Page 4 - Latest Updates on Income tax
In tax records, the marked rise of companies reporting zero income
Fewer than 1,000 firms have reported income of more than Rs 500 crore
 "In tax records, the marked rise of companies reporting zero income")
Tax returns filing: How differently abled people can claim benefits
Section 80U of the Income Tax Act provides significant benefits to differently abled people
 "Tax returns filing: How differently abled people can claim benefits")
Deduction, rebates, liability: Which tax regime is suited for your salary
The old regime provides deductions and exemptions and the new one has lower tax rates but fewer deductions
 "Deduction, rebates, liability: Which tax regime is suited for your salary")
Filing ITR 2024 for pensioners: What you need to know before July 31
Under the Income Tax Act, pensions are classified as "Income from Salaries"
 "Filing ITR 2024 for pensioners: What you need to know before July 31")
Income tax rate cut, sops for PSUs: Brokerage expectations from budget 2024
Expectations (as measured by pre-budget equity market performance), wrote analysts at Morgan Stanley in a note, are important in determining what the market does immediately after the budget
 "Income tax rate cut, sops for PSUs: Brokerage expectations from budget 2024")
Senior citizen tax benefits: Pension, deductions, Income Tax slabs
Senior citizens have higher deduction limits and exemption benefits than younger taxpayers
 "Senior citizen tax benefits: Pension, deductions, Income Tax slabs")
Check out list of high-value transactions that may alert IT authorities
The tax department employs advanced data analysis techniques to detect disparities between disclosed income in ITRs and actual financial transactions
 "Check out list of high-value transactions that may alert IT authorities")
10 key points first time taxpayers should know before filing IT returns
If you find the process complicated, don't hesitate to seek assistance from a qualified tax professional
IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta
Ravi Agrawal was given an extended tenure to clock an year so as to provide continuity to the CBDT in framing direct tax policies
 "IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta")
'Tax relief for the middle class will be a big positive for the markets'
Nifty is comfortably trading at 15-year average PE of 19.2x. As long as valuations are not frothy in large caps, there's not much to worry about, said Siddharth Vora of Prabhudas Lilladher
 "'Tax relief for the middle class will be a big positive for the markets'")
MP ministers to now pay Income Tax; state cabinet revokes 52-yr-old rule
Chief Minister Mohan Yadav in a statement said the cabinet has taken a decision to strike off the 1972 rule
 "MP ministers to now pay Income Tax; state cabinet revokes 52-yr-old rule")
Budget 2024: Rise in standard deduction limit likely in new tax system
Union Budget 2024: Standard deduction represents a portion of the income that is not subject to taxation; it serves as a comprehensive allowance for tax deductions available to salaried employees
 "Budget 2024: Rise in standard deduction limit likely in new tax system")
Russian parliament approves proposal to raise income tax for the wealthy
The proposal involves a progressive tax on personal incomes and represents a change of course from the current flat-rate tax
 "Russian parliament approves proposal to raise income tax for the wealthy")
Budget 2024-25: New income tax regime may offer a treat to salaried class
Rationalisation of tax slabs and rate adjustments under consideration
 "Budget 2024-25: New income tax regime may offer a treat to salaried class")
Should you file ITR if your income is not taxable? Details and benefits
If your gross total income exceeds the basic exemption limit, filing ITR is mandatory
To avoid notice, align your tax return with TDS on freelance income
The income earned through moonlighting can be received as a salary, or as professional fees/business income
 "To avoid notice, align your tax return with TDS on freelance income")
Budget 2024: Will the govt provide income tax relief to salaried class?
A report by a leading national-daily claim the upcoming Budget for FY25 may emphasise tax reductions for low-income earners rather than increasing welfare expenditures
 "Budget 2024: Will the govt provide income tax relief to salaried class?")
I-T relief for those in lowest slab may be considered in Budget: CII
The industry body also said it does not see compulsions of coalition politics hampering the reforms in the third term of Prime Minister Narendra Modi
 "I-T relief for those in lowest slab may be considered in Budget: CII")
NITI Aayog proposes tax exemption to boost state universities R&D
Concerns include lack of an incentive system for faculties to pursue research, the dominance of R&D from central universities rather than private and state institutions, and funding constraints
 "NITI Aayog proposes tax exemption to boost state universities R&D")
I-T department set to complete 170,000 reassessments by next March
CBDT reopened total 600K cases between March 2021 and March 2024
