Page 7 - Latest Updates on Income tax
Bihar Congress stages protest over freezing of party's bank accounts
Notably, electoral bonds, through which a lion's share of funds is said to have gone to the BJP, were struck down by the Supreme Court last week
 "Bihar Congress stages protest over freezing of party's bank accounts")
Supreme Court allows NewsClick to withdraw plea, approach ITAT for relief
A bench of Justices BV Nagarathna and Augustine George Masih said the ITAT is to hear the matter, including applications for early hearing and interim relief
 "Supreme Court allows NewsClick to withdraw plea, approach ITAT for relief")
On the cards: Automated reconciliation system to plug I-T mismatches
No documents needed; dept won't send notice
 "On the cards: Automated reconciliation system to plug I-T mismatches")
People reporting annual income over Rs 1 cr increase to 216,000 in AY24
Minister of State for Finance Pankaj Chaudhary gave assessment year-wise details of the number of individuals submitting ITR with income of more than Rs 1 crore
 "People reporting annual income over Rs 1 cr increase to 216,000 in AY24")
How to save money? Here are the 10 ways to save your tax in FY 2023-24
If you are a salaried employee and want to save your money, here are the 10 ways to save your financial tax under Income Tax, 1961
I-T dept collects over Rs 1,260 cr in TDS from online gaming, crypto trade
About Rs 1,080 crore in taxes (under the tax deduction at source head) has been collected from online gaming and around Rs 180 crore through TDS has been mopped up during 2023-24 fiscal
 "I-T dept collects over Rs 1,260 cr in TDS from online gaming, crypto trade")
Budget: Tax devolution to states seen at 32%, but lags 15th FC advice
The final report of the 15th Finance Commission had recommended the transfer of 41 per cent to the states after Jammu and Kashmir was carved out into two union territories
 "Budget: Tax devolution to states seen at 32%, but lags 15th FC advice")
Budget 2024: Where does the Centre receive money from, where does it go?
Interim Budget: It always interests the common man to know where the government gets its money from and where it spends it, here's what the Budget document says
 "Budget 2024: Where does the Centre receive money from, where does it go?")
Budget 2024: Here's what FM Nirmala Sitharaman said about income tax
Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year
SpiceJet deposits Rs 100 cr TDS for FY23, employees to get Form-16s soon
The airline has used various avenues to raise cash. In the financial year 2022-23, the airline raised Rs 449.8 crore under the central government's Emergency Credit Line Guarantee Scheme
 "SpiceJet deposits Rs 100 cr TDS for FY23, employees to get Form-16s soon")
Budget expectations: Income tax benefits, support to women entrepreneurs
They also demand for parity in taxation among companies, partnerships and limited liability partnerships
 "Budget expectations: Income tax benefits, support to women entrepreneurs")
Donate for a good cause, get tax benefit: Here is how to do that
Percentage of donated amount eligible for deduction may vary
 "Donate for a good cause, get tax benefit: Here is how to do that")
Budget 2024: Key announcements made in previous interim budget in 2019
Interim budget 2024: While interim budgets are said to have no major policy changes, let us take a look at some key announcements Piyush Goyal made in Interim Budget 2019
 "Budget 2024: Key announcements made in previous interim budget in 2019")
Reframing the middle class
In defining and thinking about the middle class, we need to move away from rankings and income to quality
 "Reframing the middle class")
Income tax filers more than double to 77.8 million in 10 years: Govt data
During the same period, the net direct tax collections increased 160.52 per cent from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23, it said
 "Income tax filers more than double to 77.8 million in 10 years: Govt data")
Ease of business vs tax pressure
Obviously, tax officials believe that all these tightly regulated companies, including government ones, have short-changed the government
 "Ease of business vs tax pressure")
LIC gets 2 tax demand notices worth Rs 3,529 crore from Mumbai officials
The corporation has received orders from Income Tax authorities regarding Income Tax demand issued by Assistant Commissioner of Income Tax, Mumbai, LIC said in a regulatory filing
 "LIC gets 2 tax demand notices worth Rs 3,529 crore from Mumbai officials")
Missed Dec 31 ITR deadline? Apply for condonation of delay at the earliest
Taxpayers may file an updated return after April 1
 "Missed Dec 31 ITR deadline? Apply for condonation of delay at the earliest")
Budget 2024: Rebate under new income tax regime may be hiked to Rs 7.5 lakh
Last week, the PFRDA chairman had said that the body has recommended employer contributions to the National Pension Scheme up to 12 per cent to be exempted from the income tax
 "Budget 2024: Rebate under new income tax regime may be hiked to Rs 7.5 lakh")
I-T dept raids realty players including Bhutani Infra, Logix in Noida
The premises of realty groups like Bhutani Infra, Group 108, Logix and some other companies were raided by the tax department, they said
 "I-T dept raids realty players including Bhutani Infra, Logix in Noida")
