Page 5 - Taxpayers

SC grants two-month window to taxpayers for claiming transitional credit

The apex court bench of Justice Abdul Nazeer and JK Maheshwari directed the revenue authorities to facilitate taxpayers who were not able to claim benefits when the country transitioned

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

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

5 years of GST: Why the indirect tax regime may not see big-bang reforms

From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of local sales and entry levies

GST Council meet: Easier e-comm supplier registration, tax tweaks on cards

The council will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, discussing a report of a GoM on high-risk taxpayers under GST to curb evasion.

ITR 2022-23: How to fill your income tax return for this assessment year?

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

GST enforcement: A fine balance in catching fraud, not harassing taxpayers

The government has tightened GST norms. But some of the changes have caused "inconvenience" to taxpayers, to say the least.

Claim deduction either under Section 80 TTA or 80 TTB, but not both

Exemption under Section 10(15)(i) can be availed in conjunction with 80 TTA or 80 TTB

Top Headlines: IPL media rights & Viacom18, CBDT on cross-border disputes

Digital media rights for IPL matches could lift the OTT play of Reliance Industries-led Viacom18, posing a challenge for the current leaders. Read more in our top headlines

Income tax returns increased in FY22 over the previous fiscal: CBDT chief

Talking to PTI, Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth.

CBDT lays out guidelines for manual scrutiny of income tax returns

Income-Tax department selects cases manually for comprehensive scrutiny

Income tax dept issues refunds of over Rs 1.92 trillion till March 15

The income tax department on Wednesday said income tax refunds worth over Rs 1.92 trillion have been issued to more than 2.24 crore taxpayers so far this fiscal.

The myth of Sisyphus

The futile labour of Indian taxpayers

Still have 80D limit? Avail of deduction on health check-up, say experts

To make use of Section 80DDB deduction, get a specialist's certification

'Allowing ITR updation for 2 yrs by paying extra tax not an amnesty scheme'

The two-year window provided to taxpayers to disclose omitted income and correct mistakes made in income tax returns, is not an amnesty scheme, Revenue Secretary Tarun Bajaj said on Wednesday

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

Budget 2022-23: No major surprise expected in income-tax slabs

Discussion on tax announcements is ongoing in the finance ministry

CBDT issues refunds of Rs 1.37 trillion to 12.7 million taxpayers

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,36,779 crore to more than 1.27 crore taxpayers from April 1 to December 13, the Income Tax Department said on Wednesday. "CBDT issues refunds of over Rs 1,36,779 crore to more than 1.27 crore taxpayers from 1st Apr, 2021 to 13th December, 2021. Income tax refunds of Rs 46,438crore have been issued in 1,25,34,644 cases & corporate tax refunds of Rs 90,340 crore have been issued in 2,02,705 cases," the Income Tax department tweeted. This includes 90.95 lakh refunds of Assessment Year (AY) 2021-22, amounting to Rs 18,848.60 crore, it said.

I-T department empowered to demand info from taxpayers for e-verification

The intention is to bring more transparency within the tax agencies and streamline the process of uncovering serious tax evasion or money stashed abroad