedly not reported correctly in tax returns for FY20

Such transactions attract special attention from the income tax (I-T) department and are mandatory to be furnished. If not, they may lead to fines, penalties or even jail term

The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen

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The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry

Income-Tax department selects cases manually for comprehensive scrutiny

Further, in ITR-7 political parties will have to give details of voluntary contributions under different categories received by them during the fiscal

A set of changes related to income tax are coming into effect from the first day of the new financial year. One of the highlights is the 30% tax on cryptocurrency gains. What are the other changes?

The Finance Minister said this would give taxpayers an opportunity to correct any omissions or mistakes in correctly estimating their income for tax payment

The government had extended the date of filing income tax returns for AY22 to December 31, 2021, from July 31, 2021

Infosys has been asked to address issues linked to complex filings

Treat it as capital gain if you buy and hold; as business income if you trade frequently

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State-wise data also the number of returns filed during AY 2018-19 has gone up compared to AY 2017-18.

If travelling abroad, keep a copy of bank statement which has details of payments made for buying tickets and hotel expenses

Make sense of all the announcements made by Finance Minister Nirmala Sitharaman for the exports sector

There were 8.44 crore taxpayers in FY19

Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without waiting for the mandatory 180 days

ITR filing by salaried taxpayers and those opting for presumptive income scheme surged 71% to 54.2 million till August 31