Income Tax Return

I-T returns may require disclosure of all assets

Tuesday April 30, 2013

In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families to report Indian assets and liabilities in income-tax (I-T) return forms.

Barack Obama's income fell in election year, paid 18.4 per cent tax rate

Reuters | Saturday April 13, 2013

President Barack Obama paid an effective federal tax rate of 18.4 per cent in 2012 and saw income from his best-selling books drop as he ran for re-election, according to his tax returns released by the White House on Friday.

Tax department will continue sending letters to non-filers: Finance Ministry

Monday March 25, 2013

Encouraged by positive results, Finance Ministry today said it will continue to send letters to assesses, who do not file income tax return. "We have been sending letters. We are getting results. The number of returns filed are showing an increase. W...

Nine tax saving options other than the famous Section 80C

Saturday March 23, 2013

You can also claim tax benefits for insurance premiums, medical expenses, higher education, donations, disability, etc.

Tax officials dig out old cases to meet target; speed up probe

Sunday March 17, 2013

Tax evaders beware! Old cases are being dug up and pending investigations expedited by issuing demand notices to defaulters. As the current fiscal year draws to a close, tax evasion is being tackled head on to meet the indirect tax collection target ...

New forms for I-T returns to be notified by March-end

Friday March 15, 2013

New forms for filing of income tax returns for the assessment year 2013-14 are proposed to be notified by the end of this month.

Income of Rs 5 lakh or more per annum? e-returns now mandatory

Sapna Das | Tuesday March 5, 2013

In an attempt to widen the use of technology for taxpayers, this year's Budget has made e-returns mandatory for taxpayers with an annual income of Rs 5 lakh or more.

Government to mail out 35,000 'polite' letters on income-tax returns

Tuesday March 5, 2013

The letters will be converted into notices should the assessees not respond, Revenue Secretary Sumit Bose said at an event organized by Ficci.

Paid excess tax? Tips to get a refund

Friday February 22, 2013

Once all the formalities are completed, we think only a little about tax refunds. Tax refunds are something only few of us get while most of us don't. So, it's essential to learn well about tax refunds.

How tax evasion can land you in trouble

Thursday February 7, 2013

Tax evasion, an illegal activity, entails not filing income tax returns altogether or misrepresenting the amount taxable. It is different from tax avoidance, which is a legal activity. In tax avoidance, tax laws help reduce the amount payable as tax.

Time to file tax returns: 10 very useful tips

Thursday February 7, 2013

Even though tax has been deduced and there is no other source of income, or liability to pay tax, employees have to file income tax returns.

The Virbhadra Controversy and BJP's charges: 10 latest developments

Edited by Prasad Sanyal | Tuesday October 23, 2012

The BJP has accused former union minister Virbhadra Singh of corruption, forgery, money laundering and faking income tax records, after reports of unaccounted money in his income tax returns and the affidavit of assets he has filed for the Himachal ...

Political parties earned Rs 4,662 crore in seven years: Report

Press Trust of India | Monday September 10, 2012

Political parties in India have amassed a staggering Rs 4,662 crore through donation and other sources since 2004, with the ruling Congress at the top with an income of Rs 2,008 crore followed by BJP at Rs 994 crore, claimed two NGOs today.

Deadline for filing tax returns extended to Aug 31 due to power outages

Tuesday July 31, 2012

The Central Board of Direct Taxes (CBDT) on Tuesday extended the deadline for filing income tax returns for assessment year 2012-13 by a month to August 31.

Income Tax Returns: Dummy’s guide to Form 16

Thursday July 26, 2012

It’s that time of the year when employees across the country grapple with filing their taxes. Here's a quick guide to deciphering your Form 16 and 16(A).