People with more than Rs 10 lakh (Rs 1 million) annual income may not get the tax relief originally proposed in the Direct Taxes Code, as the finance ministry is for tweaking slabs across the board to offset concessions elsewhere.
A new comprehensive Income Tax bill will be drawn up by the next fiscal end to clean up complex and archaic laws, Finance Minister P Chidambaram said on Friday.
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.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
TIOL has come to know that in a path-breaking judicial decision, the Commissioner of Income Tax (Appeals) handling international taxation cases in Delhi has held that the Gracemac Corporation, a 100% subsidiary of Microsoft which had in 1999 granted proprietary and ownership right in license and in intellectual property of Microsoft software and hardware products, is liable to pay income tax on its gross royalty income earned out of licensing of software to Indian customers.
We take the opportunity to bust a few myths
'For those in for the long haul, this is a God-given opportunity.' 'Your market is falling despite strong fundamentals, and such a clear roadmap has been announced.'
The Centre is considering amendments to the Recovery of Debt and Bankruptcy Act in the Budget to allow some Debt Recovery Tribunals to focus only on high-value cases.
Several politicians said they were not even aware of the provision in the UP Act.
Chaitanya Baghel, son of Congress leader Bhupesh Baghel, was released from jail after being granted bail in cases related to the alleged liquor scam in Chhattisgarh. The release was met with celebration by Congress supporters.
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.
Here's a simple primer to what actually Form 16 is and what must be done with it.
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
To propel demand, one should concentrate on indirect taxes and bring down the goods and services tax (GST) rates to a uniform 12 per cent as the Vijay Kelkar panel had recommended, said Ajit Ranade, chief economist at Aditya Birla Group.
The government on Tuesday extended till March 15 the deadline for corporate to file Income Tax returns for the fiscal ended March 2021. The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till February 15. This is the third extension given to corporate for filing the income tax return for 2020-21 fiscal.
According to official sources, complaints were received by the department that TDS was being collected arbitrarily by the payers. Another reason for this decision is that refunds from the department have also gone up. Sources said it should not affect the assessee who may be paying a high rate of TDS and is not compensated even after the employer or broking firm or any other organisation gets a refund on higher rate of TDS which may not be applicable to such income.
Shares of Infosys surged nearly 4 per cent on Wednesday, a day before the opening of the tender window for its Rs 18,000-crore share repurchase programme. The buyback, which will see the company repurchase 100 million outstanding shares at Rs 1,800 each, will remain open until November 26.
Here are some mistakes taxpayers make and how to avoid them...
Trade deals ease risks for Indian equities, but weak demand and stretched valuations raise questions over whether optimism -- especially in smallcaps -- can turn into a sustained bull run, points out Debashis Basu.
The government on Monday extended the due date for filing income tax returns (ITRs) for Assessment Year 2025-26 by a day to September 16 as technical glitches disrupted filings on the last day. A record over 7.3 crore ITRs were filed till September 15, surpassing last year's 7.28 crore, the Central Board of Direct Taxes (CBDT) said in a post on X.
In nation-wide raids on Wednesday, Income Tax sleuths swooped down on offices of Indian Premier League franchisees Kolkata Knight Riders, Chennai Super Kings, Deccan Chargers and Kings XI, and companies handling broadcast rights of the cash-rich cricket League.
'Given that India underperformed emerging markets by 28 per cent in 2025, the worst performance in over 30 years, the timing of the sharp STT hike could have been better.'
rediffGURU T S Khurana answers readers' personal income tax queries.
The Supreme Court's verdict directing Tiger Global to pay capital gains tax on its 2018 sale of Flipkart shares is unlikely to accelerate the selloff by foreign portfolio investors (FPIs). However, legal and tax experts say the ruling sharpens scrutiny around treaty benefits and could influence how offshore investors structure future India bets.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
It's tax time and you need to know your basics. . .
Real GDP growth surprised on the upside in 2025, but weaker nominal growth, trade uncertainty, and soft demand signal a bumpier road ahead.
Passenger vehicle dispatches from companies to dealers raced to the highest ever sales mark in a calendar year in 2025 as a reduction in prices due to GST reforms led to robust sales in the festive season, industry body SIAM said on Tuesday.
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
Forty years ago, an individual in the highest tax bracket (above Rs 70,000 per annum) had to pay 70 per cent income tax.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Now that you know what you must do BEFORE and WHILE filing income tax returns online, here's what you must do AFTER you have filed returns online.
Because they can easily find them out by analysing your financial transactions.
West Bengal Chief Minister Mamata Banerjee on Thursday dramatically turned up at the residence of Indian Political Action Committee (I-PAC) chief Pratik Jain amid an ongoing Enforcement Directorate raid, alleging that the central agency was attempting to seize the Trinamool Congress's internal documents, hard disks and sensitive data linked to its election strategy.
According to CNBC's list based on KPMG's 2011 survey of 96 countries, these eight nations don't have to pay any income tax to their government.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
Finance Minister Nirmala Sitharaman on Monday introduced the Taxation Laws (Amendment) Bill, 2025, which aims to provide tax exemptions to subscribers of the Unified Pension Scheme.
The NSO previously tried to collect household income data in its ninth (1955), 15th (1959), 19th (1964), and 24th (1969) rounds (July 1969-June 1970), but these efforts were not completed, partly due to non-responsiveness by respondents.
One of the most effective methods of lowering the incidence of income tax is by means of legal transfer of your sources of income among as many family members as possible, so that each family member enjoys the basic personal income tax exemption limits.
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