Income Tax

Income tax portal’s tech issues being progressively addressed; 1.19 cr ITRs filed: CBDT

Giving updates of activities carried out by taxpayers on the portal, the I-T department said over 8.83 crore unique taxpayers have logged into the portal till September 7, 2021 with a daily average of

ITR

Taxpayers can file applications for settlement till September 30

The Finance Act, 2021 has amended the provisions of the Income Tax Act, 1961 to close ITSC with effect from February 1, 2021. In order to dispose off the pending settlement applications as on January

Legislative amendments in this regard shall be proposed in due course, the CBDT said.

Income Tax: Authentication of e-records made easier

Under the existing provisions of section 144B(7)(i)(b) of the Act, this simplified process of authentication by EVC is not available to certain persons (such as companies, tax audit cases, etc.) and t

In order to provide the benefit of the simplified process of authentication by EVC to these persons, it has been decided to extend the simplified process of authentication by EVC to these persons also.

CBDT allows taxpayers to file applications by Sep 30 for settlement of pending cases

To dispose of the pending settlement applications as of January 31, 2021, the government had constituted the Interim Board for Settlement. The taxpayers, in the pending cases, have the option to withd

income tax

Faceless assessment: FinMin eases rules for authentication of e-records submission

“In order to provide the benefit of the simplified process of authentication by EVC to these persons (such as companies, tax audit cases, etc.) , it has been decided to extend the simplified process

The process of e-verification through Aadhaar OTP and other methods is important for the department to commence processing of the ITR and to issue refunds, if any.

Top mistakes to avoid while filing Income Tax Return (ITR) for AY 2021-22 this month

Income Tax Return for AY 2021-22: ITR filing is mandatory for all individuals whose income is over Rs 2.5 lakh and is aged under 60 years.

income tax return mistakes

Your Queries (Income Tax): Select ITR 2 if you have income under the head ‘capital gains’

In the current assessment year, you may furnish ITR Form 1 instead of ITR 2, if you do not have income under the head capital gains, and you satisfy the conditions for reporting income in ITR 1.

In order to provide the benefit of the simplified process of authentication by EVC to these persons, it has been decided to extend the simplified process of authentication by EVC to these persons also.

Tax on Provident Fund: Know how PF contributions, interest will be taxed

Rule 9D provides for separate accounts to be maintained within the provident fund account with respect to the taxable as well as non-taxable contribution.

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Forms for exemption from I-T returns for senior citizens of 75 years & above notified

Such exemption from ITR filing would be available only in case where the interest income is earned in the same bank where pension is deposited.

Alternatively, in case the difference is substantial, you may contact the bank and have the particulars corrected.

Sold unlisted shares? Know the tax implications

As equity shares of a company are considered as capital assets, selling such shares would either result in a capital gain or capital loss.

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FinMin notifies rules for calculating taxable interest in PF account

Rule 9D inserted in the Income-tax Rules, 1962 has specified that separate accounts within the PF accounts shall be maintained clearing segregating the taxable and non-taxable contributions to PF alon

tax

Income Tax Return: With glitches in e-filing site yet to be removed, due date extension looks inevitable

Finance Minister Nirmala Sitharaman has given Infosys a final deadline of September 15 to remove all the glitches from the new e-filing site.

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Calculation of taxable interest on PF contributions – Government issues notification

The government has issued a notification regarding the calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit.

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Your Queries: Income Tax – Do we have to show income from FD, dividends

Set off short term capital loss in debt funds against LTCG in equity funds

In order to provide the benefit of the simplified process of authentication by EVC to these persons, it has been decided to extend the simplified process of authentication by EVC to these persons also.

Pensioners’ body urges govt to exempt pension from income tax; seeks PM intervention

The body in its first all-India conference held at Shirdi (Maharashtra) on July 23, 2018 has resolved that pension should be exempted from income tax.

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Impact of Uniform Civil Code on Hindu Undivided Family as an income tax unit

If the UCC is ultimately implemented, the concept of HUF will have to be given a go-by.

FM Sitharaman asks Infosys to fix I-T portal glitches by September 15

Users continued to face glitches in the e-filing portal of the income tax department two-and-a-half months since its launch. In fact, the portal was not available last Saturday.

The government must remain open-minded and flexible if it wants to meet its ambitious target.

I-T portal glitches: FM Nirmala Sitharaman sets September 15 as deadline for Infosys to resolve issues

As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolvin

With India’s growing middle class with purchasing power ability offers an opportunity to investors to produce in India for the the large captive market.

FM Sitharaman meets Infosys CEO Salil Parekh over snags in income tax portal

Parekh and his team are believed to have given a road map for fixing the problems. On Sunday, the Income Tax Department in a Twitter post said Parekh has been summoned by the minister to explain the p

FM Sitharaman meets Infosys CEO Salil Parekh over snags in income tax portal

Income Tax e-filing portal glitches: Finance Ministry summons Infosys CEO Salil Parekh

On June 8, a day after the new website was launched, Sitharaman had informed Infosys about the technical difficulties being faced by taxpayers.

Speaking to a group of journalists a week ago, the minister had said I-T portal glitches would be rectified “in 2-3 days”.

ITR filing: Check Form 26AS to confirm tax credits

With the introduction of Section 112A, a lot of information with regards to your investments needs to be filled in the ITR

For salaried individuals, if any deduction was left to be declared in Form 16, the same can be additionally claimed when filing ITR.

Income Tax portal live after emergency maintenance: Infosys

Infosys India Business, which is the Twitter handle of Infosys India Business unit, in a tweet on Sunday evening said: "The emergency maintenance of the @IncomeTaxIndia portal has concluded and the po

Consequently, if you receive gratuity, 1/3rd of the corpus shall be tax exempt.

Finance Ministry ‘summons’ Infosys MD & CEO Salil Parekh to explain non-resolution of Income Tax portal glitches

Sitharaman last week had said that technical glitches in the new e-filing portal will be largely fixed in the next few days and that she has been constantly reminding Infosys about the issue.

Citizens need to be allowed to express themselves without fear of incarceration; at the very least, they should have the courage to defend themselves and those in their fraternity.

Income Tax Return filing for AY 2021-22: Essential things individuals should keep in mind while filing ITR

Incomplete ITR details or inaccurate information may lead to an ITR being treated as invalid or even imposition of a penalty on the assessee.

Your Queries (Income Tax): Aggregate of all dividend income taxable under ‘other sources’

Dividends declared and distributed on or after April 1, 2020 are taxable in the hands of recipient shareholders. Such dividend income is subject to 10% TDS, if amount received exceeds Rs 5,000 in a ye

Legislative amendments in this regard shall be proposed in due course, the CBDT said.

Income Tax Portal: Redefining tax compliance and assessment

The new Income Tax portal was launched on June 7, 2021 with the intention to provide the taxpayers with a more convenient and modern seamless experience on the portal.

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Income Tax Calculator, Budget 2019, How to Calculate Income Tax

 

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