The due date for salaried individuals to file their return was 31st July 2012. Even if you have not filed return of income by due date, you can still file return up to 31st March of the next financial year. In such a case no penalty will be imposed for not filing the return by due date. E.g. if your due date for filing is 31st July 2012, and you could not file return by the due … [Read more...] about File Income Tax Return Before March 31
Know what the income-tax department knows about you
In the recent months, the Income Tax Department has been publishing ads in all major newspapers, warning the taxpayers who do not declare their full income in their income tax returns. A huge amount of data is collected from various entities, and the data is collated against each taxpayer in the servers of the income tax department. There is a central processing cell in … [Read more...] about Know what the income-tax department knows about you
Earning More than 5 Lakhs? E-filing is compulsory
Out of the 4 crore income tax returns (ITRs) filed during the financial year 2011-12, 1.64 crore and 2.15 crore in 2012-13 were filed online. Majority of these were voluntary e-filers. This acceptance of the facility has made the government confident to make it mandatory for people with more than Rs. 5 lakh of total income (includes income from salary, professional, rental, … [Read more...] about Earning More than 5 Lakhs? E-filing is compulsory
Harshad Mehta Case: Special Court Orders Release of Rs 650 cr
The Special Court (set up under the Special Court Act of 1992) has ordered the custodian appointed by it to release a sum of Rs 650 crores from the liquidated assets of the Harshad Mehta group of entities against pending claims by various entities. These entities are: Income Tax Department: Rs 28 crore Standard Chartered Bank: Rs 346 crore State Bank of India: Rs 260 … [Read more...] about Harshad Mehta Case: Special Court Orders Release of Rs 650 cr
Income Tax Dept Moves SC Over Tarun Tahiliani Issue
Noted Fashion designer Tarun Tahiliani has moved the Supreme Court in relation to the issue of claiming tax exemption on his income from overseas. The dispute between Tahiliani and the Income Tax department can be traced back to the former’s earnings for the Financial Year 1999-2000. He had claimed deduction for the same period, the tax effect for which was Rs 25.80 lakhs. … [Read more...] about Income Tax Dept Moves SC Over Tarun Tahiliani Issue
