INCOME TAX NEWS
Paying house rent to parent, kin? HRA exemptions won’t be that easier
How To Maintain Your House Rent Allowance (HRA) Exemption
Fake rent receipt won’t help you lower tax burden anymore
Govt notifies simplified ITR form; e-filing to start from tomorrow
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Apr 11, 2017
Mumbai: From now on, claiming tax benefits on rent paid under House Rent Allowance rules of Income Tax Act will no longer be that easier. This especially when you are staying at your parent’s or relative’s place.
Given the substantial rise in number of fake rent receipts that are being submitted with employers, the income tax department has decided to change some rule, and make them tough too. …
April 11, 2017
Now salaried class taxpayers cannot claim house rent allowance or HRA exemption on the basis of fake rent receipts in name of their mother, father, wife or any other close relative. The Income Tax Department may disallow fake HRA exemptions on basis of guidelines recently issued by the Mumbai ITAT (Income Tax Appellate Tribunal). Now onwards, such taxpayers may have to keep other documents to substantiate payment of rent to claim HRA exemption.
Apr 05, 2017
Mar 31, 2017
NEW DELHI: The government on Friday notified a simplified income tax return form for individuals which will be available for filing ITR for assessment year 2017-18 from Saturday.
Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.
The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets). …
Jul 04, 2016
Prime Minister Narendra Modi believes that “Indians are inherently honest”, but a recent survey indicates that if given a chance, 58% of taxpayers will under-report their income to save tax. The online survey conducted last week by ET Wealth got 953 respondents across age groups and income levels. On the face of it, the results of the survey validate Modi’s words. Over 82% of taxpayers have never knowingly given incorrect information in their tax returns and 13.6% have done it just “once or twice.
A mere 4.4% are the bad apples who have under-reported their income many times in their returns. …
24 June 2016
Following repeated directions from the Central Information Commission (CIC), the Central Board of Direct Taxes (CBDT) had asked the Income Tax (I-T) Department to place in the public domain names of all organisation and entities that enjoyed tax exemption. However, the I-T department has not yet complied with the directions. …
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Apr 28, 2016
MUMBAI: The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT), in a recent order, has taken a benevolent view and dismissed the penalty levied by income-tax officials for ‘concealment of income’ in the hands of a salaried employee. …
Apr 26, 2016
NEW DELHI: The income tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said. …
Apr 26, 2016
Every year the government notifies the tax return forms applicable for the current assessment year. This year the tax return forms have been notified well in time just before the close of the financial year on March 3oth. The newly notified forms for the financial year 2015-16 do carry some changes over the previous year’s forms. …
December 16, 2015
The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. …
Sep 20, 2015
NEW DELHI: In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment. …
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