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Income tax News
Budget 2018: Income tax slab likely to be revised?
Mon, Jan 08, 2018
In the last year's Budget, Arun Jaitley disappointed this section
Will govt bring change in income tax slab? here's the present structure
Tue, Jan 02, 2018
Every year the government revises the income tax slab rates during the budget. Various deduction are allowed to a taxpayer under Section 80C and Section 80D.
You may face these penalties if you don't pay tax on time
Fri, Dec 29, 2017
Any income earned via monthly regular income from an employer or ex-employer paid in the given financial year is considered as 'salary income'.
Know under which category of income tax slab you come
Wed, Dec 27, 2017
If you are a salaried person and earn up to Rs 2.5 lakh, you are not liable to pay any income tax. However, if you earn between Rs 2.5 lakh and Rs 5 lakh, you have to pay 5% income tax.
EV drive: SIAM for 5% GST, IT deduction for individual buyers
Mon, Dec 25, 2017
In order to promote electric vehicles (EVs) in India, auto industry body SIAM has suggested reduction of GST on such automobiles to 5 per cent, besides one-time income tax deduction of 30 per cent of vehicle price for non-financed buyers.
Know your options for tax savings as the financial year is coming to an end
Fri, Dec 22, 2017
Only three months are left for the financial year to end and this is the high time that you plan your tax savings. Let's have a look of some of the ways that can help you save your income tax.
1600 returns filed for salary income over Rs 5 crore in FY16: CBDT
Wed, Dec 20, 2017
Only 1,648 taxpayers reported salary income above Rs 5 crore in the AY 2015-16, statistics by CBDT revealed.
How to pay tax on bitcoins profit?
Sun, Dec 17, 2017
Dhiraj recently sold a Bitcoin worth Rs 2,75,000/- after the money what he invested in it got doubled. But he is not aware whether he need to pay tax on this or not and if tax needs to be paid then under what income tax head and how much! Let’s understand: -
Deadline for third installment of Advance Tax nears; here's how you can pay it
Tue, Dec 12, 2017
If you miss the first deadlines for advance tax payment, you will have to pay interest, which is computed as 1% interest on the defaulted amount for every month until the tax is paid off completely.
10 things to note for filing income tax on mutual fund investments
Sat, Dec 09, 2017
‘Whenever there will be income, there will be tax.' Ten things to note for tax paid on mutual fund investments.
Income Tax officer suspended for harassing taxpayer
Fri, Dec 08, 2017
Meena was alleged to have sought illegal gratification through the taxpayer’s Chartered Accountant for favourably completing the assessment, said an official release from the I-T department.
Union Budget: Trade unions for Rs 5 lakh tax-free income, Rs 3,000 pension
Wed, Dec 06, 2017
Central trade unions today pitched for tax exemption on income of up to Rs 5 lakh, minimum monthly wage of Rs 18,000 and Rs 3,000 minimum pension for workers in a pre-budget consultation with Finance Minister Arun Jaitley.
Income Tax notices to 1.16 lakh for cash deposit of over Rs 25 lakh
Tue, Nov 28, 2017
The tax department has combed as many as 18 lakh people who had deposited junked 500 and 1000 rupee currency notes of over Rs 2.5 lakh each post demonetisation.
Unsold realty inventory under Income Tax radar to check hoarding
Tue, Nov 28, 2017
A tax between 8% and 10% could be applied on the property that is held under "stock in trade" by the developers. The Central Board of Direct Taxes has already sent internal guidelines to I-T officials across the country,
Demonetisation resulted in 56 lakh people becoming IT payees: VP
Thu, Nov 23, 2017
The demonetisation exercise undertaken by the government last year has resulted in 56 lakh people joining the ranks of Income Tax payees, Vice President Venkaiah Naidu said here today.
Want to earn from tax-saving schemes; here's a list where you can invest
Tue, Nov 21, 2017
If you are planning to claim tax benefits, start investing in the first quarter of a financial year so that you can spread your investments over the years.
Country paying recap, banks can't get easy money, says Govt
Mon, Nov 13, 2017
It is the Indian taxpayer who will foot the bill for the banks` recent recapitalisation plan and the state-run lenders cannot expect to get easy money in this manner, the government said on Sunday.
Taxmen raid Jaya TV, associates, over suspected tax evasion
Thu, Nov 09, 2017
Income Tax sleuths today raided the premises of Jaya TV here and its associates over suspected tax evasion as part of 'Operation Clean Money', sources said.
We tell you the difference between allowance, deductions & exemptions
Thu, Nov 02, 2017
Tax Exemption means a part of your income which will not be taxable. These are available in two types, Partial Exemption and total exemption. Some incomes are fully exempt such as dividend earned from equity shares and some are exempt to an extent only, like transport allowance which is exempt only up to Rs 1600/- per month or less.
High Court allows woman to file Income Tax returns without Aadhaar card
Wed, Nov 01, 2017
The Madras High Court today allowed a woman to file her income tax returns without quoting Aadhaar number or Aadhaar enrolment number. Justice T S Sivagnanam passed the interim order on a plea by Preethi Mohan.