Under the technology-driven faceless schemes, a taxpayer will not be required to visit IT department's office or meet an official for income tax related complaints.
The Income Tax department also said the ex-gratia payment received from the employer by family members in case of death of an employee due to Covid would be exempt from income tax.
The portal, which was launched on 7 June, is riddled with problem including long logging time, inability to generate OTP for Aadhaar validation & non-availability of previous ITRs.
The tribunal says women accumulated cash through various sources, which they had to deposit in bank accounts during demonetisation & therefore, it cannot be treated as taxable income.
Jeff Bezos paid no income tax in 2007 & 2011. Elon Musk's income tax bill came to zero in 2018, and financier George Soros went 3 straight years without paying federal income tax.
Sitharaman took to Twitter to announce the launch of the new portal that went live Monday evening, but soon, her timeline was flooded with user complaints.
Corporate tax collections levied on profits of firms contracted 18% in 2020-21 to a 5-year low. There has been a sharp fall in firms filing tax returns for income ranges of above Rs 5 lakh.
The Central Board of Direct Taxes, citing pandemic as the reason for the extension, also deferred the ITR filing deadline for companies till 30 November.
The existing portal will not be available for a brief period of six days from 1 to 6 June to both the taxpayers as well as Income Tax department officials.
India cannot be blasé about change in any important capital in the world. Let's look at five key areas where US policy matters for India and how it may vary between Harris and Trump.
In Episode 1544 of CutTheClutter, Editor-in-Chief Shekhar Gupta looks at some top economists pointing to the pitfalls of ‘currency nationalism’ with data from 1991 to 2004.
Troops patrolled up to Patrolling Point (PP) 10 on Monday. Though there are PP 10, 11, 12, 12A & 13 in Depsang Plains, it was decided that only one or two PPs would be patrolled.
While we talk much about our military, we don’t put our national wallet where our mouth is. Nobody is saying we should double our defence spending, but current declining trend must be reversed.
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