Page 17 - Latest Updates on Income tax
Donate for a good cause, get tax benefit: Here is how to do that
Percentage of donated amount eligible for deduction may vary
 "Donate for a good cause, get tax benefit: Here is how to do that")
Budget expectations: Income tax benefits, support to women entrepreneurs
They also demand for parity in taxation among companies, partnerships and limited liability partnerships
 "Budget expectations: Income tax benefits, support to women entrepreneurs")
Budget 2024: Key announcements made in previous interim budget in 2019
Interim budget 2024: While interim budgets are said to have no major policy changes, let us take a look at some key announcements Piyush Goyal made in Interim Budget 2019
 "Budget 2024: Key announcements made in previous interim budget in 2019")
Reframing the middle class
In defining and thinking about the middle class, we need to move away from rankings and income to quality
 "Reframing the middle class")
Income tax filers more than double to 77.8 million in 10 years: Govt data
During the same period, the net direct tax collections increased 160.52 per cent from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23, it said
 "Income tax filers more than double to 77.8 million in 10 years: Govt data")
Ease of business vs tax pressure
Obviously, tax officials believe that all these tightly regulated companies, including government ones, have short-changed the government
 "Ease of business vs tax pressure")
LIC gets 2 tax demand notices worth Rs 3,529 crore from Mumbai officials
The corporation has received orders from Income Tax authorities regarding Income Tax demand issued by Assistant Commissioner of Income Tax, Mumbai, LIC said in a regulatory filing
 "LIC gets 2 tax demand notices worth Rs 3,529 crore from Mumbai officials")
Missed Dec 31 ITR deadline? Apply for condonation of delay at the earliest
Taxpayers may file an updated return after April 1
 "Missed Dec 31 ITR deadline? Apply for condonation of delay at the earliest")
Budget 2024: Rebate under new income tax regime may be hiked to Rs 7.5 lakh
Last week, the PFRDA chairman had said that the body has recommended employer contributions to the National Pension Scheme up to 12 per cent to be exempted from the income tax
 "Budget 2024: Rebate under new income tax regime may be hiked to Rs 7.5 lakh")
I-T dept raids realty players including Bhutani Infra, Logix in Noida
The premises of realty groups like Bhutani Infra, Group 108, Logix and some other companies were raided by the tax department, they said
 "I-T dept raids realty players including Bhutani Infra, Logix in Noida")
Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year
To encourage taxpayers to file their ITRs and forms early, over 1.03 billion outreaches were made through targeted e-mail, SMS and other creative campaigns
 "Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year")
I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr
With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year
 "I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr")
Income Tax Recruitment 2023: Registration opens for 291 MTS, TA posts
Interested applicants can apply online for Income Tax recruitment 2023 for different positions under sports quota through the official website at incometaxmumbai.gov.in
 "Income Tax Recruitment 2023: Registration opens for 291 MTS, TA posts")
Income Tax dept notifies ITR forms 1, 4 for assessment year 2024-25
Usually, ITR forms for a particular financial year are notified by the end of March or early April. But last year, the forms were notified in February
Over 74 mn ITRs filed in FY23, 50 mn people showed zero tax liability: Govt
Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in the number of returns filed in the last five years
 "Over 74 mn ITRs filed in FY23, 50 mn people showed zero tax liability: Govt")
Newsclick Row: HC dismisses news portal plea challenging income tax orders
The petitioner had further prayed for a stay of demand during the pendency of the petitioner's appeal before the Commissioner of Income Tax (Appeals)
 "Newsclick Row: HC dismisses news portal plea challenging income tax orders")
I-T dept raids ex-IFA secretary's premises over financial irregularities
I-T officials were checking relevant documents and speaking with Ganguly at his Dhakuria residence, around which a cordon was laid by jawans of central forces since morning
Odisha I-T raid: Officials to deposit all cash at Balangir SBI branch
Income Tax officials however continue to conduct the survey at properties linked to Dheeraj Sahu with documentation process still on
Rs 351 crore cash haul in I-T raids against biz group linked to Cong MP
The counting involved nine teams of about 80 people from the tax department and various banks, working in shifts in a 24x7 cycle
 "Rs 351 crore cash haul in I-T raids against biz group linked to Cong MP")
Shah targets Oppn over massive cash seizure from premises of Congress MP
The Income Tax has seized over Rs 300 crore in cash from several premises of a business group linked to Congress MP from Jharkhand Dhiraj Prasad Sahu
 "Shah targets Oppn over massive cash seizure from premises of Congress MP")