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.

1. The high-level meeting saw participation from several prominent leaders, including the Leader of Opposition in the Lok Sabha Rahul Gandhi, Congress’ deputy leaders in both houses Pramod Tiwari and Gaurav Gogoi, NCP (SCP) chief Sharad Pawar, Shiv Sena (UBT) leader Sanjay Raut, TMC’s Derek O’Brien and Kalyan Banerjee, DMK’s TR Baalu, JMM’s Mahua Maji, AAP’s Raghav Chadha and Sanjay Singh, and CPI(M)’s John Brittas. Congress general secretaries KC Venugopal and Jairam Ramesh were also present.

2. “The concept of a budget has already been destroyed by this year’s Union Budget. They have completely discriminated against most of the states. So, the general sentiment of the INDIA bloc meeting was we have to protest against this,” said Mr Venugopal claimed following the meeting. He later expressed on social media that the budget was “extremely discriminatory and dangerous,” going against the principles of federalism and fairness.

3. As part of their protest, Congress chief ministers will also boycott the NITI Aayog meeting scheduled for July 27. “This government’s attitude is completely antithetical to Constitutional principles. We will not participate in an event that is solely designed to hide the true, discriminatory colors of this regime,” Mr Venugopal alleged.

4. On Tuesday, Finance Minister Nirmala Sitharaman presented the Budget for 2024-25, marking her seventh consecutive budget presentation, surpassing former Prime Minister Morarji Desai’s record. This budget is the first under Prime Minister Narendra Modi’s third term in office. During her speech, Ms Sitharaman said that the country’s inflation remains stable and is moving towards 4 per cent, with core inflation at 3.1 per cent.

5. “The ‘#BudgetForViksitBharat’ ensures inclusive growth, benefiting every segment of society and paving the way for a developed India,” wrote Prime Minister Narendra Modi on social media. 

6. Speaking exclusively with NDTV, Union Minister Kiren Rijiju claimed that “no one with a sane mind” will criticise the 2024 Union Budget. “I feel this Budget lays the strongest-ever foundation for ‘atmanirbhar’ Bharat because the Prime Minister has already given a clear-cut vision to make India a developed nation by 2047,” he said. 

7. Ms Sitharaman highlighted several key points in the budget, including rewards for key NDA allies, tax relief for new taxpayers, and a focus on job creation for youth. 

8. The budget introduced several changes to the tax regime, increasing the standard deduction in the new tax regime from Rs 50,000 to Rs 75,000 and revising tax slabs to benefit a broader range of income groups. Salaried employees can now save up to Rs 17,500 in income tax under the new slabs.

9. Additionally, the budget included a major announcement for professionals entering the workforce. The government will provide one month’s salary as a Provident Fund contribution for first-time employees, benefiting an estimated 210 lakh youngsters. Additional measures include raising the exemption limit for capital gains on some financial assets to Rs 1.25 lakh per year and abolishing angel tax for all classes of investors.

10. The budget also earmarked significant projects for Bihar and Andhra Pradesh, states whose political leaders recently aligned with the BJP to secure a parliamentary majority. For Bihar, the budget outlines the development of expressways and a power plant, while Andhra Pradesh will see infrastructure projects prioritised, including substantial financial support for capital development.

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New Delhi:

Finance Minister Nirmala Sitharaman will present the Budget in parliament from 11 am today, and the most anticipation is around whether the government will provide tax relief to the middle class. The Finance Minister will walk the tight rope as she looks to stimulate economic growth while also providing relief to taxpayers.

The middle class got little in the pre-election interim Budget, so their expectations are high.

Here are the 5 key tax rules that will be a talking point today:

Exemption Limit

One of the primary expectations from Budget 2024 is a possible hike in the exemption limit. Under the new tax regime, those earning under Rs 3 lakh a year are exempt from paying tax. There is speculation that this limit could be raised to Rs 5 lakh in Budget 2024, to ease the tax burden on a significant number of Indians.  

Changes In Tax Slabs

Nirmala Sitharaman hasn’t announced any changes to the income tax slabs in the last three Budgets. There is now a strong possibility that the tax slabs in the current regime will be rationalised. Some experts have said called 20 per cent tax rate for individuals earning between Rs 12-15 lakh annually steep and have called for a reevaluation. There are also calls to apply a 30% tax rate solely to those earning Rs 30 lakh per year and adjust rates for income brackets in between seeks to inject fairness into the tax system.

Standard Deduction

Another highly anticipated change is an increase in the standard deduction, presently capped at Rs 50,000. Industry experts are speculating that this figure could potentially double to Rs 1,00,000, offering substantial relief and reducing tax liabilities for salaried individuals.

Capital Gains Tax Reforms

Indian financial markets, corporates, and entrepreneurs have various expectations from the government. Many have voiced their requests and made presentations before the government as part of pre-budget consultations. Retail investors are keenly watching for any modifications that could influence market dynamics significantly.

