What is Income tax

The tax officer has made the additions to the reported income to the tune of around Rs 96.5 crore resulting in an additional tax demand of Rs 26.4 crore

The chairman noted that the past year saw significant progress, with over 2.4 lakh grievances resolved, including 1.75 lakh through the E-nirvan platform

work on rationalising GST rates and slabs has been put in motion with a group of ministers (GoM) deliberating on the changes, but a final decision is expected only by the GST Council

July 2024 steps will shape tax deductions and exemptions that can be claimed when filing an Income Tax Return (ITR) in July 2025

The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals

52 kg of gold and Rs 9.86 crore in cash were found in an abandoned SUV near a Bhopal forest, raising suspicions of links to ongoing raids on real estate businesses

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