Income Tax News
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Record! Whopping Income Tax collection – Rs 10.03 lakh crore during 2017-18
PTI | August 17, 2018 10:26 PMIncome Tax collection in the country stood at a record Rs 10.03 lakh crore during 2017-18, the Central Board of Direct Taxes (CBDT) today said.
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Own more than one house? Here’s how you should plan income tax
August 17, 2018 11:43 AMHome loans are a smart choice if you have a steady source of income. The tax benefits owing to home loan can be maximized if right planning is deployed.
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Income up to Rs 1500 per minor child is exempt from income tax
Amit Maheshwari | August 14, 2018 12:54 AMThe income earned in the name of minor is taxable in the hands of the parents whose income is greater, before adding such income of minor.
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I-T department to scrutinise 0.35% of returns filed for FY18
FE Bureau | August 10, 2018 6:31 AMIn what would make the income tax department less intrusive, it would scrutinise only 0.35% of returns filed for the last fiscal, down from 1% earlier.
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ITR filing: Did you get a defective income tax return notice? Here’s what you need to do
FE Bureau | August 10, 2018 11:27 AMRevise the defective ITR within 15 days of notice addressing the defects
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Good news for taxpayers! Less than 1% of income tax returns filed last year to be scrutinised
PTI | August 11, 2018 9:25 AMThe income tax department today said it has picked up only high tax evasion cases for scrutiny, which account for around 0.35 per cent of the 6.86 crore returns filed for Assessment Year 2017-18.
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Earning more than Rs 15 lakh? Here’s how you should plan your taxes to get the maximum benefit
August 9, 2018 10:26 AMReturn filing has its benefits; one of which is that it allows you to paint a complete financial picture of the year that was and make informed decisions for the year that is and make smarter choices for the years to come.
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Crucial warning from Income Tax dept about fake messages of ITR refunds – Never fall into this trap!
PTI | August 8, 2018 5:05 PMIncome Tax refund: Recently, some people wrote on social media platforms that they had received such messages.
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Income Tax efiling: Haven’t filed your ITR yet? Now use updated forms to file tax return
Sanjeev Sinha | August 8, 2018 1:14 PMWith the extension of due date for filing tax returns, some simultaneous changes have also been made in the online as well offline ITR forms, among others. Here’s all you need to know.
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Over Rs 6,400 cr collected from 2 lakh I-T non-filers after note ban
FE Bureau | August 8, 2018 2:01 AMThe government received Rs 6,416 crore as self-assessed tax from over 2 lakh persons who were served with notices for depositing cash worth more than Rs 10 lakh after demonetisation but had failed to file any income tax returns, the finance ministry said on Tuesday.
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Big gain! India got whopping Rs 6,416 cr income tax as over 2 lakh non-filers filed ITR in FY’18
PTI | August 9, 2018 3:41 PMAs many as 2.09 lakh ‘non-filers’ filed income tax returns in last fiscal and paid taxes worth Rs 6,416 crore, Minister of State for Finance Shiv Pratap Shukla said today.
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From Bachelor Tax to Tattoo Tax, world’s 11 most weird taxes you will be surprised to know
Sanjeev Sinha | August 7, 2018 4:36 PMWhat if you were asked to pay tax based on the number of windows in your house or how many times you flush the toilet?
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CBDT move: Threat to plan to cut tax arrears
FE Bureau | August 7, 2018 5:35 AMThe Central Board of Direct Taxes’ (CBDT) latest Central Action Plan, for instance, seeks to incentivise the CIT (Appeal), the first appellate forum, to pass ‘quality’ orders with additional credit of two units per order.
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Income Tax: You have to pay 20% tax on capital gains made from property sale
Suraj Nangia | August 7, 2018 1:36 AMWhenever a property is sold in India, the seller makes a capital gain.
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Income Tax Return: Gujarat High Court allows man to file ITR without Aadhaar
PTI | August 6, 2018 10:52 PMThe Gujarat High Court today allowed a man to file his income tax return (ITR) manually instead of doing it online which requires linkage to Aadhaar card, and directed the I-T department to accept the same.
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Filing income tax return? Here’s what has changed in the new ITR forms for AY2018-19
Sanjeev Sinha | August 6, 2018 12:47 PMIf you are one of those who have still not filed their tax return or are still wondering which ITR form to use or what has changed in the new forms, here’s help.
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NRI buying or selling house, land or property? Tax rules for investment in real estate by non-resident Indians
August 3, 2018 4:06 PMAre you an NRI and have either invested or want to invest in an immovable property in India? Here’s how your income will be taxed.
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Income Tax Return Filing: How incomes from other sources are taxed
Nishita Nathani | August 5, 2018 8:42 AMThere are 5 sources stipulated under the Income Tax Act, 1961, like salary, business or profession, house property, capital gains and other sources. Income from other sources includes income from residual sources.
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ITR filing: 10 things about income tax return you probably didn’t know
August 2, 2018 11:24 AMIt is necessary for taxpayers to understand some important provisions of the Income-Tax Act which will help them avoid any serious mistake while filing their income tax return.
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Income Tax Return filing: How to pay Self Assessment Tax, generate challan and fill BSR number
August 1, 2018 10:51 AMSelf-assessment tax has to be computed by the taxpayer on his own and then the same is required to be deposited with the government.
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Watch out, salaried! Interest on PF after you quit working is taxable, rules Income-Tax Tribunal
August 1, 2018 11:10 AMThe Bangalore bench of ITAT has recently ruled that PF interest earned after the date of cessation of employment of the employee is taxable, even if the condition of 5 years’ contributory service is satisfied.
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Income Tax Return filing for previous years: How many years can tax returns be filed for?
July 31, 2018 10:59 AMWhat happens when the income tax returns are not filed in a timely manner? Is it possible to go back and file tax returns for earlier years?
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How is GST making direct tax collectability effective?
July 31, 2018 12:36 PMAfter the implementation of GST, there has been an increase of 18% in the direct tax collections and 17% increase in the corporate tax collection. This indirect tax is easing in direct tax payments to the government vaults.
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Landmark judgment! Interpret tax ambiguity benefit in favour of revenue, says Supreme Court
Indu Bhan | July 31, 2018 4:50 AM‘The burden of proving applicability would be on the assessee to show that his case comes within the parameters of the exemption clause or exemption notification’, says Supreme Court.
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Income Tax: NRIs to fill up FSI & TR in ITR2 if claiming tax credit on foreign income
Amit Maheshwari | July 31, 2018 12:55 AMKnow how NRIs will fill up FSI & TR in ITR2 if claiming tax credit on foreign income..
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Overruling its 21-yr-old verdict! Benefit of ambiguity in tax exemption will be in favour of State, says Supreme Court
PTI | July 30, 2018 10:50 PMOverruling its 21-year-old verdict, the Supreme Court today said that when there is ambiguity in tax exemption notification, the benefit of such uncertainty must be interpreted in favour of the State.
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ITR filing: 4 reasons why the deadline for filing income tax return was extended to August 31
July 30, 2018 6:29 PMThe due date for filing income tax return has been extended considering the technical and practical difficulties faced by taxpayers while filing their ITRs.
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