Page 20 - Income Tax

IT major TCS advances generation of income tax Form 16 documents by 45 days

India's largest private sector employer, TCS, has advanced the generation of Form 16 documents for its staff by 45 days to help its over 6 lakh employees file their income tax returns in time. The forms were issued by April 27 and all the present and past employees have received their Form 16 documents, its deputy chief financial officer Lakshminarayanan G S said. He said the initiative -- which includes wide ranging usage of technology to do away with any manual intervention, has been done as part of improving the employee experience at the largest IT services export company. Planning for this exercise started in September 2022, and the company could advance the Form 16 generation by 45 days, its head of global employee services in the corporate finance department, Ashwini Kennedy, said. There a total of 18 lakh digital signatures - each form requires three - that had to be done after finishing the tax deducted at source (TDS) requirements on April 10, she said. Lakshminarayanan

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Income tax collection in West Bengal rises 2.4% at Rs 56,422 cr in FY23

Income tax collection in West Bengal increased 2.4 per cent at Rs 56,422 crore during financial year 2022-23 over previous fiscal, an official of the department said on Thursday. The target collection for the current fiscal 2023-24 stands at Rs 64,700 crore, principal chief commissioner of Income Tax for West Bengal and Sikkim, Smita Srivastava said. She said that tax collection from West Bengal has increased as overall industrial scenario has improved in the state. Residents of Sikkim are exempted from paying income tax, but not for those who have gone there from other places. Srivastava said that steel and cement sectors have not fared well. According to her, compliance has improved while TDS collection during the last fiscal has improved. The other aspect which contributed to the rise in collection is formalisation of the large informal sector. Srivastava launched a book 'Income Tax Pleading and Practice' written jointly by Narayan Jain and Dilip Loyalka.

I-T dept conducts searches at premises of pvt firm with alleged DMK links

The Income Tax (IT) department is conducting searches at multiple locations in Tamil Nadu

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No proposal before govt on capital gains tax, says Income Tax dept

A media report earlier in the day said India is preparing an overhaul of its direct tax law, including changes in capital gains taxes

CBSE exempted from paying tax with retrospective effect from FY'21 to FY'25

The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others. The I-T exemption has been given retrospectively from the financial year 2020-2021 (for the period from June 1, 2020 to March 31, 2021) and for fiscal year 2021-22, and 2022-23. The exemption will continue in the current fiscal and the next financial year (2024-25). In a notification, the Central Board of Direct Taxes (CBDT) said the government has notified the Central Board of Secondary Education, Delhi, a Board constituted by the Central government, under section 10 (46) of the I-T Act and exempted it from paying income tax on specified income. Such income include examination fees; affiliation fees; sale of text books & publications; registration fees, sports fees, training fees and other academic receipts. Also, receipts from CBSE projects/programmes; interest on income tax refunds; and .

Begin tax planning at start of financial year to avoid cash crunch later

Consider both income level and deductions you can avail of when choosing between old and new tax regime

TMS Ep401: Income tax, brand India, mutual funds, UPI payments

How will new income tax rules affect you from April 1? How can India create a global brand? Where will MFs invest when markets bottom out? Will your UPI payments not be free anymore? Answers here

How to reset password on Income Tax e-filing portal? Step by step guide

The income tax department gives you different options to reset your Income Tax e-filing portal password. Check out the step by step guide below

Removal of LTCG tax benefits on debt MFs pushes corporate bond yields

Following govt's latest move, tax would be computed on based the investor's tax bracket; levy could be as high as 30%; Centre's step puts the tax for MF units at parity with that for bank FD

March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B

Linking PAN with Aadhaar, submission of Form 12B are other tasks that must be completed be before this date

PAN-Aadhaar Link: A step by step guide to link two cards before deadline

PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000

Gift, loan, house rent: How your family can help in saving taxes

Provisions in the law allow your parents, spouse and siblings to maximise your tax returns

PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

Government workers in Sri Lanka stage protest over income tax hike

Sri Lankan health, railway, port and other state workers were on a daylong strike Wednesday to protest against sharp increases in income taxes and electricity charges, as the island nation awaits approval of an International Monetary Fund package to aid its bankrupt economy. Most government hospitals around the country suspended their outpatient clinics because doctors, nurses and pharmacists were on strike. The railways operated fewer trains and armed soldiers guarded carriages and train stations fearing sabotage. Trade unions say the increase in taxes and electricity charges have hit them hard amid difficulties from the country's worst economic crisis. They have threatened to extend the strike indefinitely if the government fails to address their demands. The government says it was compelled to raise taxes to strengthen state revenue and electricity charges to cover production costs, key prerequisites to unlocking the proposed USD 2.9 billion IMF package. Authorities say they ...

Amazon Web Services served Rs 549 crore income tax demand notice: Report

AWS: The income tax department has reportedly raised the demand for Rs 190.85 crore tax for 2014-15 and Rs 358.27 crore for 2016-17 by invoking Section 147 of the Income-tax Act

Meet the last advance tax deadline for FY23 to steer clear of penalties

If you miss the date, penalty will be levied at a simple interest rate of one per cent per month or part of a month

Seven mistakes seniors make while planning their taxes and finances

They could invest in SCSS in tranches to optimise Sec 80C benefits and park some money in PMVVY before it closes on Mar 31

No income tax on agricultural produce for next 2 fiscal years: Bengal FM

The West Bengal government has decided that farmers will not have to pay income tax on any agricultural product for the next two fiscal years, Finance Minister Chandrima Bhattacharya said Monday. The state government has also announced the withdrawal of two types of cess on raw tea leaves for the period. Presenting the Finance Bill in the assembly, Bhattacharya said the current exemption period for agricultural income tax ends on March 31. She also said that the state government has taken up a detailed and convenient scheme to resolve issues related to arrears of tax to facilitate sales tax payers. In her budget speech on February 15, Bhattacharya had said without imposing new taxes, income tax exemption on agricultural produce will be maintained. The West Bengal government has also decided to fill thousands of vacancies in several departments, including minorities and agriculture, official sources said.