This income tax filing season brings with it a heartening trend. One in every six tax payers is now checking online if the tax deducted by their employers every month has reachedFinance Minister Pranab Mukherjee’s coffers or not. This month, by July 18, 5.3 milliontaxpayers had logged on to the Internet to verify tax deductions [...]
Have you failed to reporting some tax saving investment to your employer or did you make the investment after submitting your investment declaration to the employer? Then there is a possibility of you being eligible for a tax refund. ( Click here for all your tax filing related queries ) “Atax refund could be due [...]
Buying a property undeniably ranks as one of the greatest Indian dreams. So it does not matter which part of the world you live in; a home in India is simply a must. And the Indian laws, over the years, have made this a fairly easy job. The Reserve Bank of India governs such transactions [...]
July 31st is the last date for filing your Indian income tax returns for the financial year 2010-2011. If you are a Non Resident Indian (NRI) and are looking at the best way to file your tax returns, here is a quick guide on various options, including e-filing. This guide will also help you understand [...]
The Income Tax Department is gearing up to receive returns from tax payers, salaried and from business (non-audit cases). The last date for filing return is July 31. Addressing mediapersons on Wednesday, chief commissioner of Income Tax, Chennai 1, Prema Malini Vasan said returns for salaried tax payers would be accepted at special counters at [...]
Legislation that builds on an expiring blue-collar jobs tax credit program while targeting Delaware businesses involved in clean energy technologies is headed to the House floor after receiving a favorable committee vote Wednesday. The Senate bill, which cleared the House Revenue and Finance Committee, increases the income tax credits for each qualifying job and for [...]
Sen. Goeff Hansen, R-Hart, is delivering on promises for government reform as demonstrated by his support of Gov. Rick Snyder’s bold tax restructuring plan. Reforming business and income taxes is a vital step to streamlining government and bringing state spending in line with revenue. From agriculture’s perspective alone, eliminating the Michigan Business Tax in favor [...]
The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan’s Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan, accused of siphoning off $8 [...]
An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements. The two-member tribunal, which gave its order on May 20, upheld the cricket legend’s argument that he was an ‘actor’ while appearing in commercials. Asha Vijayaraghavan, judicial member of the tribunal, [...]
Speaking on Wednesday at a seminar on black money, Sudhir Chandra praised what is arguably India’s most-hated department: the one responsible for levying taxes. But Mr. Chandra, the chairman of the Central Board of Direct Taxes, threw out numbers to back up his claims. It is to Mr. Chandra that tax officers ultimately report. In [...]