- 26 May 1602:05 PMOwing to improvements in healthcare, the number of senior citizens in India is growing. Today we have around 10.5 crore senior citizens (those above the age of 60) and more than 1 crore very senior citizens (those above 80).
- 18 May 1610:43 PMThe finance ministry will launch an ‘income declaration scheme’ from June 1. Those who have not declared their income correctly in earlier years will have an opportunity to do so during the four months the scheme remains open.
- 16 May 1606:29 AMSoftware developer Mandar Gokhle went to the US in October last year for a project. His company transferred him to its subsidiary there and he was therefore paid a salary there.
- 15 May 1610:24 PMSection 10(5) of the Income Tax Act, 1961 read with Rule 2B of the Income Tax Rules, 1962 provides an exemption in respect of an allowance or assistance received by an individual from his current employer or former employer for himself and family in
- 09 May 1612:22 AMIn 2013, then finance minister P Chidambaram had said, "It is shocking only 42,800 people and firms admit to earning over Rs 1 crore. Many more earn but only so many admit," the finance minister said.
- 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.