Page 7 - Income Tax

Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts

This applies even to transactions with close relatives; penalty can be up to 100% of amount received

Sometimes, tax is payable on deemed income from unoccupied house

A house owner can claim only up to two properties as self-occupied

Direct tax collection grows 40% driven by personal income tax from Apr-Jul

Personal income tax collection posted a growth of 52% YoY at Rs 2.67 trillion, while corporation tax collection stood at Rs 45,000 crore

Top Headlines: BEML to list land holding firm, 5G phones at Rs 10k next yr

BEML will soon list its land holding company on the exchanges after receiving the corporate ministry's approval

Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt

Social security scheme should reach the poor and underprivileged, says official

Tax payers can no longer be a part of the Atal Pension Yojana: FinMin

A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money

What is belated ITR filing?

Most of us must have filed the tax return for all our earnings. The last date for filing tax return was July 31. But what if you have missed it? Find out your options now

India's tally of crorepatis at 131,000 as 6,000 new ones added in FY22

There was also a significant rise in number of people who declared their income between Rs 10 lakh and Rs 1 crore, data from the Finance Ministry showed

ITR Filing AY 2022-23: What if you missed the ITR?

Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?

Over 6.3 mn returns filed till 10 pm on last day: Income Tax department

Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for filing ITR for the 2021-22 fiscal by salaried individuals, the Income Tax department said.

ITR 2021-22: What do you lose if you file a belated income tax return?

Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and filing a belated ITR

Explained: Easy steps to file ITR

ITR 2021-22: Everything you need to know about updated income tax return

In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year

ITR 2021-22: How does a belated income tax return differ from regular one?

Filing your income tax return on time is always the best option. We explain what happens when you file it late

Kotak Mahindra Bank completes tech integration with new e-filing portal

With this, Kotak Mahindra Bank becomes one of the first private banks to be fully integrated with the new Income Tax department portal

ITR: 5 common mistakes you should avoid while filing your income tax return

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

Games people play: Skill or chance? Tax rates will differ, say experts

Any income arising from a game of any sort, which does not involve any skill, is taxed at the rate of 30 per cent

Explained: What is Form 26AS and why is it important for filing ITR

A Form 26AS contains all tax-related information of a taxpayer such as TDS, TCS, advance tax paid by the assessee, self-assessment tax payments, details about income tax refunds, and other details

Top headlines: 5 years of GST and what lies ahead for the tax reform

In the last five years, since its launch in July 2017, the GST journey has been difficult for both economic and political reasons. Read more on five years of GST in our top headlines

Income tax rules: Here are the changes in rules from July 1, 2022

While the late fees for linking PAN-Aadhaar will shoot up, doctors and influencers will have to pay 10% TDS on the benefits they receive from sales promotions