Page 26 - Income Tax

Budget 2023: Income tax slabs changed under new tax regime. Details here

Income Tax Rates and Slabs: Under the new tax regime, the highest tax rate of 30% will be levied on income above Rs 15 lakh

Compute your income tax liability after Budget 2023 changes here

No tax will have to be paid for income up to Rs 3 lakh

Budget 2023-24: Where does the rupee come from, and where does it go?

Budget 2023: The largest share of the Centre's expenditure goes towards paying the interest on borrowings

Budget 2023 proposals will put India firmly back on the FII's radar

The measures, overall, will push private capex higher at a time when the global economy is facing recessionary headwinds, says Andrew Holland

Budget delivers a big boost for consumption-related stocks: Analysts

The Budget has put more money in the hands of the people through relief from Income Tax, which is a very positive step, analysts said

FM should cut cess, taxes on fuels and surcharge on income tax: Chidambaram

Finance minister must find out answers as to why India Inc. is not investing, says Congress leader

Tax harvesting: Strategy for offsetting losses that needs careful planning

Equity investors should go for the strategy before March 31 and reduce their liability on capital gains

Finance Ministry contemplating sops for middle class in upcoming Budget

The finance ministry is considering proposals to benefit the middle class in its last full Budget of the Narendra Modi 2.0 government to be presented on February 1 in the Lok Sabha. The finance ministry is looking into proposals sent by various government departments on specific steps which may be announced in the Budget, benefitting a large section of the middle class, sources said. The government has not raised income tax exemption limit from Rs 2.5 lakh which was fixed in 2014 by the then Finance Minister Arun Jaitley in his first Budget. Also the standard deduction has remained at Rs 50,000 since 2019. Several experts are of the opinion that the exemption limit as well as standard deduction need to be increased to compensate salaried middle class for elevated level of inflation. The recent statement of Finance Minister Nirmala Sitharaman that she was aware of pressures of the middle class has raised hope that some incentives may come for them in the upcoming Budget. "I too bel

Centre expected to introduce new income tax slabs in Budget 2023: Report

Currently, there are six slabs in the new personal income-tax regime, starting with the Rs 2.5-5 lakh income bracket taxed at 5 per cent

Budget 2023: Salaried class wants higher tax-free slab as inflation bites

From a tax-free slab of Rs 5 lakh to a higher exemption limit under Section 80C, here is what experts are hoping for in Budget 2023

Wealthy Indians reporting lower income, paying less tax: DSE study

The study found that the average taxable income reported by the bottom 10 per cent of households was more than 170 per cent of family wealth

Centre planning rate changes in new income tax structure, says report

Individuals can currently decide which set of rates they want to be taxed under

Taxes, incentives, reforms: How to read this year's Budget document

What taxpayers, senior citizens and investors should look out for in the Finance Minister's speech

Rates are out of tune for higher-income levels, need revisions

India is somewhere in the middle when taxation for the upper-income bracket is considered, but leaving tax rates untouched can translate into a heavier tax burden on the population

CBI arrests Chennai Income Tax officer, CA in Rs 2,25,000 bribery case

The CBI has arrested an Income Tax officer and a chartered accountant in Chennai for their alleged involvement in a Rs 2.25 lakh bribery case, officials said Saturday. The bureau's action came after an FIR was registered against CPWD's superintendent engineer Sanjay Chinchghare, assistant valuation officer D.Manjunathan and chartered accountant Satgurudas and Suresh, the assessee and property owner, they said. Chinchghare was also posted as district valuation officer in Chennai Income Tax Valuation Cell. A case was registered by the CBI against the accused on allegations that Suresh had declared a high-value property transaction in his Income Tax return which was referred to the Income Tax Valuation Cell by National Faceless Assessment Centre, New Delhi, the officials said. Manunathan allegedly inspected the property and underlined the difference in the property value, they said. "The competent authority in finalising the valuation was a superintending engineer (Planning) Chinchgh

Top headlines: I-T dept goes after tax arrears of over Rs 7.7 trn, PMAY-G

Business Standard brings you the top headlines at this hour

Income Tax searches on premises of Exel Group of companies in Hyderabad

The Income Tax department on Wednesday conducted searches on premises of Exel Group of companies in Hyderabad and neighbouring Sangareddy district for alleged irregularities in income tax payment

Trump's returns show how he used write-offs to pay little or no tax

The returns, which include his personal and business filings from 2015 to 2020, are the first complete look into Trump's tax records for the years he was running for office and in the White House

Should Indian states also levy an income tax?

An RBI report recently highlighted the grim fiscal condition of ten states. And of them, five seem to be in dire condition. What ails these states? What can be done to revive their economy?

Here is why the Centre should hand over a lower share of taxes to states

The Centre should share only 25 per cent of tax revenues with states, and the states should be allowed to impose their own income tax