Page 8 - Income Tax

Transformative direct tax reforms in Budget 2025 for middle class empowerment

The reforms are part of the Government's broader strategy to stimulate consumption, enhance ease of doing business and boosting economic growth

Tax bonanza: What Budget 2025 means for India's beleaguered middle-class

No tax on income up to ₹12 lakh, revised tax slabs, senior citizen benefits, and homeowner relief announced by FM Nirmala Sitharaman to ease the financial burden on the middle-class

Tax relief for middle-class and big gifts for Bihar: Budget 2025 highlights

Budget 2025 revises FY25 capex, promises incentives for EVs, social security for gig workers, and major infrastructure projects in Bihar, including a greenfield airport and a Makhana Board

Budget 2025: Nirmala Sitharaman to unveil new Income Tax Bill next week

Sitharaman reiterated the Finance Ministry's commitment to a taxpayer-friendly approach, stating, "The tax department will trust first, scrutinise later," as she announced the upcoming income tax code

Budget 2025: Will middle-class gain relief with tax slabs from Rs 5 lakh?

Budget 2025 expectations: This year, speculation revolves around whether tax slabs will be altered or new relief measures introduced

Industry expects tax regime simplification in Budget: Ficci survey

Expressing concerns over muted demand in the economy, companies have called for a review of the direct tax structure

SC dismisses PIL seeking scrapping of 'tax deducted at source' framework

A two-judge bench of the Supreme Court remarked that the petition was poorly drafted and unsuitable for consideration, advising the petitioner to move the PIL to the Delhi High Court

Budget 2025: Old versus new tax regime sparks debate on which one to choose

A tax rebate is available on income up to Rs 7 lakh under the new tax regime and up to Rs 5 lakh under the old regime

Income tax department raids Pushpa 2 director Sukumar's office in Hyderabad

The Income Tax Department raided Pushpa 2 director Sukumar's house and office in Hyderabad today. The director was escorted by IT officials from Hyderabad airport

Supreme Court agrees to hear income tax dept's appeal in Vodafone case

The Bombay High Court had rejected the PCCIT's move to issue a reassessment notice

Budget 2025: How does the new income tax slab differ from the old regime?

In Budget 2025, Finance Minister Nirmala Sitharaman is expected to retain the dual tax system, offering taxpayers the choice between the simplified new regime with lower rates & older one with deducti

Budget 2025: Decoding tax and non-tax revenue and why they matter

As the Union Budget 2025 approaches, it is crucial to understand how the government earns its revenue from taxes and non-tax sources. Here's a breakdown

90k salaried individuals withdraw wrongful tax claims worth Rs 1,070 crore

As many as 90,000 salaried individuals, both from PSUs and the private sector, have withdrawn wrongful tax deductions claims totalling Rs 1,070 crore as of December 31, 2024, government sources said on Thursday. During various search & seizure and survey operations conducted by Income Tax Department, it has come to notice that various individuals are claiming incorrect deductions, under sections 80C, 80D, 80E, 80G, 80GGB, 80GGC, in their ITRs, leading to reduction of tax payable to the government. During investigation, it was revealed that such individuals are employees of organisations operating in diverse fields including PSUs, big corporations, MNCs, LLPs, Private Ltd Companies, etc, sources said. Also, most of them who claimed wrongful deductions were working in the same company. Analysis of the information with the department showed that there is a vast mismatch between total deductions under section 80GGB/80GGC claimed by taxpayers in their ITRs as against the total receipts

Centre to simplify decades-old income tax filing rules in upcoming Budget

The changes involve simplifying the language and rationalizing information by using formulas and tables, and won't include any adjustments to tax rates and policy, the people said

I-T dept can attach assets under benami law even if actual owner not traced

The Adjudicating Authority for the anti-benami law has upheld a 2023 land assets attachment order issued by the Income Tax department despite the taxman not being able to identify the "beneficial owner", stating that the said law has specific provisions to deal with such instances. The Authority, a quasi-judicial body, issued the order on November 26 last year in a benami assets case that came to the fore after the department raided three Lucknow-based realty groups that had "purchased big land parcels in the Kakori (Lucknow district) area by paying huge amount of unaccounted cash". The Lucknow-based Benami Prohibition Unit (BPU) of the department issued a provisional order in October 2023 attaching five land parcels in Kakori valued at over Rs 3.47 crore and categorising them as "benami assets". The order was sent to the Authority for confirmation with the name of a 'benamidar' (in whose name a benami property is standing) apart from two companies and two individuals who were named

Only 1% of tax returns are selected for scrutiny, 99% accepted on trust

India's tax administration adopts a trust-based model, accepting over 99% of returns without scrutiny, while flagged cases undergo transparent, objective assessments

Govt may introduce one-time amnesty scheme to resolve Customs disputes

The official said around 35,000 customs cases, involving over around Rs 50,000 crore are currently pending across various courts

High penalties for cash transactions: Know I-T dept's key restrictions

The brochure advises taxpayers to refrain from using cash for daily transactions, particularly those involving significant amounts

Hero MotoCorp gets additional tax demand of Rs 26.4 cr from I-T dept

Two-wheeler maker Hero MotoCorp Ltd on Wednesday said it has received an additional tax demand of Rs 26.40 crore from the Income Tax Department for the assessment year 2020-21. The company received an order dated December 31, 2024, from the Deputy Commissioner of Income Tax, Central Circle 27, New Delhi for the assessment year 2020-21, Hero MotoCorp Ltd said in a regulatory filing. Stating that it had filed its income tax return for the assessment year 2020-21 on December 31, 2020, the company said the same was examined by the tax officer in detail as per the provisions of the Income Tax Act, 1961. "The tax officer has made the additions to the reported income to the tune of around Rs 96.5 crore resulting in an additional tax demand of Rs 26.4 crore (approximately)," it added. Hero MotoCorp said it is examining the order and would take appropriate steps, including filing of appeal and rectification application. "In the opinion of the management, the demand raised is unsustainable

I-T dept set to enhance operations in 2025 by adopting PRUDENT approach

The chairman noted that the past year saw significant progress, with over 2.4 lakh grievances resolved, including 1.75 lakh through the E-nirvan platform