What is Income tax

Telangana on Friday urged the Centre to simplify the Income Tax slabs and reduce corporate tax rates to enhance ease of doing business.

He further said total number of individuals reporting zero taxable income in their ITRs is 4.90 crore in Assessment Year 2023-24, up from 4.64 lakh in 2022-23

Review panel may submit report before FY26 Budget

As per the CBI release, the accused were arrested for demanding and accepting a bribe of Rs 4,000 from the complainant which is allegedly part of demanded bribe amount of Rs 10,000

Still unsure about how PAN 2.0 system will work? These FAQs from the CBDT might clear things up

There are two ways of looking at this problem - first, has the composition of reported income changed? And second, has the composition of assets changed?

Deloitte's Income Tax Digitalisation in India survey found a strong push for the use of real-time data, e-wallets, APIs, and emerging technologies like AI and blockchain in the I-T department

The deadline to submit revised or belated ITRs is December 31

He went on to say that he had spoken several times about the state of constitutional agencies and how they were functioning in the country

A top court bench led by outgoing Chief Justice DY Chandrachud ruled that salaries paid from government grants are taxable

Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay

Public inputs and suggestions were invited in four categories simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions

The I-T department's scrutiny stems from notices issued to the offshore firms, asserting that their primary motivation for operating from Ireland is to evade taxation on operating lease rentals

By extending the deadline, taxpayers and professionals alike can prioritise accuracy and compliance

Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department

New guidelines will help businesses, individuals in rectifying mistakes in taxation

Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago

No-taxes-on-Americans-abroad pledge is the latest in a series of Trump plans to cut personal tax bills, he's also floated exempting tipped wages, overtime pay and Social Security benefits from taxes

Public feedback invited to help make the Act concise and easy to understand

The Finance Minister in the 2024-25 Budget presented in July had proposed that the I-T law review will be completed in six months