- 03 May 1604:09 PMNext time you get an email from the Income Tax department stating that it wants to refund you some money, don’t be delighted — be cautious.
- 02 May 1604:08 AMProfessionals, unlike the salaried, have it a little tougher when it comes to filing income tax returns. This is because of the intricate documentation one has to maintain. One look at the information sought in the lengthy ITR-4 can be daunting.
- 14 Apr 1612:25 AMWith the income tax department allowing ample time for filing returns, many taxpayers take it easy.
- 10 Apr 1610:08 PMFiling income-tax returns is not a pleasant job for most, even for those who have no income to show other than salaries. And, the continuous changes in the income-tax returns form, often, makes the filing process more complicated.
- 09 Apr 1611:03 PMThe taxation of severance pay has many a times been a point of dispute between the recipients and the Income Tax authorities.
- 07 Apr 1611:06 PMIf you were trading in stocks and made losses in the past financial year, don’t lose heart. These losses can help you save tax in the future.
- 06 Apr 1603:26 AMThe revelation that Mossack Fonseca, a Panamanian law company, helped many well-heeled Indians set up offshore entities in tax havens is probably causing many of the rich and powerful to spend sleepless nights.
- 28 Mar 1604:15 AMSection 143 of the Income Tax Act, 1961 deals with the assessment procedure of the return filed by a taxpayer.
- 21 Mar 1605:10 AMWith March 31 approaching fast, most employees should ideally have given all their tax planning proof to their respective companies. If you have still not done so, it's time to rush.
- 17 Mar 1610:47 PMIdeally, for six years, if it is a normal scrutiny or assessment, but can be up to 16 years if it is income from foreign income or concealed income, say experts.
- 16 Mar 1605:26 AMOn the one hand, the government is trying to reduce litigation by giving additional freedom to income-tax assessees and reducing penalties. On the other, the assessing officer (AO) has been given unlimited powers in certain situations.