Page 18 - Income Tax

Donate for a good cause, get tax benefit: Here is how to do that

Helping charitable institutions recognised by the government, scientific institutions and even political parties can earn deductions

Budget expectations: Income tax benefits, support to women entrepreneurs

An increase in income tax exemption limits, support to women entrepreneurs, a long-term taxation policy and steps to boost consumption and savings are among the expectations of experts from the interim budget which will be presented by Union Finance Minister Nirmala Sitharaman on February 1 ahead of Lok Sabha elections. They also demand for parity in taxation among companies, partnerships and limited liability partnerships. "This is going to be an interim budget but at least there may be some indications of full-budget benefits. There may be some concession to be offered to individual taxpayers under section 87A under which the overall tax exemption limit may be increased to Rs 8 lakh from now Rs 7 lakh, inclusive of rebates," All India Federation of Tax Practitioners national president Narayan Jain said. Bharat Chamber of Commerce president N G Khaitan said there is a need for a long-term taxation policy and parity in taxation among companies, partnerships and limited liability ...

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

Reframing the middle class

In defining and thinking about the middle class, we need to move away from rankings and income to quality

Income tax filers more than double to 77.8 million in 10 years: Govt data

The number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years, as per government data. Releasing key statistics, the Central Board of Direct Taxes (CBDT) on Tuesday said the number of Income Tax Returns (ITRs) filed in FY23 stood at 7.78 crore, showing an 104.91 per cent increase as compared to the 3.8 crore ITRs filed in 2013-14. 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. The government has budgeted to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax) -- 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal. According to CBDT data, gross direct tax collections increased 173.31 per cent to Rs 19,72,248 crore in FY23 from Rs 7,21,604 crore in FY14. At the same time direct tax-to-GDP ratio went up from 5.62 per cent to 6.11 per cent. The cost of collection, however, has decreas

Ease of business vs tax pressure

Obviously, tax officials believe that all these tightly regulated companies, including government ones, have short-changed the government

LIC gets 2 tax demand notices worth Rs 3,529 crore from Mumbai officials

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped two demand notices aggregating to about Rs 3,529 crore on it. 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 would file an appeal before the Commissioner (Appeals), Mumbai, against the said orders within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, according to LIC.

Missed Dec 31 ITR deadline? Apply for condonation of delay at the earliest

Taxpayers may file an updated return after April 1

I-T dept raids realty players including Bhutani Infra, Logix in Noida

The Income-Tax department on Thursday searched major real estate groups based in Noida, Uttar Pradesh as part of a tax evasion investigation against them, official sources said. The premises of realty groups like Bhutani Infra, Group 108, Logix and some other companies were raided by the tax department, they said. A total of 37 premises in Noida, Delhi and neighbouring Faridabad (Haryana) have been covered during the searches that were launched after noon, the sources said. There was no immediate response from Bhutani Infra, Logix Group and Group 108 when contacted by PTI. The books of accounts and inventories of these groups were looked into by the search teams, the sources said, adding that the raids were going on. Bhutani Infra, which deals in luxury projects, stated last year that it was developing a 15 million square feet area in four projects in Noida and is expanding out of the national capital region for the first time in four locations, including Goa. The Logix group has

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

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 dept notifies ITR forms 1, 4 for assessment year 2024-25

The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25. Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year. 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. However, this year, ITR forms are notified in December itself, to enable taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. The I-T Department notified the forms on Friday. Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house ...

Over 74 mn ITRs filed in FY23, 50 mn people showed zero tax liability: Govt

Over 7.40 crore persons filed income tax returns in the 2022-23 fiscal, of which 5.16 crore showed zero tax liability, the Finance Ministry said on Monday. 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. The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21. The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal. The number of persons whose I-T returns amount to zero tax liability during the last four years increased from 2.90 crore in fiscal 2019-20 to 5.16 crore in 2022-23. "There may not be proportionate increase in direct tax collection and number of income tax returns filed because the direct tax collection is dependent upon multiple factors which include tax rate applicable for relevant assessment year, admissible deductions/ ...

I-T raid on Dhiraj Sahu: Take a look at India's biggest raids in history

The Income Tax Department recently made headlines with a record-breaking seizure of Rs 353 crore in cash following a raid on Odisha-based Boudh Distillery Private Limited, owned Dhiraj Sahu

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)

I-T dept raids ex-IFA secretary's premises over financial irregularities

The Income Tax Department on Monday conducted raids at premises associated with former Indian Football Association (IFA) secretary Utpal Ganguly in connection with its ongoing probe into financial irregularities in the foreign liquor trade, an official said. 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. "Our officers are speaking with Ganguly and scrutinising documents related to the trade of IMFL (Indian-made Foreign Liquor) with which he was associated," the official said. Searches were also underway at a couple of offices associated with Ganguly in Ballygunge and Cossipur areas of Kolkata, he said. Ganguly, who held the post of IFA secretary for three terms spanning 12 years, could not be reached for reaction. He had stepped down from the post in 2019.

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 cash seizure in the income-tax department's searches against an Odisha-based distillery company, owned by a Congress MP's family, has been calculated at Rs 351 crore after five days of counting and is the "highest-ever" haul in a single action by any probe agency in the country, official sources said on Sunday. The premises of the Congress Rajya Sabha MP from Jharkhand, Dhiraj Prasad Sahu, in Ranchi and other places, were also covered during the searches by the department. The company and the member of Parliament did not respond to PTI's queries regarding the action being carried out against them. The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday. The raids were launched on December 6 by the taxman on charges of tax evasion and "off-the-book" transactions. The sources told PTI that Rs 351 crore cash has been counted and the process has ended. The counting involved nine teams of about 80 people from the tax ...

Shah targets Oppn over massive cash seizure from premises of Congress MP

Home Minister Amit Shah on Sunday hit out at the opposition over the seizure of a large amount of cash from premises linked to a Congress MP, saying it is now clear that their "propaganda" about probe agencies being misused was driven by the fear that their corruption will be exposed. In a statement, the senior BJP leader questioned the "silence" of INDIA bloc leaders, saying he can understand why the Congress is keeping mum but wondered why parties like the TMC, DMK, JD(U) and the RJD were doing the same. 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. The Congress has distanced itself from him, claiming that the party has nothing to do with his business, even as the BJP has latched onto the issue to press ahead with its charge of corruption against opposition parties. Shah said this must be the highest amount of money seized from a parliamentarian since independence. "It can be

Clarification sought from Dheeraj Sahu: Jharkhand Congress in-charge

Jharkhand Congress in-charge Avinash Pandey on Sunday said that a clarification has been sought from party MP Dheeraj Sahu in connection with the recovery of huge cash from premises linked to him. Pandey, however, clarified that is it a private matter of Dheeraj Sahu and the party has nothing to do with it. "Since he is Congress MP, he should make an official statement about how such a big amount of money came to him," Pandey said while speaking to media persons at Ranchi's Birsa Munda airport. He also said, "The party has a clear-cut stand that it is a private matter of Dheeraj Sahu, which has nothing to do with the Congress party. A huge pile of cash has been recovered so far in the searches conducted by the Income Tax department against Odisha-based Boudh Distillery Private Limited and entities linked to it. Premises linked to Sahu were also covered as part of the searches, according to officials. The seizure amount is expected to reach Rs 290 crore, making it the "highest-ever