India waited with baited breath as Union Finance Minister Nirmala Sitharaman presented the Union Budget for the current fiscal year in the Parliament on Tuesday. Predictably, the budget was praised by Prime Minister Narendra Modi, who said ‘This budget brings in new hopes and opportunities for the people. It strengthens the economy; it’s full of […]
As a big relief to the salaried class taxpayers in the country, the government is reportedly thinking to double the income tax exemption threshold from the present 2.5 Lakh to 5 Lakh. According to sources, the decision in this regard has been taken by the Finance Ministry with an aim to bring equality between taxpayers after […]
New Delhi, Feb 5 : The employees, not the owners are the ones paying the most taxes in India. If this statement sounds bizarre, here’s the low down. There is “unevenness” in the taxes paid by the salaried class and business people, as 50 per cent of the 7 lakh companies which file I-T returns […]
New Delhi. 18 January 2018: Bihar Deputy Chief Minister and Finance Minister Sushil Kumar Modi who also heads the GST Network panel said that GST was a big and bold tax-related reform to unify the country into a single market. He was delivering his speech in the 25th meeting of the GST council held today […]
Chennai, Nov 9: (PTI) Income Tax sleuths carried out simultaneous multi-city raids on 187 premises including those linked to sidelined AIADMK leaders V K Sasikala and her nephew T T V Dhinakaran and Tamil television channel Jaya TV over suspected tax evasion. Dhinakaran, the deposed AIADMK deputy general secretary, condemned as a “conspiracy” the searches […]
New Delhi, Jun 28 (PTI) The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1. Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at the time of application of […]
New Delhi: The Income Tax Department has issued summonses to RJD chief Lalu Prasad’s MP daughter Misa Bharti and her husband in connection with its probe in Rs 1,000 crore alleged benami land deals and a tax evasion case, reports PTI. The development followed the arrest of chartered acountant Rajesh Kumar Agrawal by the Enforcement […]
New Delhi, Mar 31 (PTI) The government on Friday notified a simpler, one-page form for filing income tax returns while making it mandatory to quote Aadhaar number and disclose bank deposits of more than INR 2 lakh post demonetisation. The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns […]
New Delhi: Some 21,54,000 people owe the government less than Rs 100 in tax. As a ‘one time measure’, the government has decided to write off their outstanding taxes ( 21.54 lakh taxpayers who owe Rs 100 or less). These small tax payers form about 16 percent of all ‘tax due’ cases. This was stated […]
Hyderabad: Is money earned as ‘brand ambassador’ for a state taxable? The taxman says yes, the tennis star says it was a One Crore Rupee training incentive! Tennis star Sania Mirza, who was summoned in connection with an alleged case of non-payment of Service Tax, has denied any tax evasion. In response to the summons issued […]
The Election Commission will deploy about 400 expenditure observers, drawn from the IRS and other central services, to check use of black money and other illegal inducements in the Assembly polls in five states, says a PTI report (Jan 4). 200 observers will be drawn from the Income Tax department stream of the Indian Revenue […]
New Delhi: Warning ! Those who are depositing their unaccounted old currency in someone else’s bank account! The tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators! You may be penalized, prosecuted and ‘chalkki peeso’ in jail! And rigorous jail term of a maximum seven years. Official sources […]
