Central Board of Direct Taxes

CBDT Extends Due Date for filing of IT Returns as well as reports of Audit to 15th October, 2018

The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain categories of taxpayers. Upon consideration of representations from various stakeholders,... Read more »

Unique Identification Authority of India (UIDAI) Said That It Is the Responsibility of Schools To Provide Aadhaar Enrolment & Update Facility To Their Students

Unique Identification Authority of India (UIDAI) today said that it is the responsibility of schools to provide Aadhaar enrolment and update facility to their students and ensure that no children are deprived/denied... Read more »

7 Ways to Verify Your Income Tax Return (ITR)

Did you file your Income Tax Return (ITR) on time and think that your job is done? Well, it is not over yet. The government of India has made ITR verification mandatory.... Read more »

Direct and Indirect Tax – Differences & Similarities

With so many taxes going around, it becomes a daunting task for a new taxpayer or a start-up to worry about them all. Knowing them individually and how they apply to you... Read more »

Due Date for filing of Income Tax Returns for Taxpayers in Kerala Extended to 15th September 2018

Extension of date for filing of Income Tax Returns for taxpayers in Kerala The Central Board of Direct Taxes(CBDT) had earlier extended the ‘due date’ for filing of Income Tax Returns from 31st... Read more »

What is TDS? Here’s All You Need To Know About It

TDS or Tax Deductible at Source is a big confusion point for a lot of taxpayers. What is TDS, how is it calculated and how is it deducted are some questions users have in... Read more »

GST On Under-Construction Property: Here’s All You Need To Know

GST or Goods and Services Tax is a landmark reform that came into effect from July 1, 2017. This reform aims to eliminate multiple taxes at multiple points of transactions. Hence, you... Read more »

ITR Forms Needed For Financial Year 2017-18

The income tax department has already notified the new tax return forms pertinent to the financial year 2017-18 in April this year. Some forms have already had their online utility tools published.... Read more »

Attorney General Supports LS Speaker On Labeling Aadhaar Bill As Money Bill

On 3rd May 2018, the Government sought dismissal of Congress’ petition. The petition challenged the Lok Sabha speaker’s decision to designate the Aadhaar Bill as a money bill. The center stated that... Read more »

Aadhaar Enrolment Software Compromised: UIDAI Denies Reports Of A “Jailbreak” Version

The alleged Aadhaar enrolment software compromised report has been denied by the Unique Identification Authority of India (UIDAI). Reports had surfaced that the software was being tampered with and being sold for... Read more »

Aadhaar Link With Mobile SIM Number Not Necessary, Other Documents Can Be Used Too

Finally, some good news has poured in for Indian citizens trying to get a mobile SIM without an Aadhaar card. New instructions have been issued by the government regarding this issue. Now,... Read more »

Suspicious High Value Transactions Tracked By I-T Department Due To Aadhaar-PAN Linking

The Aadhaar-PAN linking has had its fair share of criticism. Even though the government has justified the linking, criticism has poured in from all directions. According to a Times of India report,... Read more »

Prosecution Of Tax Defaulters Amounting To 75 During Previous Financial Year

Now finally it seems that the government won’t be taking the prosecution of tax defaulters lightly. The income tax department has ushered in prosecution in almost 7,700 cases during 2017-18. This is... Read more »

In simple terms, Income tax is the tax levied on your personal income directly. The tax levied by the government on the financial income of different entities generated within their jurisdiction is called Income Tax. All individuals and businesses are mandatorily required to file income tax return in order to determine the amount of tax they need to pay to the government and to determine if they are qualified for a tax refund. The government uses these funds generated in the form of income tax to serve the public and fund its activities. Some of the types of income taxes are Corporate Tax, Capital Gains Tax, Personal Income Tax, Fringe Benefits Tax, Banking Cash Transaction Tax, and Business Income Tax. You are supposed to pay a percentage of your income as income tax based on in the income tax slab that you fall under. Higher the income, higher is the income tax.