Page 15 - Income Tax

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

I-T officer died in fire at CR building at ITO in Delhi: Tax dept

A fire broke out inside the Income Tax CR Building in ITO area on Tuesday, officials of the Delhi Fire Services said. No casualty was reported. The fire broke out in the building located opposite the old Police Headquarters, which is still occupied by the force for some of its units. "We received a call at 3.07 pm, regarding a fire in the Income Tax CR building. We have rushed a total of 21 fire tenders. We have also informed the local police about the matter for further investigation and to maintain law and order," officials of the DFS said. According to some videos which turned up on social media, the occupants of the building took shelter on the window ledge while escaping the fire. More details are awaited.

FM's clarification on capital gains tax could see markets recover on Monday

Ambareesh Baliga, an independent market analyst believes the markets want 'more of the same' in terms of income tax-related policies - continuity amid a stable regime

Income tax calendar for May 2024: Check out full list of deadlines

Taxpayers should use the calendar for financial and tax planning

Tax dept extends deadline for charitable trusts' registration till June 30

The income tax department on Thursday extended the deadline for charitable and religious trusts to furnish registration application with tax authorities till June 30. The Central Board of Direct Taxes (CBDT) had earlier extended the due date for filing Form 10A, Form 10AB by trusts, institutions and funds multiple times and the last such extension was till September 30, 2023. "Considering the representations received by CBDT requesting for further extension of due date for filing of such forms beyond the last extended date of September 30, 2023, and with a view to avoid genuine hardships to taxpayers, CBDT has extended the due date of filing Form 10A/Form 10AB up to June 30, 2024," the CBDT said in a statement. Form 10A is an application form filed by trusts/institutions who wish to get themselves registered for income tax exemption. Form 10 AB is filed by trusts/institutions to renew their permanent registration. CBDT further clarified that if any such existing trust, institution

Congress plans to target middle class with inheritance tax: Sitharaman

Sam Pitroda argued that his remarks were merely a discussion on policies in the US and not a proposal for India

Save income tax with health insurance under Section 80D: Here's how

Taxpayers can secure deductions on the premiums paid for themselves, their spouses, dependent children, and parents under Section 80D

Foreign entities fund Indian NGOs to halt public projects: I-T dept to SC

The Environics Trust had filed a petition in the Delhi High Court, contesting the notice issued to it under Section 148 of the Income Tax Act, 1961

15G/15H or Section 197 to avoid TDS? Choice depends on your income

Individuals with income below basic exemption limit should opt for the former, those exceeding this limit may go for the latter