The provisions of deduction of tax at source apply to both but in some cases it is possible to save tax through proper tax planning.
Finance Minister Pranab Mukherjee on Monday said that he proposes to exempt the income of New Pension System Trust from the income tax and any dividend paid to this Trust from Dividend Distribution Tax.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
CBDT is the apex policy making body of the IT department.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
But the party favoured most of the proposals on indirect taxes.
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
While the minimum holding period for LTCG taxation has now been lowered, the tax outgo could be a bit higher under the new structure.
In a bid to make tax collection paperless and hassle-free, Centre will start E-refund of income tax from April, having put in place E-filing of tax deduction at source and tax information network.
The Ministry of Micro, Small and Medium Enterprises (MSME) has received "positive" feedback from industry regarding the 45-day payments cycle for MSMEs, according to a senior official familiar with the matter. The comment assumes significance amid concerns raised by some MSMEs that big companies may stop buying from small and medium suppliers and instead choose to make purchases from unregistered enterprises.
Kharge also raised the issue of several companies purchasing electoral bonds soon after they faced raids by central agencies such as Enforcement Directorate and Income Tax Department.
This article tries to strip off the jargon and present the contents of the current act with respect to the punishments and penalties applicable to various offences as defined by the tax man.
Sukanya Verma gives you some interesting options to choose from.
If gratuity is not paid within 30 days of termination, the employer must pay interest as set by the central government.
Concerned over the high outstanding wealth tax and income tax, Finance Minister Jaswant Singh said as against a tax demand of over Rs 70,670 crore, the net collectable demand stood at only 35 per cent of the total amount.
'... there are challenges to overcome and the country needs money for that.'
Kingfisher Airlines was found to have deducted tax at source on salary payments but had not deposited it in government account, Minister of State for Finance S S Palanimanickam said in a written reply.
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
Form 16 contains details of salary income, deductions, and exemptions.
In a measure that will have far-reaching impact on foreign investment and the Vodafone case having a tax implication of Rs 11,000 crore (Rs 110 billion), the government proposed amendment in the Income Tax Act retrospectively from April 1, 1962.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
It is always adivsable to file income tax returns on time.
Wants investment limit for tax savings schemes be increased to Rs 320,000
To offer additional support at the low end of the income ranges, the Centre will consider a large-scale jump in exemption rates under the old income-tax regime in the vote on account, or interim Budget, according to a senior official in the know. Those will include an extension of the income tax exemption rates close to Rs 7 lakh and additional measures for women farmers.
If you are a salaried person, you will be filing your returns using the new income tax return form, ITR. Do you think the ITR is simpler than Saral? Or are there drawbacks in the new ITRs? Tell us.
The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
Justice Sanjiv Khanna, who has been part of several landmark Supreme Court judgements such as scrapping the electoral bonds scheme and upholding abrogation of Article 370, will be sworn in as the 51st Chief Justice of India on Monday.
To govern effectively, to legislate successfully, Modi must reach out to the Opposition. As long as he does not and he is showing no signs that he accepts the reality, the drift his fans are anguishing over will remain, cautions Aakar Patel.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
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Cabinet likely to pave way for the 'super-rich' tax today.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
>According to the latest RBI data, PPF receipts have already experienced a decline between April 2023 and February 2024. Other schemes like the Sukanya Samriddhi Account and National Savings Certificate are also witnessing reduced inflows.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
The high court was hearing a plea moved by Swamy seeking to lead evidence before the trial court in the National Herald case, in which the Gandhis and others are accused.
Maharashtra Chief Minister Eknath Shinde on Wednesday claimed that the protest at Badlapur in Thane district over the alleged sexual abuse of two kindergarten girls was politically motivated and aimed at maligning the state government.
Rediff.com spoke to registered investment advisors to figure out how best the extra Rs 17,500 saved ever year can be invested to create a decent corpus in the years ahead. This is what they said.
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