There are some countries where more than 50 per cent of the income goes to taxes.
Global financial consultancy firm Ernst and Young wants the personal income tax slabs to be raised to a reasonable level as the lowest bracket "kicks in too early".
Passenger vehicle dispatches from companies to dealerships witnessed an increase of 1.6 pc year-on-year in January at 399,386 units driven by robust demand for utility vehicles, industry body SIAM said on Thursday. It was the highest-ever passenger vehicle dispatch for the month of January.
Denying any delay in the introduction of Income Tax Code that will comprehensively review current income rates and slabs, Finance Minister P Chidambaram on Thursday said the government will introduce the code this year.
Many people invest in insurance with a view to saving taxes. So what are the tax rebates available to an individual in respect of premium paid on life insurance policies?
The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
Market reaction to the Union Budget was overall neutral. The income tax "gift" wasn't enough to move the needle. There was some apparent rationalisation of Customs duty structure as well as cuts on import duties of some key components for the telecom and IT industry and duty cuts on vehicle imports. Other proposals related to development of agriculture and rural economy and renewables seem to be generally positive.
From the 30-share blue-chip pack, ITC Hotels, IndusInd Bank, Mahindra & Mahindra, Sun Pharma, UltraTech Cement and NTPC were among the biggest gainers. Titan, Kotak Mahindra Bank, Nestle, Asian Paints, HCL Tech and ICICI Bank were among the laggards.
Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously".
Isn't there something significant in the UPI example for all of us to learn from and execute to enable world-scale success for our startups?, asks Ajit Balakrishnan.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
Trump paid no income taxes at all in 10 of the previous 15 years largely because he reported losing much more money than he made, the report said. The US president immediately dismissed the report as 'totally fake news'.
The interest rate on these schemes have remained unchanged for over a year now.
The risk-reward for the Indian markets, Morgan Stanley said, is turning favourable.
In sops for the middle class, Finance Minister Nirmala Sitharaman on Tuesday hiked standard deduction by 50 per cent to Rs 75,000 and tweaked tax slabs under the new income tax regime to provide more money in the hands of salaried class with a view to boost consumption. She said salaried employees in the new tax regime could save up to Rs 17,500 in income tax annually following the changes announced in the Budget. The standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000 annually.
BSP chief Mayawati removed her nephew Akash Anand from all party posts and said that she will not name her successor till she is alive. In a slew of other significant changes in the BSP leadership announced at a high-level meeting of the party's office-bearers from across the country, Mayawati appointed her brother Anand Kumar and Ramji Gautam as national coordinators. Mayawati also criticized the budgets of both the central and Uttar Pradesh governments, saying they were "unrealistic" and detached from ground realities.
The systematic withdrawal plan stands out as a superior option, providing steady income despite market fluctuations and inflation, says Ramalingam Kalirajan.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Maruti Suzuki India on Tuesday reported an 18 per cent year-on-year dip in consolidated net profit at Rs 3,102 crore for the second quarter ended September hit by the withdrawal of indexation benefit and change in the tax rate on long term capital gains on debt mutual funds. The country's largest carmaker had posted a net profit of Rs 3,786 crore in the July-September quarter of last fiscal.
In order to avoid late payment, interest and penalty know these things before filing income tax returns...
The AAP chief stressed the need for an increase in healthcare spending, suggesting a rise to 10 percent of the GDP, along with the removal of taxes on health insurance premiums.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
Finance Minister Pranab Mukherjee has revised the Income Tax rates.
Following the lacklustre growth numbers in the second quarter (Q2FY25), economists believe the upcoming Union Budget for 2025-26 should focus on reforms that will stimulate consumption, manufacturing and spur employment. India's growth unexpectedly slowed to 5.4 per cent in the second quarter, due to low capital formation, weak consumption, besides adverse weather impact.
Income Tax Return forms in India are like the Golmaal series of movies. Every two years there is a new one.
With the click of a mouse you could now check the status of your income tax refund online. The Income Tax department has introduced online availability of information regarding one's tax refund.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
The government has shown its efforts in phasing out the four-and-a-half-decade old Income Tax Act of 1961 with a new and 'taxpayer friendly' Code. The Code is designed to provide stability to the tax regime and is based on the accepted principles of taxation and best international practices.
Net direct tax collection grew 16.12 per cent to over Rs 9.95 lakh crore so far this fiscal on higher advance tax mop up. Refunds worth over Rs 2.05 lakh crore were issued, a 56.49 per cent jump over the same period last fiscal. The net personal income tax (PIT) collection grew 19 per cent to Rs 5.15 lakh crore between April 1 and September 17.
In this article we shall discuss four preliminary steps to be taken for filing your income tax return accurately and correctly.
Banking on the Budget's tax relief, the BJP seeks to energise Delhi's middle class; the AAP is doing its bit too. But will their outreach mobilise this politically crucial yet disengaged electorate?
Opposition MPs in India's Rajya Sabha raised concerns about US President Donald Trump's tariff threats, demanding the government clarify its response and engage in discussions with opposition parties. Leaders like P Chidambaram and Sagarika Ghose warned of potential economic repercussions, including depressed exports, lower FDI, and a significant tariff burden. The debate also touched on other issues such as the government's economic policies, demonetization, and the impact of GST on common citizens.
The new Income Tax return forms are much simpler in many respects.
The Enforcement Directorate on Monday raided the premises of former Chhattisgarh chief minister and senior Congress leader Bhupesh Baghel as part of a money laundering investigation against his son in the alleged liquor scam case and seized about Rs 30 lakh apart from some documents, official sources said.
Choosing the right ITR form for your income tax return filing can be quite confusing. Investmentyogi simplifies the ITR forms and all the jargon associated with it. Keep it handy for your returns in 2010.
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego and Mahesh Padmanabhan your I-T related questions.
You don't need to be intimidated by the thought of filing tax returns
Here's the procedure of getting your income tax refund quickly which you have not been able to get within stipulated time.
With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
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