According to a report, while 121.1 million PAN card holders were there up to March 31, 2011, the number of tax returns filed were just 34.8 million during 2010-11.
High frequency indicators, like vehicles sales, air traffic, steel consumption and GST E-way bills, point towards a sequential pickup in momentum of economic activity during the second half of the fiscal 2024-25 and sustain moving forward, RBI Bulletin said on Wednesday. However, a strong dollar, driven by US economic resilience and trade policy pivots, could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities, said an article on 'State of the Economy' published in RBI's February bulletin.
A fire broke out on the sixth floor of the IncomeTaxBuilding in Marine Lines area in south Mumbai tonight but there were no report of casualties.
The RBI is likely to reduce the key interest rate by 25 basis points this week after keeping it on hold for two years, complementing the Union Budget initiatives to push consumption-led demand, though the sliding rupee continues to be a concern. As the retail inflation has remained within the Reserve Bank's comfort zone (less than 6 per cent) for most of the year, the central bank can take rate action to boost growth hit by sluggish consumption, opined experts.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
Even if your only source of income is salary and the tax has been deducted at source, you need to file returns.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
Individuals now need to mention a unique transaction number against every tax deducted at source entry.
Authorities have put forward a tax demand of Rs 2,080 crore.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
We take the opportunity to bust a few myths
With the new tax slabs applicable for income earned during Financial Year 2014-15 and host of new changes in income tax returns and filing norms, this e-filing season will certainly bring in a new experience for taxpayers. Here's how
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
The deadline for filing income tax returns is (July 31) fast approaching. While many may be filing returns through their chartered accountant, filing e-returns (electronic returns) is the fastest and more convenient.
Here we take a look at income tax rules governing income tax for the NRIs in India.
'The finance minister has done as much as she can when you look into the fiscal constraints she had.'
Because they can easily find them out by analysing your financial transactions.
About 250 income-tax sleuths conducted searches at 20 hospitals in Chennai alone
The first step in tax saving through family tax planning is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law. Under the income tax law it is not possible to arbitrarily divide one's income amongst different members of the family - and then pay lower tax in the names of different family members.
Here's a simple primer to what actually Form 16 is and what must be done with it.
Since the actor was busy with the shooting of Malayalam film Pranayam at Rameswaram, the IT authorities asked him to come to Kochi to record his statement today.
Prime Minister Narendra Modi asserted that his "vocal for local" campaign is bearing fruit as Indian products are going global and making their presence felt across the world. He said that India was becoming the land of infinite innovations, finding affordable solutions and offering them to the world. The prime minister also highlighted the country's rising defense products, electronics, automobile sector, and the success of superfoods, Ayush products, and yoga. He said India should be presented to the world as it is, without any bias. Modi said that the country was now emerging as a manufacturing hub and a "factory of the world." He added that India was creating solutions that were affordable, accessible, and adaptable, and offering them to the world without gatekeeping.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
'Any earnings, regardless of location, will be subject to Indian income tax.'
The Congress on Wednesday expressed sadness over 'pictures of Indians getting handcuffed and humiliated' while being deported from the United States and recalled that America had to express regret over the treatment meted out to India diplomat Devyani Khobragade in 2013 after the then United Progressive Alliance government retaliated sharply.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
The budget-making exercise offers golden opportunities despite challenges, observes Shankar Acharya, former chief economic adviser to the Government of India.
The new income tax returns form, ITR-1, is relatively simpler than Saral. Here is a lowdown on what salaried individuals will now have to cope with.
Forty years ago, an individual in the highest tax bracket (above Rs 70,000 per annum) had to pay 70 per cent income tax.
S&P Global Ratings on Wednesday said the impact of the US reciprocal tariff will be limited on India as the economy is domestically oriented with less reliance on exports. YeeFarn Phua, Director, Sovereigns and International Public Finance Ratings, Asia-Pacific S&P Global also said India will clock a 6.7-6.8 per cent GDP growth over the next two years.
Arbitrage funds, the new favourite of individual investors, delivered their best performance in nearly a decade in 2024. On average, the schemes delivered 8 per cent return last year, the highest since 2016, according to data from Value Research. The returns were supported by positive equity market sentiments, surge in open interest in stock futures, high interest rate, among other factors, analysts said.
BJP leader Subramanian Swamy on Sunday urged the Centre to do away with the system of collecting income tax and instead find out other means to raise money to the exchequer.
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for the middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview.
Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act. These deductions are available to assesses, who have taken a loan to either buy or build a house.
Unveiling the reform agenda for the Budget, Finance Minister P Chidambaram has said a comprehensive law would be prepared next year to overhaul the Income Tax Act.
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
The ruling party MLA from Vijayanagara suggested that the election guarantees have made it difficult to provide houses to the poor in the state.
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