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TAXPAYERS NEWS

Explained: What lowering of e-invoicing turnover threshold under GST to 10 crore from Oct 1 seeks to achieve

August 04, 2022 12:12 pm

The turnover threshold for e-invoicing has been halved to Rs 10 crore effective October 1 this year under the Goods and Services Tax (GST) regime. What does this signify?

Income tax slabs 2022: No changes in Income Tax, govt employees’ tax deduction limit increased to 14%

February 01, 2022 5:07 pm

Nirmala Sitharaman also proposed a reduction in corporate surcharge and said that the transfer of any virtual digital asset shall be taxed at the rate of 30%.

Honest taxpayers deserve to be recognised for paying due share of taxes: Nirmala Sitharaman

July 25, 2021 12:32 am

In her message to the I-T Department on the 161st anniversary of Income Tax Day, Sitharaman complimented the department for continuing to work towards simplifying its procedures and processes, and making its functioning hassle-free, fair and transparent.

IT releases data: Only 2,200 reported income of over Rs 1 crore from profession in FY19

February 15, 2020 1:51 am

The I-T Department put out the details following comments of Prime Minister Narendra Modi on Wednesday, highlighting the less number of taxpayers declaring income over Rs 1 crore.

Expect 80% of individual taxpayers to move to new slab regime, says Govt

February 08, 2020 7:22 am

Nirmala Sitharaman also rebutted criticism on the dividend distribution tax (DDT) which the Budget had abolished at the company level. Earlier, DDT was taxed at the corporate level, the budget proposed that it is taxed as income in the hands of investors.

88 lakh taxpayers didn’t file returns in year of noteban, 10-fold jump over previous year

April 05, 2019 7:23 am

The spike in stop filers, according to officials, could be due to loss of jobs or drop in income due to fall in economic activity following demonetization of Rs 500 and Rs 1,000 notes.

I-T to look into credit history, loan repayment pattern of taxpayers

September 18, 2014 4:39 am

Prioritise cases for recovery of past dues based on a defaulter’s ability to pay

Right reasons to get hitched

August 02, 2014 4:10 am

A headlong rush into PPPs will only leave a trail of disputes, renegotiations, corruption.

Curbs on banks’ exposures to customers eased

April 16, 2014 1:36 am

The committee, made up of banking supervisors from nearly 30 countries, published the final version of a new rule that will take effect in 2019.

No budget, but circulars galore for tax payers

February 03, 2014 2:50 am

The department has told “payment of 50 per cent tax dues in lump-sum may not be insisted”.

TAXPAYERS VIDEOS

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.

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