The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
Net direct tax collection grew 13.13 per cent to over Rs 21.26 lakh crore so far this fiscal aided by by higher advance tax mop up, government data showed on Monday. During the year, the government collected Rs 10.44 lakh crore from four instalments of advance tax as against Rs 9.11 lakh crore in the previous fiscal, registering a growth of 14.62 per cent.
The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 lakh crore.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
Non-banking financial company (NBFC) Tata Capital is set to launch its much-anticipated $2 billion (Rs 17,200 crore) initial public offering (IPO) in the week beginning September 22, market sources familiar with the matter said on Sunday. The issue is expected to value the company around $11 billion, they added. Tata Capital is likely to make its stock market debut by September 30.
Donald Trump's exaggerated opinion of his dealmaking capacity can get him into trouble, observes R Sriram.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
The operations revealed evidence of price and volume manipulation of stocks through the use of platforms like YouTube and WhatsApp.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
"Defaulters are advised to pay tax arrears immediately," said the notice.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
Real estate sector cheers reforms in the Budget.
'There are ominous portents of an isolationist administration not only building a physical wall to the south to prevent unwanted immigrants from entering the land of milk and honey, but also trade walls not just against China, but all nations,' foresees Sreekant Sambrani.
Finance Minister Arun Jaitley, in his Budget speech on Monday, announced a new dispute resolution mechanism for such companies who are in confrontation with the taxman's action.
Limited IT staff may compel them to focus on big fish than small depositors.
Finance Minister Arun Jaitley hints at a world class tax regime.
The court had on July 21 issued summons to the firm, Maran and Natrajhen and directed them to appear today after taking cognizance of two I-T complaints filed against them.
The Central Board of Direct Taxes is set to rationalise I-T rules.
I-T returns data show 83% of the Congress' and 65% of the BJP's total income was from anonymous benefactors.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
The case against Balaji and his aides pertains to his tenure as the state transport minister in the All India Anna Dravida Munnetra Kazhagam government during 2011-15.
The Enforcement Directorate on Monday conducted raids against arrested Delhi minister Satyendar Jain as part of a money-laundering probe linked to an alleged hawala dealings case being conducted against him, officials said.
Database to contain taxable financial transactions and history of any tax-paying individual.
Six national parties collected 86.91 pc (Rs 1,041.80 crore) of their total income from voluntary contributions for 2017-18.
Income from renting of properties is taxed at a flat rate of 10%.
Re-instatement of 5% custom duty on crude imports will help.
The Enforcement Directorate on Monday arrested Delhi minister Satyendar Jain in connection with a money laundering case, officials said.
Treat silver as part of the procyclical or growth assets in your portfolio, advises Sanjay Kumar Singh.
The cigarettes segment had a revenue of Rs 4,554.21 crore during the second quarter of the current fiscal, as against Rs 8,528.47 crore in the year-ago period, down 46.56 per cent.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Budget might turn out to be neutral for the sector.
In addition to the negative sentiment as a consequence of changes announced in the Union Budget 2023-24 concerning tax treatment for debt repayment distribution, concerns about hiring slowdown and its leasing impact, as well as higher interest rates, could blight the sector in the near term.
The Congress in Karnataka on Wednesday found itself in a tight spot after a video showed a purported conversation between the party media coordinator M A Saleem and former Lok Sabha member V S Ugrappa attributing the Congress state president D K Shivakumar's involvement in a scam when he was a minister.
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