Income Tax

SBI Tax Saving Fixed Deposit (FD): Interest Rate, Lock-In Period, Key Features

Business | Edited by Anshul | Saturday August 17, 2019

Most commercial banks in the country such as State Bank of India (SBI) offer income tax benefits under a special type of fixed deposit (FD) account. This income tax benefit can be availed by the eligible assessees against their investment - up to Rs 1.5 lakh in a financial year- under Section 80C of the Income Tax Act. Also known as tax-saving fixe...

Income Tax Return Filing Deadline 2 Weeks Away, Here's A Quick Guide

Business | Edited by Anshul | Saturday August 17, 2019

The I-T department provides various forms for income tax assessees to file their ITR or income tax return. Meant for different types of taxpayers, such as salaried or self-employed individuals and companies, these income tax forms are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V (verification), according to its website - incom...

Find Out The Penalty Charges You Have To Pay For Missing Income Tax Deadline

Business | Edited by Anshul | Thursday August 15, 2019

Penalty charges for missing income tax deadline: An income tax return not furnished by the due date set by the Income Tax Department is called a belated return. A belated return of income is furnished under section 139(4) of the Income Tax Act.

How To Prepare And Submit An Income Tax Return Online, Which Form To Use

Business | Edited by Anshul | Thursday August 15, 2019

Income tax return last date: The Income Tax Department provides seven different forms applicable to different types of assessees.

How to File Income Tax Returns aka ITR Online in India

Pranay Parab | Thursday August 15, 2019

ITR aka income tax returns can be easily filed online for free in India. Here’s how you can do that.

"Durga Puja Tax" Opens New Mamata Banerjee vs Centre Front

India News | Written by Monideepa Banerjie | Tuesday August 13, 2019

Politics has muscled its way into Durga Puja pandals in West Bengal ahead of festivities barely 50 days away. On orders from Mamata Banerjee, top women leaders of the Trinamool Congress sat on a day-long sit-in protest in Kolkata today to protest income tax notices to Durga Puja organisers.

Mamata Banerjee Versus I-T Department On Durga Puja Tax

India News | Edited by Anindita Sanyal | Wednesday August 14, 2019

Bengal Chief Minister Mamata Banerjee on Tuesday hit out at the Income Tax department over its denial on levying taxes on the state's Durga Puja committees.

Rs 300-Crore Bungalow, Funds Seized In Probe Against Kamal Nath's Nephew

India News | Reported by Arvind Gunasekar, Edited by Aditya Sharma | Monday August 12, 2019

The Income Tax department has seized a Rs 300-crore Delhi Bungalow under the anti-Benami law in its probe against Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath. The tax department also seized Foreign Direct Investments worth $40 million.

These Post Office Saving Schemes Offer Income Tax Benefits

Business | Edited by Abhishek Jejani | Sunday August 11, 2019

Using these post office saving schemes, an investor can claim a deduction up to Rs. 1.5 lakh in a financial year from taxable income.

For Tax On Durga Puja, Mamata Banerjee Plans Protest Against Centre

India News | Edited by Anindita Sanyal | Sunday August 11, 2019

Bengal Chief Minister Mamata Banerjee is a planning a protest against the tax the BJP-led Central government is trying to impose on Durga Puja committees of the state. In a series of tweets today, Ms Banerjee said the Income Tax department has issued notices to many committees who organise Durga pujas, asking them to pay taxes.

700 Crores "Undisclosed Income" Found In Raids On Tamil Nadu Distilleries

Tamil Nadu News | Written by Arvind Gunasekar, Edited by Arun Nair | Sunday August 11, 2019

The Income Tax Department has recovered Rs 700 crore unaccounted income during search and seizure operation on two major producers of beer and IMFL (Indian-made foreign liquor) in Tamil Nadu.

Have You Filed Your Income Tax Return? Key Things You Need To Know

Business | Written By Anshul | Saturday August 10, 2019

The taxman has provided seven forms - named ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 - for filing of ITR, and one form - ITR-V - for verification, according to its website - incometaxindia.gov.in.

How To Verify Income Tax Return (ITR) Without Login To E-Filing Account

Business | Edited by Anshul | Thursday August 8, 2019

The last day to file income tax return (ITR) for the assessment year 2019-20 (financial year 2018-19) is August 31, 2019.

All You Need To Know About Income Tax Return Form 2

Business | Anshul | Monday August 5, 2019

For filing of income tax return, the Income Tax (I-T) Department has provided seven forms - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Want To Open A Fixed Deposit Account In Post Office? All You Need To Know

Business | NDTV Profit Team | Sunday August 4, 2019

Investments made under the 5-year fixed deposit account qualify for income tax benefits under Section 80C of the Income Tax Act, 1961.