Page 23 - Latest Updates on Income tax
No income tax on agricultural produce for next 2 fiscal years: Bengal FM
The state government has also announced the withdrawal of two types of cess on raw tea leaves for the period
 "No income tax on agricultural produce for next 2 fiscal years: Bengal FM")
Centre suspends FCRA licence of think tank CPR amid I-T searches
According to the report, officials said that CPR's licence was revoked recently over non-compliance with FCRA norms.
 "Centre suspends FCRA licence of think tank CPR amid I-T searches")
House rent allowance: Tax exemption can be claimed on rent paid to parents
Prepare an agreement, pay rent into their bank accounts, and ensure they pay tax on it
 "House rent allowance: Tax exemption can be claimed on rent paid to parents")
BBC does not have an agenda, says chief to staff in India after I-T survey
BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said
 "BBC does not have an agenda, says chief to staff in India after I-T survey")
Explained: Does the new tax regime adversely affect household savings?
New tax regime does not have tax deductions as is given under various provisions such as 80C or 80D of the Income Tax Act
 "Explained: Does the new tax regime adversely affect household savings?")
How health check-up, insurance premium can help you in saving tax
Preventive check-up is one available to save tax based on medical-related issues
 "How health check-up, insurance premium can help you in saving tax")
India lost 2 Bhutans worth of individual taxpayers to Covid-19 pandemic
Growth rate of new tax payers has been under pressure in recent years
 "India lost 2 Bhutans worth of individual taxpayers to Covid-19 pandemic")
Income Tax 'survey' operations at BBC offices continues for third day
The Income Tax department's 'survey' at the BBC office here continued for the third straight day as officials gathered financial data from select staffers and made copies of electronic and paper data
 "Income Tax 'survey' operations at BBC offices continues for third day")
Income tax 'raids': What is the difference between surveys and searches?
Not every income tax department operation is a 'raid'. Here is what the I-T Act says about 'surveys' and 'searches'
 "Income tax 'raids': What is the difference between surveys and searches?")
Top headlines: ALT's ESG rating under review, Srei group resolution & more
Business Standard brings you the top headlines at this hour
 "Top headlines: ALT's ESG rating under review, Srei group resolution & more")
Old vs new: Soon, I-T portal may show which tax regime's best for you
The system will also compare the two schemes in an easy-to-understand format, said another source
 "Old vs new: Soon, I-T portal may show which tax regime's best for you")
Income Tax Department sleuths survey BBC's Mumbai studios, Delhi office
The sources also said that the team reached there to verify documents and some of the employees were also asked to leave the office and go home
 "Income Tax Department sleuths survey BBC's Mumbai studios, Delhi office")
Fully cooperating with Indian income tax authorities, tweets BBC
The surprise action comes weeks after the broadcaster aired a two-part documentary, "India: The Modi Question"
Govt mulls modified valuation norms for taxing foreign investments in cos
The Department is likely to come out with modified valuation rules under the I-T Act for ascertaining FMV of shares of unlisted companies for the purpose of levying tax on non-resident investments
 "Govt mulls modified valuation norms for taxing foreign investments in cos")
New tax regime to benefit middle class; leave more money in their hands: FM
She said it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments
 "New tax regime to benefit middle class; leave more money in their hands: FM")
Customs duty cut, I-T slab rejig to boost consumer durable stocks: Analysts
With revised customs duty across consumer electronics' manufacturers, analysts believe this measure would reduce costs for manufacturing mobile phones, TV panels, and kitchen chimneys
 "Customs duty cut, I-T slab rejig to boost consumer durable stocks: Analysts")
New tax regime to leave higher disposable income with people: Sitharaman
The Union Budget 2023-24, astutely balances the requirement for India's development imperatives within the limit of fiscal prudence, Finance Minister Nirmala Sitharaman tells Lok Sabha
 "New tax regime to leave higher disposable income with people: Sitharaman")
New and old: How two tax regimes work for home loan interest benefit
You can benefit under the new tax regime but there are a few caveats
 "New and old: How two tax regimes work for home loan interest benefit")
From savings to spending: What new IT rules tell us about govt's intentions
The new IT regime will be the default one but those tax payers wanting to continue with the old one can still do so
 "From savings to spending: What new IT rules tell us about govt's intentions")
Trustees will be liable in case of non-payment of exit tax: CBDT chief
CBDT chief says there's no reason to provide differential treatment for filing I-T returns
 "Trustees will be liable in case of non-payment of exit tax: CBDT chief")