Page 4 - Latest Updates on Income tax
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
Is the Centre planning to decriminalise minor I-T offences in 100 days?
The industry has long suggested that minor Income Tax offences incur penalties rather than criminal prosecution. This would garner more trust and boost ease of doing business
 "Is the Centre planning to decriminalise minor I-T offences in 100 days?")
Restrictions on cash transaction: Know details before making any payment
The government's intention is to curb black money, promote digital transactions, and ensure tax compliance
 "Restrictions on cash transaction: Know details before making any payment")
Russia's wealthy elite may face higher tax as govt proposes new system
The proposal involves a progressive tax on personal incomes and represents a change of course from the current flat-rate tax that was credited with bringing order and improving tax collections
 "Russia's wealthy elite may face higher tax as govt proposes new system")
PE funds partly behind the 62% drop in India's net FDI? Samir Arora's view
The ace fund manager was reacting on 'X' to a Business Standard story that quotes a Reserve Bank of India (RBI) data on gross FDI flows into the country in FY24
 "PE funds partly behind the 62% drop in India's net FDI? Samir Arora's view")
WATCH: Sitharaman's viral reply on broker's tough question on tax burden
During a BSE event held in Mumbai on Tuesday, Finance Minister Nirmala Sitharaman faced tough questions from a stockbroker on the heavy taxation regime in India
 "WATCH: Sitharaman's viral reply on broker's tough question on tax burden")
I-T officer died in fire at CR building at ITO in Delhi: Tax dept
The income tax department said there was no data loss pertaining to taxpayers due to the fire and condoled the death of the officer
 "I-T officer died in fire at CR building at ITO in Delhi: Tax dept")
