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The 167th Income Tax Day was celebrated at the Income Tax Office here on Friday. Jagdish P. Chandraker, Chief Commissioner of Income Tax, Tiruchi, presided over the function. K. E. Sunil Babu, Principal Commissioner of Income Tax, was present. In his keynote address, Mr. Chandraker highlighted the importance of the Income Tax Department and taxpayers…
New Delhi: A new Income Tax bill — promised by Union finance minister in her last year’s budget — will be tabled in parliament on Thursday, sources have told NDTV. The bill is meant to simplify the language of the tax laws and it would later be sent to Parliament’s Standing Committee on Finance. It…
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Finance Minister Nirmala Sitharaman has announced a revised tax structure under the new regime that will reduce taxes and leave more money in the hands of the people. She also said during her Budget speech in the Parliament that an annual income of Rs 12 lakh will attract no tax. Hours after her speech, she…
Read More “Will New Tax Rules Need Parliament Approval? What Nirmala Sitharaman Said” »
On February 1, 2025, Finance Minister Nirmala Sitharaman unveiled her record eighth Union Budget in the Indian Parliament, setting a progressive roadmap for India’s transformation into ‘Viksit Bharat’ by 2047. This budget, which encompasses a comprehensive strategy with a focus on agriculture, MSME, investment, and exports, will significantly stimulate economic growth while addressing both immediate…
Almost all finance ministers of India have faced the challenge of widening the country’s tax net. While the debate over how few people pay income tax in India is old, what is less well-known is that many companies also avoid paying income tax. While only 2% of the population pays income taxes, nearly half of…
Read More “Why Over Half Of All Income Tax Filings In India Are Zero-Tax” »
New Delhi: Representatives from industry bodies sought reduction in personal income tax rates to ensure higher disposable income in the hands of the middle class, reduction in excise duty on fuel, and measures to provide impetus to employment-intensive sectors in their customary pre-Budget meeting with the Finance Minister on Monday. Industry bodies also raised the…
Read More “India Inc Seeks Cut In Personal Income Tax Rates At Pre-Budget Meet” »
Image used for representation | Photo Credit: Getty Images The Income-Tax Department on Sunday (November 17, 2024) cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of ₹10 lakh under the anti-black money law. Also Read: I-T Dept. has served notices in…
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Net direct tax collection grew 15.41% to ₹12.11 lakh crore between April 1 and November 10. This include net corporate tax of ₹5.10 lakh crore and non-corporate taxes (including taxes paid by individuals, HUFs, firms) of ₹6.62 lakh crore. Other taxes (which include Equalisation Levy and gift tax) worth ₹35,923 crore were mopped up. As…
Read More “Net direct tax collection grows 15.41% to ₹12.11 lakh crore till Nov 10” »
Congress chief ministers will also boycott the NITI Aayog meeting scheduled for July 27. New Delhi: INDIA bloc parties will stage protests in and outside Parliament today against what they describe as “discrimination” against opposition-ruled states in the recently unveiled Union Budget. The high-level meeting saw participation from several prominent leaders, including the Leader of…
The government allocates 21% of its budget to the State’s portion of taxes and duties | Photo Credit: Pichumani K Finance Minister Nirmala Sitaraman presented the Narendra Modi government’s first full-fledged budget after the NDA secured third consecutive win. Budget 2024 LIVE Updates The Budget mentioned net tax receipts for 2024-25 at ₹25.83 lakh crore,…
Read More “Budget 2024: Where does the money come from and go?” »