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Sunday, January 19, 2020

income tax

INCOME TAX NEWS

Income tax saving schemes: Top financial instruments which will help you save tax

January 14, 2020 10:39 am

Income Tax Saving Schemes: These are the top financial instruments which can be used for the purpose of saving income tax in this financial year 2019-20.

What the numbers show: Adding ELSS to your tax-saving investments is a good idea

January 10, 2020 2:09 pm

In 2019, tax-saving mutual fund schemes performed better than crowd favourites like PPF. It’s a good time to consider including them in your portfolio.

Income Tax relief for middle class & incentives for new home buyers likely

January 17, 2020 2:05 pm

A series of discussions have been held within the government to promote economic growth and a reduction in the tax burden is seen as having a direct impact on boosting consumption.

I-T notifies some returns for AY2020-21; simple ITR not for those owning house jointly

January 06, 2020 11:32 am

Usually, the I-T Department notifies the ITR forms in the first week of April of the relevant assessment year.

Personal income-tax rate cut being considered among many things: FM

December 08, 2019 12:53 am

A cut in personal income-tax rate is among the many things being considered by the government, she said.

Hawala probe: I-T dept issues notice to Congress for receiving Rs 170-cr funds

December 03, 2019 2:13 pm

They said the notice was issued to the party to take the probe forward in the case that came to light last month after multiple raids, with links to "leading corporate houses" in the infrastructure sector, were conducted in Delhi, Mumbai and Hyderabad.

Rs 5,472 crore dues declared so far under indirect tax amnesty scheme

November 12, 2019 4:32 am

Though the response has been tepid with just 1.3 per cent of the total amount locked in litigation at Rs 3.6 lakh crore for 1.83 lakh cases declared so far, officials and experts expect the scheme to pick up going ahead in the remaining two months of the scheme.

'Rs 180-crore undisclosed income detected at Pune firm’s premises’

November 08, 2019 4:57 am

In another search in Pune region, the Income Tax Department said it made an all-time high cash seizure of Rs 9.55 crore, after it raided a local businessman in connection with a tax evasion case.

I-T Dept detects Rs 1,000 crore ‘tax evasion’

October 24, 2019 1:17 am

Preliminary enquiries revealed the quantum of accommodation entries and hawala transactions to be more than Rs 1,000 crore and the department suspects tax evasion and money laundering by the accused, it said.

Explained: The pros and cons of an income tax cut

October 22, 2019 7:58 am

An income tax cut would provide more disposable income in the hands of the taxpayers and the government's hope would be that this extra money would be spent by taxpayers – thus providing a boost to the economy.

INCOME TAX VIDEOS

Explained: Here's how the Modi govt budgeted for elections

February 01, 2019 8:55 pm

Budget 2019: Indian Express Rural Affairs Editor Harish Damodaran and Consulting Editor Shaji Vikraman take a deep dive and explain fine prints of the Union Budget presented by Finance Minister Piyush Goyal in Lok Sabha today.

Budget 2019 could give tax reliefs to make it popular

January 30, 2019 1:25 pm

Poorva Prakash, Senior Director, Deloitte India, says that the upcoming Vote on Account could give multiple personal tax concessions in order to make it a popular. She explains what can be expected on February 1.

Budget 2019 could give tax breaks for home buyers, rented properties

January 30, 2019 11:10 am

Poorva Prakash, Senior Director, Deloitte India, explains what can be expected in the upcoming Vote on Account to make it a populist one.

Budget 2019 could raise basic tax exemption limit to Rs 3 lakh

January 29, 2019 5:55 pm

Poorva Prakash, Senior Director, Deloitte India, explains that as a trend Finance Ministers don't make any major personal tax changes in a Vote on Account. However, she expects the Finance Minister to lay a roadmap for tax sops in this.

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 3)

February 29, 2016 4:47 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 1)

February 29, 2016 4:45 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.