'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
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.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
The taxman wants the mascot, which will be used in all communications and publicity purposes of the department, to be 'captivating' and 'inspiring', particularly to the young and future taxpayers.
The searches, they said, are related to the department's probe in the biggest haul of cash and gold in Chennai post demonetisation.
Government on Tuesday said it will soon come out with a new Income Tax Code to streamline the taxation structure and reduce the plethora of exemptions given to various segments of taxpayers. The new tax code would become law after debate and deliberations. Direct tax code would replace the existing Income Tax Act, which was enacted in 1961 and would subsume other direct tax legislations. Together with indirect tax exemptions, direct tax exemptions are leading to revenue loss.
Some radio taxi operators are avoiding service tax payments, forcing the revenue department to take necessary steps, including coercive measures, to recover the dues, Finance Minister Arun Jaitley said.
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances