Tag: Income Tax

Various IT Returns: Due date
News

Various IT Returns: Due date

July 28, 2020

Mysore/Mysuru: Due to Covid-19 pandemic, the due date for filing various returns under Income-Tax Act is as below. Those who have not complied shall do  so before the due date.  Nature of return Extended Due Date     Filing of IT Return for FY 2018-19 (with late fee): 31-07-2020 Making of Tax Saving Investments For FY…

Arbitrary Income Tax results in social injustice: CJI
News

Arbitrary Income Tax results in social injustice: CJI

January 25, 2020

New Delhi:  Chief Justice of India (CJI) S.A. Bobde said that while tax evasion was injustice to fellow Indian citizens, arbitrary or excessive taxation on income resulted in social injustice by a government. He was speaking at the 79th Foundation Day of the Income Tax Appellate Tribunal (ITAT) in New Delhi yesterday. He said speedy…

I-T sleuths raid Rashmika’s bungalow in Virajpet
News

I-T sleuths raid Rashmika’s bungalow in Virajpet

January 16, 2020

Virajpet: The Income Tax (I-T) officials are conducting a search-and-seizure operation at the residence of multi-lingual actor Rashmika Mandanna in Virajpet, Kodagu. Her palatial house is located at Kukkloor village near Kadanoor on the Virajpet-Madikeri Road.  Three teams comprising more than 10 I-T officials from Bengaluru landed up at the house at around 7.30 am…

‘Co-operative Banks must be exempted from Income-Tax’
News

‘Co-operative Banks must be exempted from Income-Tax’

November 21, 2019

Mysuru: Maintaining that it is only the Co-operative Banks and not Co-operative Societies that come under the purview of Income-Tax (I-T), Home Minister Basavaraj Bommai, who is also the Co-operation Minister, has assured of exerting pressure on the Union Government to keep Co-operative Banks out of the purview of I-T. He was speaking at the…

Income Tax Return Due Date
News

Income Tax Return Due Date

July 22, 2019

Mysuru: With the amendment to the Income Tax Act, any person who receives any income by way of Salary, Pension, Interest, Profession fee, etc., and who have NOT filed their Income Tax Return for the FY 2018-19 (AY 2019-20)  shall file on or before 31st July 2019 which is the due date.  If the proper…

IT-TDS Return due date extended till June 30
News

IT-TDS Return due date extended till June 30

June 10, 2019

Mysuru: With a view to redress genuine hardship faced by the deductors in timely filing of Salary TDS statement in FORM 24Q on account of revision of its format and consequent updating the File Validation Utility for its online filing, the Central Board of Direct Taxes, New Delhi, has extended the due date of filing…

Pay and then demand
Columns

Pay and then demand

June 21, 2018

By N.K.A. Ballal, Retd. Sr. Vice-President, ITDC An email from an Indian in the UK: My salary in UK is 61,000 pounds per annum without tax. (61,000 x 80 = INR 48,80,000). I pay 40 percent tax on my salary. 48,80,000 – 19,52,000 = INR 29,28,000 balance. Then 700 pounds per month as house rent,…

Pensioners Association seeks tax exemption of Rs. 10 lakh
News

Pensioners Association seeks tax exemption of Rs. 10 lakh

January 13, 2018

Mysuru: The Mysore City Pensioners Association has urged the Centre to raise the total Income Tax exemption for pensioners to Rs. 10 lakh and thereafter fix a maximum Income Tax slab of 10 percent, irrespective of the quantum of income for senior citizens, retirees/ pensioners who are dependent only on their pension and interest from…

Income Tax on Salaries
Feature Articles

Income Tax on Salaries

December 5, 2017

The end of financial year 2017-18 is fast approaching and the Income Tax on salaries shall be calculated accordingly before the end of March 2018 and remitted before the due date. Any excess or shortfall in taxes deducted can be adjusted during the financial year 2017-18 (before 31.3.2018). The Income Tax is deductible annually for…

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