Page 4 - Income Tax

Filing ITR 2024 for pensioners: What you need to know before July 31

Under the Income Tax Act, pensions are classified as "Income from Salaries"

Senior citizen tax benefits: Pension, deductions, Income Tax slabs

Senior citizens have higher deduction limits and exemption benefits than younger taxpayers

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

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, a 1988-batch IRS officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department. He takes over from Nitin Gupta, a 1986-batch Indian Revenue Service officer, whose extended tenure as the chairman ends on Sunday, June 30. Gupta was appointed as the CBDT chief in June, 2022. He was scheduled to retire in September last year but was given a nine-month extension till June. The new CBDT chief is currently working as member (administration) in the board. An order issued by the Appointments Committee of the Cabinet (ACC) said Agarwal will head the CBDT till June, 2025. Agrawal is scheduled to retire in September but his appointment order said he will continue on "reappointment on contract basis" till June 30 next year, in usual terms and conditions applicable to re-employed central government officers, in relaxation of the recruitment rules. A senior Union finance ministry officer told PTI

MP ministers to now pay Income Tax; state cabinet revokes 52-yr-old rule

Madhya Pradesh cabinet on Tuesday decided that state ministers will have to pay their Income Tax, instead of the state government bearing such burden. Chief Minister Mohan Yadav in a statement said the cabinet has taken a decision to strike off the 1972 rule, under which the state government was paying the Income Tax on the salaries and perks of ministers. The cabinet decided that all ministers will pay the Income Tax on their salaries and allowances, Yadav said. State Urban Administration Minister Kailash Vijayvargiya said during the cabinet meeting, the chief minister gave a suggestion that the ministers themselves pay their Income Tax. The suggestion was accepted and hence the decision was taken in this regard, he said.

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

Russian parliament approves proposal to raise income tax for the wealthy

Russia's parliament on Thursday gave preliminary approval to a bill that outlines higher income taxes for Russia's wealthy elite. The bill, which was passed in the first of three readings in the State Duma, Russia's lower parliament house, comes as Moscow continues to spend vast amounts of money on the military campaign in Ukraine. 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 after it was introduced in 2001. It envisages imposing a 13% tax for incomes of up to 2.4 million rubles ($27,500) a year. For incomes over that amount, a steadily higher tax rate would apply. The maximum tax rate would be 22% for annual incomes exceeding 50 million rubles ($573,000). The increased taxes would affect not more than 3.2% of Russia's taxpayers, Russian President Vladimir Putin said this week, citing calculations by the Finance Ministry. The proposed

Budget 2024-25: New income tax regime may offer a treat to salaried class

Rationalisation of tax slabs and rate adjustments under consideration

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

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

I-T relief for those in lowest slab may be considered in Budget: CII

Income tax relief for the people in the lowest slab may need to be considered in the upcoming full Budget for 2024-25 considering the high levels of inflation, according to newly-elected CII President Sanjiv Puri. In an interview with PTI, he also suggested creation of an institutional platform for consensus building between the Centre and states to successfully carry out all reforms, including those related to land, labour, power and agriculture. 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. In stead, it believes that the performance of Indian economy and the success of policies in the previous two stints would set the base to accelerate the process. "Broadly, I would say at this point of time it is public capex, adherence to fiscal glidepath, roadmap for investment in the social infrastructure, green fund and greater investment in the rural sector. These are the broad ...

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

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

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

Russia's wealthy elite may face higher tax as govt proposes new system

Russia's wealthy elite could face higher income taxes, according to a proposal the country's finance ministry floated on Tuesday. The proposal, which would likely have to go through parliament for approval and subsequently a signoff by President Vladimir Putin, comes as Russia continues to spend vast amounts of money on the military campaign in Ukraine. 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 after it was introduced in 2001. It envisages imposing a 13 per cent tax for incomes of up to 2.4 million rubles (USD 27,000) a year. For incomes over that amount, a steadily higher tax rates would apply. The maximum tax would be 22 per cent for annual incomes exceeding 50 million rubles (USD 555,000). The increased taxes would affect only 3.2 per cent of Russia's working population, Finance Minister Anton Siluanov said on the ministry's websi

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

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