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A tax rebate is available on income up to Rs 7 lakh under the new tax regime and up to Rs 5 lakh under the old regime
The Income Tax Department raided Pushpa 2 director Sukumar's house and office in Hyderabad today. The director was escorted by IT officials from Hyderabad airport
The Bombay High Court had rejected the PCCIT's move to issue a reassessment notice
In Budget 2025, Finance Minister Nirmala Sitharaman is expected to retain the dual tax system, offering taxpayers the choice between the simplified new regime with lower rates & older one with deducti
As the Union Budget 2025 approaches, it is crucial to understand how the government earns its revenue from taxes and non-tax sources. Here's a breakdown
As many as 90,000 salaried individuals, both from PSUs and the private sector, have withdrawn wrongful tax deductions claims totalling Rs 1,070 crore as of December 31, 2024, government sources said on Thursday. During various search & seizure and survey operations conducted by Income Tax Department, it has come to notice that various individuals are claiming incorrect deductions, under sections 80C, 80D, 80E, 80G, 80GGB, 80GGC, in their ITRs, leading to reduction of tax payable to the government. During investigation, it was revealed that such individuals are employees of organisations operating in diverse fields including PSUs, big corporations, MNCs, LLPs, Private Ltd Companies, etc, sources said. Also, most of them who claimed wrongful deductions were working in the same company. Analysis of the information with the department showed that there is a vast mismatch between total deductions under section 80GGB/80GGC claimed by taxpayers in their ITRs as against the total receipts
The changes involve simplifying the language and rationalizing information by using formulas and tables, and won't include any adjustments to tax rates and policy, the people said
The Adjudicating Authority for the anti-benami law has upheld a 2023 land assets attachment order issued by the Income Tax department despite the taxman not being able to identify the "beneficial owner", stating that the said law has specific provisions to deal with such instances. The Authority, a quasi-judicial body, issued the order on November 26 last year in a benami assets case that came to the fore after the department raided three Lucknow-based realty groups that had "purchased big land parcels in the Kakori (Lucknow district) area by paying huge amount of unaccounted cash". The Lucknow-based Benami Prohibition Unit (BPU) of the department issued a provisional order in October 2023 attaching five land parcels in Kakori valued at over Rs 3.47 crore and categorising them as "benami assets". The order was sent to the Authority for confirmation with the name of a 'benamidar' (in whose name a benami property is standing) apart from two companies and two individuals who were named
Budget 2025 expectations: This year, speculation revolves around whether tax slabs will be altered or new relief measures introduced
India's tax administration adopts a trust-based model, accepting over 99% of returns without scrutiny, while flagged cases undergo transparent, objective assessments
The official said around 35,000 customs cases, involving over around Rs 50,000 crore are currently pending across various courts
The brochure advises taxpayers to refrain from using cash for daily transactions, particularly those involving significant amounts
Two-wheeler maker Hero MotoCorp Ltd on Wednesday said it has received an additional tax demand of Rs 26.40 crore from the Income Tax Department for the assessment year 2020-21. The company received an order dated December 31, 2024, from the Deputy Commissioner of Income Tax, Central Circle 27, New Delhi for the assessment year 2020-21, Hero MotoCorp Ltd said in a regulatory filing. Stating that it had filed its income tax return for the assessment year 2020-21 on December 31, 2020, the company said the same was examined by the tax officer in detail as per the provisions of the Income Tax Act, 1961. "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 (approximately)," it added. Hero MotoCorp said it is examining the order and would take appropriate steps, including filing of appeal and rectification application. "In the opinion of the management, the demand raised is unsustainable
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
Simplification of direct and indirect tax policies will be the main focus area for the government in the New Year after beginning the review of the six-decade-old income tax law and rationalisation of the GST rate in 2024. With monthly gross GST collections stabilising at around Rs 1.8 lakh crore and gross direct tax collections steadily rising at 20 per cent rate, the effort to ease compliance burden for individuals as well as corporates will gain traction. On the GST front, individuals are awaiting a tax cut in life and health insurance premiums, which will bring down the cost of insurance, while businesses are awaiting the operationalisation of the GST Tribunal for faster dispute resolution. Also, the 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, comprising the Centre and state finance ministers. Currently, GST is a four-tier tax structure wit
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. In his speech at the pre-Budget meeting of the Union Finance Minister Nirmala Sitharaman at Jaisalmer, Rajasthan, Telangana Deputy Chief Minister Mallu Bhatti Vikramarka said streamlining IT and GST filing processes is vital as these processes currently consume weeks for mid-sized and large businesses. Expanding the tax base through digital tracking of financial transactions and encouraging voluntary compliance are also key measures, he opined. "Reforms to the Income Tax Act are a welcome step. India's current tax system is complex, leading to compliance burdens for individuals and businesses alike. Telangana urges simplification of tax slabs and reduction of corporate tax rates to enhance ease of doing business," Bhatti said. Telangana supports a realistic fiscal deficit target of 4.5 per cent of GDP to sustain momentum in infrastructure and ...
Only 6.68 per cent of India's population filed income tax returns in 2023-24 fiscal, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary said there is an increase in filing ITR with over 8.09 crore income tax returns were filed in fiscal 2023-24, up from over 7.40 crore in 2022-23. In FY22, the number of ITRs filed was over 6.96 crore, up from over 6.72 crore in FY21 and over 6.48 crore in FY20. "In FY 2023-24, the percentage of population that files Income Tax Return is 6.68 per cent. (In FY 2023-24, the total number of persons filling income tax return is 8,09,03,315)," Chaudhary said in a written reply to the Rajya Sabha. 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.