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

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

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

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Right reasons to get hitched

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

Curbs on banks’ exposures to customers eased

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

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

VMC spent Rs 3 crore on civil lawsuit since 2008

Taxpayers in Vadodara city,who have been wondering where a major chunk of the taxes paid to the municipal corporation is going,will now get an answer.

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E-filing of I-T returns crosses one crore till July 31

E-filing of income tax returns has crossed the one crore mark with the maximum of such filings done by the salaried class of taxpayers

Now,file tax returns if you earn up to Rs 5 lakh

This is unlike what has been happening over the past two years,says CBDT.

Taxpayers to get unique number for complaints

CBDT has asked I-T dept to inform taxpayer as soon as his or her grievance is disposed off.

FinMin to make LTU registration mandatory for large taxpayers

Large taxpayers for both direct and indirect taxes may have to mandatorily file their returns

taxpayers Videos

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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