income tax

income tax News

India needs a new evolved Direct Tax Code that's easy for Indians to follow

What is needed today is a more holistic reform in the shape of a direct tax legislation that motivates honest taxpayers, reduces compliance costs and lowers administrative burden.

Effective tax base growth highest in five years

The tax base, which includes assessees filing I-T returns along with those whose tax is deducted at source, rose to 8.44 crore in 2018-19, compared with 7.42 crore in FY18.

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India may raise income tax threshold in budget to revive economy: Report

Any tax exemptions will add stimulus to an economy that’s slowed sharply this year, with growth reaching a five-year low of 5.8% in the first three months of the year.

Bengaluru auto driver with Rs 1.6-crore villa got money as charity, says IT Dept

Nalluralli Subramani, 37, had been under the scanner of the I-T Department, who suspected that the auto driver had political links. Subramani, however, had attributed his good life to the largess of one of his passengers.

Income tax e-filers drop by over 6.6 lakh in FY19: Official data

According to statistics put out on Income Tax Department's e-filing website, income tax e-filings in FY 2018-19 was 6.68 crore, down from 6.74 crore in the previous fiscal. E-filers in FY 2016-17 were 5.28 crore.

Capital gains

The move to tighten tax regulations for MNCs is welcome, but the key to attract investment is a stable framework

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CBDT notifies changes in Form 16, seeks disclosure of more details about allowances

Tax department has sought detailed bifurcation about exemptions taken by salaried employees under Section 10 of Income-tax Act, which include leave travel allowance (LTA), life insurance, pension, gratuity, leave encashment, transport allowance and house rent allowance.

ELSS, NPS, insurance: Returns and risks of different tax saving options

Here’s a ready reckoner of sorts on some of the prominent 80C tax-saving investment options to help you make informed financial decisions and avoid costly mistakes.

Congress, BJP spar as I-T raids Kamal Nath aides

The searches were carried out after information was received of suspicious cash holdings, and are linked to suspected movement of unaccounted money ahead of the elections and alleged tax evasion, officials claimed.

Discrepancy of Rs 12 lakh crore in declared value of services for 2015-16 stokes leakage worry

The Board has now asked its field formations to verify the mismatch data for both 2015-16 and 2016-17 and take “necessary follow-up action”.

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.

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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 […]

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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.

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