Tax Returns

Deposits, pension scheme: Investments you should make before March 31

Non-linked policies must be availed of by that deadline to earn tax-free return without cap

Old vs new: Soon, I-T portal may show which tax regime's best for you

The system will also compare the two schemes in an easy-to-understand format, said another source

Trustees will be liable in case of non-payment of exit tax: CBDT chief

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

IRS didn't audit Trump for two years in office, reveals Jan 6 committee

Paid $1.1 million in tax during his presidency, but $0 in 2020

US House congressional panel to discuss release of Trump's tax returns

The Democratic-controlled House Ways and Means Committee is expected to vote Tuesday on whether to publicly release years of Donald Trump's tax returns, which the former president has long tried to shield. Committee Chairman Richard Neal, D-Mass., has kept a close hold on the panel's actions, including whether the panel will meet in a public or private session. And if lawmakers move forward with plans to release the returns, it's unclear how quickly that would happen. But after a yearslong battle that ultimately resulted in the Supreme Court clearing the way last month for the Treasury Department to send the returns to Congress, Democrats are under pressure to act aggressively. The committee received six years of tax returns for Trump and some of his businesses. And with just two weeks left until Republicans formally take control of the House, Tuesday's meeting could be the last opportunity for Democrats to disclose whatever information they have gleaned. Trump has long had a ...

Over 60% of returns filed for amount less than Rs 5 lakh, shows data

Higher tax exemption slabs may exclude significant numbers from existing pool

Presumptive tax scheme can reduce compliance burden, return filing

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

Clear brings solutions to pre-validate data before tax returns are filed

Clear TDS, a SaaS platform, can generate three million FVU files in 30 minutes, and has automated bulk PAN and aadhaar linking verification, challan verifications among other features

Legal heir bound by law to file deceased's tax return for year of death

Failure to do so can result in penalties for the legal heir

Govt leans heavily on nominal revenue growth to beat fiscal blues

If the burden does hit Rs 2.5 trillion, that would mean extra spending of around Rs 35,000 crore

Income Tax Dept starts investigation against UP businessman Piyush Jain

The Income Tax Department has started the investigation against Kanpur-based perfume businessman Piyush Jain.Notably, the Directorate General of GST Intelligence (DGGI) had recovered over Rs 194.45 crore cash, 23 kg gold and 600 kg sandalwood from the factory premises of Piyush Jain in December last.A joint team of DGGI and local Central GST had taken Jain to his factory and residence in Kannauj which resulted in a cash recovery of cash and gold.The investigation has been taken up by Income Tax Department, Kanpur division. DGGI last week officially shared the information with the Income Tax department.Out of Rs 194.45 crore, DGGI raised a tax liability of Rs 52 crore on Piyush Jain. The rest amount of the cash will now be seized or requisitioned by Income Tax under section 132B of Income Tax.An official told ANI that the seized money has been kept in the State Bank of India. Now a warrant will be issued against Jain by the department. Department will also match his income tax returns .

Top Headlines: Wheat export push, CBDT's ITR guidelines, and more

Here are the top Business Standard headlines on Friday

Govt seeks to grow tax base, makes filing must for TDS/TCS above Rs 25,000

In the case of senior citizens, the aggregate of Rs 50,000 apply; rule came into force on April 21

I-T Dept issues over Rs 1.67-trn refunds to 18.7 mn taxpayers till Feb 7

The Income Tax Department has issued refunds of more than Rs 1.67 lakh crore to 1.87 crore taxpayers so far this fiscal

What Budget 2022 holds for the individual taxpayer and the investor

While there was no change in the slabs and no deductions whatsoever, there was some relief for taxpayers who make a mistake in filing income-tax

UK government borrowing falls as economic recovery boosts tax revenues

British public borrowing fell in May from sky-high levels of a year earlier when the government was ramping up a huge spending response to the coronavirus crisis

Bidens paid 25.9% rate and earned $607,336 in 2020, tax returns show

President Joe Biden restored a long-standing presidential tradition by releasing his tax returns, showing that 25.9% of the first couple's income went to the federal government in 2020

US Supreme Court refuses to step in to halt release of Trump's tax returns

The court's action is the apparent culmination of a lengthy legal battle that had already reached the high court once before

Delhi govt sends notices to over 5,500 firms for not filing tax returns

The Aam Aadmi Party (AAP) government will strictly scrutinise the reasons behind these companies not filing tax returns, Sisodia said