The government earned Rs 7.42 lakh crore as direct taxes in 2015-16, a 66 per cent increase from Rs 4.45 lakh crore in 2010-11
The government had in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, to give compliance relief to taxpayers.
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Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
The Enforcement Directorate has issued a fresh summons to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, for questioning on June 17 in a money laundering case involving Cochin Minerals and Rutile Ltd (CMRL). The probe focuses on alleged payments of Rs 2.78 crore from CMRL to Veena's IT firm, Exalogic Solutions, without services rendered, and loans from an associated company.
...exceeding their 49,340 crore equity selloff.
According to a study, there are several misconceptions regarding income tax.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
I don't know who would want to celebrate the creation of the income tax, other than the tax officials themselves, says T N Ninan.
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.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
A Delhi court has ordered the confiscation of several properties belonging to UK-based arms consultant Sanjay Bhandari under the Fugitive Economic Offenders Act, following his declaration as a fugitive in a money laundering case.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
Three men in Aligarh, Uttar Pradesh, received income tax notices demanding crores of rupees despite earning meager salaries, highlighting the growing issue of identity theft in India. The victims, who earn between Rs 8,500 and Rs 15,000 per month, were shocked to receive notices for Rs 33.88 crore, Rs 3.87 crore, and Rs 7.79 crore respectively. The authorities believe that businesses have been conducting large-scale transactions using forged Aadhaar and PAN cards in the names of these individuals.
Algo strategies must be registered with stock exchanges.
Have income tax-related questions? Ask rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego.
He added that the family is focused on the cremation process and gathering more information from the office staff.
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".
Even if your only source of income is salary and the tax has been deducted at source, you need to file returns.
Divestment has emerged as a priority for the government following a moderation in direct tax collections.
Atishi claimed the notice was sent to scare her, but "we have come from difficult fields to change politics of this country and we will not get intimidated by these hollow threats of the BJP".
Here we take a look at income tax rules governing income tax for the NRIs in India.
There are some countries where more than 50 per cent of the income goes to taxes.
Net direct tax collection grew 8 per cent to over Rs 17.04 lakh crore this fiscal till December 17 on slower refunds and higher advance taxes from corporates, the income tax department data showed on Friday.
Although many European countries have high income taxes, they don't charge as much as India.
'Among corporates, about 60% of income is now reported under the new tax regime.'
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
Former Delhi BJP president Adesh Gupta has announced that the Lokayukta has dismissed a corruption complaint filed against him. The complaint, which accused Gupta of availing luxury vehicles and encroaching public land, was rejected by the Lokayukta court.
"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.
A banker from Jaipur in Rajasthan tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
CPI(M) workers clashed with security personnel outside former Chief Minister Pinarayi Vijayan's residence in Kerala during Enforcement Directorate (ED) searches related to the alleged CMRL monthly payment case involving his daughter.
rediffGURU T S Khurana answers readers' personal income tax queries
The Enforcement Directorate conducted searches at the residences of former Kerala chief minister Pinarayi Vijayan and his family members as part of a money laundering probe linked to the CMRL case involving his daughter, Veena Vijayan.
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.
Read all account documents, ask questions, and conduct basic due diligence before agreeing to become a joint holder.
This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
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.
A case has been registered against a US-based organisation and six others after the Enforcement Directorate lodged a complaint alleging illegal utilisation of foreign funds through a network of foreign debit cards, including in Left Wing Extremism (LWE)-affected areas of the country.
The sanctioned strength of department is 57,793 while the working strength is 40,756; thus a shortfall of 29.47 per cent, the Minister of State for Finance S S Palanimanickam informed the Lok Sabha in a written reply.
