If you declared one regime to your employer for TDS but later find the other more beneficial, you can still switch when filing your income-tax return
The income tax department on Thursday said taxpayers will not be allowed to claim deduction for expenditures incurred to settle proceedings initiated under four laws, including the Sebi and the Competition Act. In a notification issued on April 23, the Central Board of Direct Taxes (CBDT) notified that any expenditure incurred to settle proceedings initiated in relation to contravention or defaults under the four specified laws shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure. The four laws are the Securities and Exchange Board of India Act, 1992; the Securities Contracts (Regulation) Act, 1956; the Depositories Act, 1996; And the Competition Act, 2002.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income
Special treatment of LTCG is proposed to be removed
Amitabh Bachchan paid ₹120 crore in taxes on earnings of ₹350 crore from feature films, brand endorsements, and television appearances, most notably 'Kaun Banega Crorepati'
For investment and growth to take off, taxes need to be reliable, uniform and predictable
The focus will be on habitual violators, cases showing significant gaps between tax deductions and advance tax payments, instances involving frequent revisions to deductee details
The remarks were the latest signal that Trump is working to justify his DOGE effort, which has sent shockwaves through Washington as Musk's moves to slash the federal government's spending
A few instruments, which offer tax deduction, remain relevant even for taxpayers in the new regime
The taxpayers filed updated income tax returns (ITRs) for assessment years from FY23 to FY25 after doing the corrections
The government should target a capital spending of Rs 11 lakh crore in the Budget for the next fiscal while giving inflation-adjusted relief on personal income tax to boost consumer spending, rating agency ICRA said on Wednesday. ICRA Chief Economist Aditi Nayar said last year's record budgeted capital expenditure of Rs 11.11 lakh crore is likely to fall short by about Rs 1.4 lakh crore and the next year's target should be fixed at the last year's level with a focus on keeping borrowing within reasonable limits. Further, Nayar said capex numbers are trailing the run rate required to get to the Budget target in the current fiscal. Between April and November 2024, capex spending stood at Rs 5.13 lakh crore, 46 per cent of the Budget estimates of Rs 11.11 lakh crore. "We are looking at a large shortfall in the current fiscal. For next year, we are hoping that we will get fiscal space to prioritise capex... For FY26, based on the revenue numbers...a fiscal deficit of 4.5 per cent of GD
Outgoing RBI Governor Shaktikanta Das reflects on six years at the helm as Sanjay Malhotra prepares to take over
President Droupadi Murmu on Monday said efforts should be made to make tax collection less intrusive and underlined the need for greater use of technology in the process. Addressing trainee officers of the Indian Revenue Service (Customs and Indirect Taxes), who called on her at the Rashtrapati Bhavan here, the President said the responsibility of bringing new ideas and solutions in the field of tax administration lies with the young officers. Taxation is not only a means of increasing the country's revenue but is also important for social, economic and political development. The tax paid by the citizens of the country is used for the development of the country and its people, Murmu said. She told the trainee officers that if they do their work with dedication and devotion, then they will be able to make a great contribution to the development of the country, according to a statement issued by the Rashtrapati Bhavan. "In this new and dynamic era, efforts should be made to make less
The government on Monday announced the Rs 1,435 crore PAN 2.0 Project to make the permanent account number a 'common business identifier' for all digital systems of government agencies. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has given its approval for the PAN 2.0 Project of the Income Tax Department with a financial outlay of Rs 1,435 crore, Information and Broadcasting Minister Ashwini Vaishnaw said. The PAN 2.0 Project enables technology-driven transformation of taxpayer registration services and is aimed at ease of access and speedy service delivery with improved quality. Single source of truth and data consistency; eco-friendly processes and cost optimization; and security and optimisation of infrastructure for greater agility, are the other benefits of the project. "The PAN 2.0 Project resonates with the vision of the Government enshrined in Digital India by enabling the use of PAN as Common Identifier for all digital systems
The finance minister added that manufacturing is a priority for the government, and various schemes have been developed for this purpose
The income tax department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions. Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment. The Act also empowers Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner rank officers to reduce or waive the amount interest due to be paid. The Central Board of Direct Taxes (CBDT) through a circular dated November 4 has specified the monetary threshold of the interest that can be waived or reduced by the tax officers. Accordingly, PrCCIT rank officer can decide on reducing or waiving interest due of over Rs 1.5 crore. For interest due above Rs 50 lakh to Rs 1.5 crore, CCIT rank officer will decide on the waiver/reduction, while PrCIT or Income Tax ...
Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department
The DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments
Finance Minister Nirmala Sitharaman said that the government is not compelling anyone to switch from the old to the new tax regime
The e-DRS offers a faster and more cost-effective alternative to traditional litigation