Indian Income Tax

Due date for filing ITR for AY 2016- 2017 Extended

As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for filing returns of Income for Assessment Year [...]

Last date for filing IT returns extended till September 7

NEW DELHI: In a relief to individual tax payers, the finance ministry on Wednesday extended last date for filing income tax returns to September 7. Earlier, [...]

Income Tax Slab & Deductions FY 2015-16

For Men/Women below 60 years of age For Senior Citizens (Age 60 years or more but less than 80 years) For Senior Citizens (Age 80 years or [...]

NRI – Non Resident Indian – FAQs on Income Tax for AY 2014-15

Q) Who is NRI as per Income Tax Act? A) Residential status of an individual or HUF or a company is of great importance in Indian Income Tax Act as the [...]

Consequences of Filing Income Tax Return After Due Date

The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 [...]


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NRIs guide to property received as gift

The set of tax and regulatory implications for properties received by NRIs as gift are vastly different from those received as inheritances. In this article, [...]

E-filling of income tax returns may cross 50% this year

BANGALORE: E-filing of income tax returns has increased so substantially over the past two years that the income tax department believes paper filing of [...]

GOvernment investigating details of assets and payments received by Indian citizens in several countries

Details of assets and payments received by Indian citizens in several countries have “started flowing in” and are being investigated, Finance [...]