Page 39 - Income Tax

Tips on saving tax on the interest you earn on your savings bank account

Interest earned on balances in savings accounts held with banks or post offices is taxable under "Income from other sources". Did you know that you can actually save this tax to an extent?

US: Supreme Court won't halt turnover of Donald Trump's tax records

The court's action is the apparent culmination of a lengthy legal battle that had already reached the high court once before

Equalisation levy: Objective, Budget proposal and impact

The provision of an equalisation levy has rattled the Industry. Many businesses are planning to move court over the changes proposed in the Budget. In an exclusive interview with Business Standard’s Dilasha Seth, former CBDT member Akhilesh Ranjan, who was instrumental in the introduction of equalisation levy in 2016, explain in detail the objective of the levy and why it is needed. Watch the video.

Decoding 15th FC's estimate of mismatch in two sets of salary income data

The Commission asserts salary incomes shown by taxpayers are understated by 50%, finds scope to extract more direct tax by chasing evasion without changing tax rates; experts aren't convinced

AAR in new avatar: Old wine or efficient machinery for disposal of cases?

Experts say while the backlog of cases will most likely be reduced, the quality of rulings may not inspire taxpayers

PSU divestment, LIC IPO, fiscal deficit: How brokerages read Budget 2021

Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation, notes analysts at Jefferies

For direct taxes, Budget 2021 has largely maintained status quo

To further support the start-up ecosystem, the tax holiday has been extended by one year by including start-ups incorporated till March 31, 2022 to be eligible for the tax holiday

Personal I-T revenue now equals all other direct taxes: That's a problem

Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed

Budget 2021: Sanitaryware industry seeks tax rationalisation to push demand

The GST for sanitaryware is at 18 per cent, and a reduction of the rate will help increase demand, he added

LIVE: Rs 1.81-trn I-T refunds issued to 17.4 mn taxpayers so far in FY21

Personal income tax refunds of Rs 62,231 crore have been issued to over 17.1 million taxpayers. Stay tuned for Latest LIVE news

Union Budget made easy: Five key things you need to know

Do you get intimidated by Budget terminology? Business Standard's Bindisha Sarang explains a glossary of terms used by the Finance Minister in her speech on February 1. Watch this short video on five key things you should about the Union Budget.

Companies call for demand creation and income tax relief in Budget

Only 28 per cent in Ficci survey are for fiscal consolidation

Income tax refunds worth Rs 1.76 trillion issued between Apr 1-Jan 18

The Income Tax department on Wednesday said it has issued over Rs 1.76 trillion worth refunds to over 1.65 crore taxpayers so far this fiscal.

Raising exemption limit at the cost of tax reform a 'dangerous' proposal

Spurring demand or increasing investments -- what is the bigger challenge for the FM in this Budget? Tune in to learn why it would be prudent for the govt to allocate more for capital expenditure

Beyond Budget Headlines: Raising tax exemption limit a 'dangerous' proposal

The Budget is going paperless. The move was expected, as printing documents during Covid pandemic is problematic. So, how should people access the documents? In the sixth episode of ‘Beyond Budget Headlines with AKB’, Business Standard’s special video series in the run-up to Budget 2021, we also discuss the speculation and consequences of raising the tax exemption limit and the possibilities of implementing a Covid cess or surcharge. The move of raising exemption limit could see income tax rates increasing for those earning above Rs 5 lakh, says our in-house policy expert A K Bhattacharya, as he terms it a 'dangerous' proposal. Spurring demand or increasing investments -- what is the bigger challenge for the Finance Minister in this Budget? Watch this episode to learn why it would be prudent for the government to allocate more for capital expenditure

Hyderabad Nizam's grandson seeks one-time settlement for pending wealth tax

Family members of the last Nizam of Hyderabad have written to Finance Minister urging her to resolve the Nizam Jewellery Trust income and wealth tax issue which has been pending for the last 26 years

Govt to set up national, regional centres for faceless penalty proceedings

As per the scheme, the National Faceless Penalty Centre will facilitate the conduct of faceless penalty proceedings in a centralised manner and has been vested with the jurisdiction to impose penalty

Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department

Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy, said a tax official privy to the preliminary findings

Realtors' body CREDAI seeks tax sops in Budget to boost housing demand

CREDAI suggested government to increase tax exemptions in upcoming Budget to boost housing demand and enhance limit of deduction under section 80C of income tax for principal repayment on home loans

Budget should reduce income tax rates, invest in infrastructure: CEOs to FM

The Budget will be presented in the backdrop of a revival of the economy and expectations of good corporate earnings in the December quarter