It must be noted that if person's gross total income does not exceed the basic exemption limit and files belated ITRs, then they will not be liable to pay penalty

BMS wanted the government to find ways to address industrial failures as they feared otherwise \"the burden is being conveniently shifted to the shoulders of workers in the name of labour reforms\"

If the gift amount is significant, chances are you will end up paying the highest tax rate of 30 per cent on your gift

The maximum amount of capital gains that you can re-invest in another property and get complete exemption is Rs 2 crore. If your capital gain is higher, you will have to pay capital gains tax on the amount exceeding Rs 2 crore

The National Pension Scheme was extended to all to corporates in December 2011 and to NRIs in October 2011

The government will take a decision on raising the income tax exemption limit at an appropriate time, Minister of State for Finance Anurag Singh Thakur said on Thursday.

If the RBI is satisfied with progress that the bank can get back to shape in a short period, it will free the bank from its clutches

The penalty for ITRs furnished on or before December 31 is Rs 5,000, but double that amount for later filings. Moreover, there is the interest charged under Section 234A that builds up the longer you delay filing your tax returns

The US consulate in a communication to travel agent associations said that this initiative is intended to shorten turnaround times for visa renewals and improve customer service for visa requests across India.

Income tax returns: There are plenty of changes in the ITR forms this year; here is the low-down on how to file your income tax returns correctly and in a hassle-free manner

As far as the filing of returns go, section 39 of the CGST Act has been amended to introduce a new option for specified taxpayers to furnish their returns on a quarterly basis, instead of monthly

The startups issued notices to pay angel tax can now cite the current order and get relief; this move is part of the procedure being laid out by the CBDT to ease tax compliance

As per the draft tax code, if a person gets a (tax) demand order on account of 20 items, the assessee has a choice that of the 20 items if he agrees on ten, he can pay the tax on those ten items

In a major relief to Foreign Portfolio Investors (FPI) hit by budget proposal to levy higher surcharge on income tax, the government is considering a plan to grandfather all income generated by FPIs.

All taxpayers (except taxpayers above 80 years and filing ITR-1 or ITR-4) have to file their income tax returns online.

If the interest earned for the year is more than the exemption limit, the same will be treated as her income and will be taxed in the hands of the homemaker.

CBDT Chairman P C Mody said that the tax department does not need to undertake such measures as it can obtain various information and data sets from multiple agencies and possesses a strong data analytics setup

7th Pay Commission:  The Union Finance Minister Nirmala Sitharaman has increased the income tax exemption limit on withdrawal from NPS account and has also announced additional tax benefits for employees who contributes towards the NPS.