Net direct tax collection grew about 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.
10 per cent for those who earn up to Rs 30 lakh a year and 25 per cent for those who earn more, suggests T C A Srinivasa-Raghavan.
No income tax relief, but compliance burden eased for youth and middle class through lower TCS.
While the new income tax law replaces the Income Tax Act, 1961 and omits 13 offences, 35 actions and omissions continue to attract criminal liability under 13 provisions.
The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 lakh crore.
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.
TVK chief Vijay, a candidate in the Tamil Nadu Assembly elections, has filed a revised election affidavit disclosing two pending FIRs, addressing discrepancies in his initial filing.
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.
If we really want to curb the further depreciation of the rupee and make the rupee appreciate, we want to come out of the mindset that the exchange rate is merely a number, bring policy corrections to help reduce the outflow of foreign exchange by imposing suitable tariffs to discourage imports and bring self reliance, discipline FPIs, and correcting rules governing royalty outflows, suggests Dr Ashwani Mahajan, National Co-Convenor, Swadeshi Jagaran Manch.
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.
Income Tax department on Monday began searches at the premises of FMCG company Vicco Laboratories in Mumbai, Nagpur and Goa for alleged tax evasion.
Income tax authorities on Friday launched coordinated searches across different locations in Tamil Nadu linked to state Electricity Minister V Senthil Balaji, police sources said.
Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
In the rush to complete tax-saving investments at the end of the financial year, many taxpayers choose instruments that do not match their long-term financial goals.
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
As the new Income Tax (I-T) Act, 2025 moves towards implementation from April 1, 2026, the finance ministry is reviewing and simplifying the compliance forms used by charitable institutions. Debjyoti Das, principal chief commissioner of income tax (exemption), said the new Act has already reorganised exemption provisions into a clearer and more coherent structure, and the accompanying procedures and forms are now being examined.
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
Knowledge of the income tax laws is indispensable. There may be tax deductions available that you may not be aware of.
The government should refrain from raising income tax surcharge on the super-rich and reintroducing wealth tax in the upcoming 2026-27 Budget, as the move could prompt persons in high-income brackets to leave the country for low-tax jurisdictions, according to tax experts.
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.
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.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
The Reserve Bank of India's Financial Stability Report indicates that the interim peace deal between the US and Iran has favourably shifted the balance of risks, reducing headwinds from the West Asia conflict. However, it cautions that exchange rate volatility could increase if crude oil prices spike due to delayed normalisation of supply chain disruptions.
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.
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.
For members, the message is simple: don't be misled by headlines about '100% withdrawal'. The basic purpose of the EPF remains unchanged -- to help employees build a financial cushion for retirement while allowing limited access to savings for genuine needs during their working lives.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
We take the opportunity to bust a few myths
Despite the Reserve Bank of India's (RBI) and the government's recent initiatives to attract foreign capital, which are expected to alleviate pressure on long-duration bonds, most debt fund managers are maintaining a cautious stance, favouring shorter-duration papers due to global uncertainties and potential future rate hikes.
Jewellers in Lucknow protest Prime Minister Modi's appeal to defer gold purchases for a year amid the West Asia crisis, fearing significant business losses and economic hardship for those involved in the trade.
The SIT investigating self-styled godman Ashok Kharat, who faces multiple rape accusations, has made significant breakthroughs.
The Federation of Indian Chambers of Commerce and Industry (Ficci) has sought urgent steps to clear the huge backlog of income-tax appeals, simplify tax deducted at source (TDS) compliance, and ensure tax neutrality for fast-track demergers, during its consultation with Revenue Secretary Arvind Shrivastava ahead of the Union Budget 2026-27.
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.
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
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The International Monetary Fund (IMF) has reduced India's growth forecast for FY27 to 6.4 per cent, citing the potential impact of higher energy prices offsetting the country's economic resilience. Despite this, India remains among the fastest-growing major economies.
BJP leader V Muraleedharan dismisses claims that Prime Minister Narendra Modi would strike a deal with the Congress to target the CPI(M), stating Modi has 'better things to do'. He also questioned Kerala CM Pinarayi Vijayan's concern over ED raids if he has done nothing wrong.
