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Reinvest past investments to paying parents rent: Lesser known ways to save income tax

If you have tried the popular methods and are still falling short of meeting your tax saving requirement, there are some lesser-known ways to save tax.

Panel drafting direct tax law seeks 30-day extension

The Centre in November had reconstituted the task force to review the Income-tax Act and to draft a new direct tax law, appointing Central Board of Direct Taxes (CBDT) Member Akhilesh Ranjan as the new convenor of the panel.

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I-T refunds: 20,874 suspicious claims under scrutiny in FY19; up 88.8% YoY

Higher number of cases involving high-risk refunds have been selected for scrutiny, with the tax returns filed from a single IP address or from a single locality or by a single intermediary being scrutinised or being electronically verified with the taxpayer.

Income tax slabs and rates 2019-20: Everything you need to know

Income tax slabs and rates for AY, FY 2019-20 India: Acting Finance Minister Piyush Goyal converted what was supposed to be an interim budget or a vote on account into an almost full-fledged budget announcement in the Lok Sabha.

Surat textile and diamond industry ‘Income tax rebate helpful, but GST issues not resolved’

“The demand for sarees is going down. The government should have announced some subsidy or schemes for garment package as Surat has potential in it,” he added.

Ludhiana: Senior tax official records statement

According to a complaint lodged by the I-T department, the Amarinder Singh and his son were found to be owners of Marine Mansions in Dubai and several other properties in the United Kingdom.

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File returns for FY18, else face action: Tax dept to non-filers

The department has asked the non-filers to file the income tax returns or submit online response within 21 days, failing which the department will consider legal action against the non-filers, a Finance Ministry statement said on Tuesday.

CII for doubling I-T exemption threshold to Rs 5 lakh

The industry chamber in its suggestions for the interim Union Budget, to be presented on February 1, has also asked for reduction in corporate tax rate to 25 per cent unconditionally without any turnover criteria and further reduction to 18 per cent in a phased manner.

Direct tax mop-up rises 14% till Dec 20 in FY19

The government also said the robust increase in the number of e-returns filed during FY17 to FY19 was also reflective of the fact that demonetisation has helped in increasing tax compliance through formalisation of the economy. FE

Telling Numbers: In IT returns, most national parties declare drop in income

The income declared by the six parties that submitted details adds up to Rs 1,198.76 crore. Out of this, the BJP’s Rs 1,034.27 represents 86 per cent.

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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.

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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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