Page 27 - Income Tax

Why is India Inc batting for the small guy?

Business leaders and representatives from industry bodies have recently met Finance Minister Nirmala Sitharaman to propose rationalisation of personal income tax rates and more. Let's find out more

CII suggests slashing income tax rates in upcoming budget o revive demand

The CII has suggested a cut in personal income tax rates to revive demand -- a move which would benefit 5.83 crore taxpayers who have filed returns for assessment year 2022-23

Cut I-T, review capital gains tax in Budget 2023-24: CII to govt

FM Nirmala Sitharaman's pre-Budget consultations from today

Income Tax dept conducts searches at Metropolis Healthcare in Mumbai

The Income-tax department on Wednesday conducted searches at the premises of Mumbai-based Metropolis Healthcare that runs medical diagnostic centres as part of a tax evasion investigation, official sources said. The locations of the company in Mumbai are being covered, they said. A response from the company is awaited. The company is a prominent player in the medical tests and diagnostics business domain. It had last week reported a consolidated profit after tax of Rs 40.5 crore for the second quarter that ended September 30.

Laid off? Seek advice before claiming tax exemption on severance pay

You can claim only if the payout is voluntary and you have documentary proof to this effect

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

15 new judicial and technical members appointed for NCLT benches

The tribunal has a total sanctioned strength of 63 members and 28 benches

Trip that includes a foreign leg is not eligible for LTC, say experts

This condition is not satisfied merely by the trip starting and ending in India

Tax authorities want IT professionals to declare income from 'moonlighting'

The concerns from tax authorities have come at a time when there is an ongoing debate on how far 'moonlighting' by employees can be allowed.

I-T dept raids two luxury watch sellers in Delhi amid tax evasion probe

The Income Tax Department has conducted searches against two major luxury watch sellers in Delhi as part of a tax evasion probe, officials said Tuesday. The sleuths launched the raids on Monday on the premises of Kapoor Watch Company and Johnson Company and their promoters on Monday, they said. Phone calls and email sent by PTI to the two companies did not elicit a response. The officials said the tax department looked at the account books, sales bills and other documents as part of the searches conducted to probe alleged tax evasion and charges of reported cash sale of watches that are worth a few lakhs. The two companies have showrooms in prominent Delhi markets and deal in several high-end watches, including that of foreign brands.

CBDT extends last date for filing TDS for non-salaried individuals

Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter

Assets worth Rs 18,400 crore attached under Benami Act till July 31: Report

Till July 31, the I-T Department had issued notices in 3,175 cases amounting to Rs 19,222 crore

Back to the 1950s: State to lead investment and higher taxes to fund it

The reason for higher taxation is the inability of the private sector to invest on the scale required to satisfy the minimum thresholds of political and social needs. We are back to the 1950s

Gifts received from non-relatives of above Rs 50,000 a year are taxable

Gifts from employer become taxable once their value exceeds Rs 5,000; bonus is also taxable

Union Budget 2023: Individual taxpayers can expect some relief

Experts caution that fiscal support alone may create artificial demand and jack up prices

Dominant Jeremy Hunt refuses to rule out new U-turn on Truss taxes

Hunt declined to rule out delaying by a year the prime minister's plan to cut the basic rate of income tax, a move that would amount to another U-turn on a key plank of Truss's "mini-budget."

ITAT rejects equalisation levy over jurisdictional grounds, setback for I-T

Assessee was subjected to disallowance of Rs.8.89 cr for not charging EQ on the AdWords charges paid to Google Singapore

No cheat-code for online gaming industry as ministry, I-T turn up the heat

The income tax (I-T) department recently issued show-cause notices to seven online game companies, as part of an investigation into possible tax evasion by such institutions.

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

FM asks taxmen to focus on faster processing of ITRs, grievance redressal

Finance Minister Nirmala Sitharaman on Tuesday asked income tax officers to focus on quick processing of ITRs, speedy refund issuance and grievance redressal. Addressing tax officers, the minister said that collections from direct taxes exceed indirect tax and that has brought in equity in mop up. "That has brought in equity because taxation will have to be on those who can pay more and on the shoulders tax more and not on small items of daily use," Sitharaman said. With the faceless assessment coming in and technology usage, the fear of tax authorities has reduced, she said, adding taxpayers now feel taxes are being collected in a non-discretionary way without any subjectivity. She outlined three 'R's for the income tax department to follow -- quicker processing of return, speedier refund and redressal of grievance. "What is well within you and never going to change and never needs anything more are these three 'R's," she said, asking tax officers to quickly assess and process ..