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INCOME TAX NEWS

Income tax collections went up by 126 pc in Gujarat: Official

July 06, 2021 9:33 pm

“Gujarat has made good progress. Tax collections in the state has risen over Rs 12,000 crore from April 1, 2021 till now. During the same corresponding period last year, only Rs 5,300 crore could be collected. This is 126 percent growth,” said Kumar.

Centre extends Aadhaar-PAN linkage deadline till September 30

June 25, 2021 6:59 pm

PAN-Aadhaar linkage: The previous deadline was June 30, 2021.

New Income Tax e-filing website launched: ITR e-filing 2.0 portal new features, details - everything you need to know

June 07, 2021 5:58 pm

New Income Tax e-filing website: The Income Tax Department will launch the new e-filing website for taxpayers on Monday, June 7, 2021. It will come with new features which are likely to make the ITR process faster and smoother.

Compliance timelines extended: FY20 ITR can be filed till May 31

May 02, 2021 4:13 am

Taking in consideration the adverse circumstances arising due to the COVID-19 pandemic and also the requests received from taxpayers, tax consultants and other stakeholders from all over the country , the government decided to extend the timeline.

Income Tax rule changes from April 1: Everything you need to know

April 01, 2021 8:17 pm

From higher TDS to new PF rules, here are all the changes in income tax norms that come into effect from April 1.

Centre extends last date for Aadhaar-PAN linking to June 30

March 31, 2021 9:56 pm

PAN-Aadhaar link last date: The government had said those who miss the deadline will be liable to pay a penalty of up to Rs 1,000 and their PAN will become invalid.

Last few days to buy insurance products to save tax

March 29, 2021 4:06 pm

Along with financial protection, there are some other key advantages of investing in insurance products, one of them being tax saving.

Tax-saving fixed deposits (FDs): These banks offer the best interest rates, check here

March 09, 2021 4:48 pm

Tax Saving FD Interest Rates 2021: Tax-saving fixed deposits (FDs) offer a maximum deduction of Rs 1.50 lakh under Section 80C of the Income Tax Act and the maximum deposit that is permissible is Rs 1.50 lakh.

Delhi: Across sectors, tax collection in red

March 09, 2021 3:51 am

In 2015-16, 2016-17, 2017-18, and 2018-19, tax collection grew by 13.61%, 3.03%, 14.70% and 2.54% respectively.

Double taxation: NRIs, foreign nationals can submit details by March 31

March 04, 2021 5:04 am

Since the Budget did not offer specific relief for those stranded due to the pandemic, the Central Board of Direct taxes (CBDT) received various representations requesting relaxation in determination of residential status for FY21.

INCOME TAX VIDEOS

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

June 22, 2020 6:03 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

June 22, 2020 6:04 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

June 22, 2020 6:04 pm

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

June 22, 2020 6:04 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.