income tax
income tax News
Rs 5,472 crore dues declared so far under indirect tax amnesty scheme
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’
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.
Advertising
I-T Dept detects Rs 1,000 crore ‘tax evasion’
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
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.
Break-in reported in sensitive Income-Tax unit in Mumbai
Officials said the break-in was discovered by Income Tax security staff in the morning when they found locked cupboards broken in and ransacked — several files and papers were “lying in disarray” a member of the administration team employed in the building said.
National centre for I-T e-assessment to be based in Delhi; CBDT issues order
The e-assessment centre will headed by a Principal Chief Commissioner of Income-tax (PCCIT) as its chief.
Advertising
New Income Tax rules come into effect from September 1: All you need to know
In her Union Budget speech on July 5, Union Finance Minister Nirmala Sitharaman announced several tax-related amendments. The changes were to be implemented from September 1.
Highest ever e-filing of income tax returns recorded in a single day on August 31: CBDT
In terms of ITRs filed from different states, Maharashtra topped the list with 1,06,86,533 taxpayers, followed by Gujarat (66,04,451) and Uttar Pradesh (60,72,493). Saturday was the last date to file income tax returns for this fiscal year.
Two per cent TDS on cash withdrawals exceeding Rs 1 crore from today
In order to discourage high-value withdrawals, Finance Minister Nirmala Sitharaman, had initially proposed a 2 per cent tax deduction at source (TDS) on Rs 1 crore cash withdrawal from "an account" in her Budget 2019 announcement on July 5.
Income Tax Return Filing 2019-20: Deadline tomorrow, here's how you can file your returns
Income Tax Reruns (ITR) Filing 2019-20: Anyone with his/her annual income exceeding Rs 2, 50,000 is supposed to file the tax returns.
income tax Videos
Explained: Here's how the Modi govt budgeted for elections
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
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.
Advertising
Budget 2019 could give tax breaks for home buyers, rented properties
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
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.
I-T Department Raids Karnataka Energy Minister's Residence
A resort on the outskirts of Bengaluru where 42 Congress MLAs from Gujarat are holed up to avoid poaching by the ruling BJP in Gujarat was searched by the income tax department early on Wednesday. Sources in the Ramanagara district where the Eagleton Golf Resort is located confirmed that a search had been carried out […]
I-T Department To Have A CPC For Scrutiny of Income Tax Cases
The I-T department is considering setting up a centralised cell for scrutiny of income tax cases as part of efforts to reduce personalised interface between the taxmen and taxpayers with a view to curb corrupt practices. The proposed cell will be on the lines of the Central Processing Centre (CPC) that the department currently has […]
Advertising
Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 3)
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)
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.
Advertising