Overall Tax Relief Strategy

Overall, the overarching expectation from Budget 2024 is a comprehensive strategy aimed at delivering tax relief while fortifying the economic landscape. The government’s approach is likely to emphasise bolstering consumer spending, maintaining fiscal prudence, and investing in critical sectors such as infrastructure to stimulate growth.

The Modi government has put a lot of focus on developing infrastructure. The government’s planned capital expenditure (capex) is at Rs 11.1 lakh crore, higher than Rs 9.5 lakh crore in the last fiscal. The government has been pushing infrastructure creation and also incentivising states to step up capex.

New Delhi:

The country’s largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around Rs 605 crore, including interest, for six assessment years.

On April 3, 2024, the company received assessment orders/ demand notices dated March 30, 2024, pertaining to six assessment years from the Income Tax department, the company said in a regulatory filing.

The two-wheeler major is examining the orders/ notices received and shall take appropriate steps, including the filing of appeals and rectification applications, it added.

The notice pertains to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore, Hero MotoCorp said.

This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20, it added.

“In the opinion of the management, the demand raised is unsustainable in nature, and is unlikely to have material impact on financials, operations or other activities of the company,” the two-wheeler major stated.

Shares of the company on Thursday ended 0.75 per cent lower at Rs 4,522.30 apiece on the BSE. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

The Congress’ claims of “tax terrorism” based on fresh notices from the Income Tax department have been strongly countered by sources in the government agency, who have pointed out that incriminating material had been seized and the assessment proceedings are taking place now because they would have been time-barred on March 31 this year.

The sources said the Congress knew about the proceedings and had been given enough time to reply, including during the hearings in the Delhi High Court, which had denied the party relief. 

The Congress, which had earlier claimed its bank accounts had been frozen after the Income Tax authorities had imposed a penalty of Rs 200 crore, had said on Friday that it had received a new tax notice from the department to the tune of Rs 1,800 crore.

The fresh notice was for the assessment years 2017-18 to 2020-21 (financial years 2016-17 to 2019-20) and included penalty and interest. 

Officials said income tax searches in April 2019 had revealed cash receipts by the Congress from Megha Engineering – which has emerged as the second-largest donor in the electoral bonds scheme -and others. This, they claimed, was discovered during raids on associates of Congress leader and former Madhya Pradesh chief minister Kamal Nath. 

The total receipts in cash between 2013-14 to April 2019 were to the extent of Rs 626 crore, the officials claimed, and included proceedings of an alleged corruption scam. 

“These cash receipts have been established and corroborated in multiple ways, including documents found during searches, WhatsApp messages and recorded statements,” an official said.

Under Section 13A of the Income Tax Act, money received by a political party is exempt if certain conditions are met, including not accepting amounts over more than Rs. 2,000. Since the Congress violated these conditions, it became liable to pay tax on its entire income, the officials said. 

“The reason that the Congress has been able to get a stay is that the Income Tax department has produced in courts detailed, corroborated evidence that is on record. If the Congress party thinks it is innocent, it should release the entire assessment order to the public and the truth will be revealed,” said a source. 

The Delhi High Court had, on Thursday, dismissed four petitions filed by the Congress against income tax reassessment proceedings being initiated against it for the 2017-18 to 2020-21 assessment years. 

‘Being Targeted’

On Saturday, the Congress said its leaders had got two more tax notices, apart from the Rs 1,800-crore demand notice. Youth Congress workers also held protests in Delhi against what the party has called the BJP-led Central government’s “tax terrorism”. 

“The Congress is being targeted and we are getting repeated notices. We got two more notices on Friday night. We had got four notices when we held the press conference yesterday and got two more later. I don’t know how many more will be sent,” senior Congress leader Jairam Ramesh said on Saturday.

Karnataka Deputy Chief Minister DK Shivakumar said the notices are proof that the BJP is “afraid” of the Congress and the INDIA alliance. “The BJP has understood they will lose the elections, so they are trying to create all types of fear. I also got an Income Tax notice last night about a settled matter,” he claimed. 

New Delhi:

The Communist Party of India (CPI) received a notice from the Income Tax Department sometime back regarding some discrepancies due to the use of old PAN cards by some state units of the Communist Party of India, said General Secretary of CPI, D Raja.

“We have received the income tax notice for the use of the old PAN card,” CPI leader D Raja said to ANI.

On being asked if the party received any notice from IT in regard to a particular amount, Mr Raja, clarified, saying, “They did not receive any notice from IT in regard to money.”

The development comes as the Income Tax Department issued a demand notice of about Rs 1700 crore to Congress, sources said. They said the fresh demand notice is for assessment years 2017-18 to 2020-21 and includes penalties and interest.

The Delhi High Court had earlier this week dismissed the party’s plea, challenging the Income Tax Department’s order opening reassessment proceedings against it for 2017-18, 2018-19, 2019-20, and 2020-21.

Congress will stage a nationwide protest on Saturday against notices from the income-tax department, asking it to pay Rs 1,823 crore.

Congress general secretary KC Venugopal has instructed all state units to stage demonstrations at PCC and district Congress Committee headquarters tomorrow.

“Eight years of Income Tax returns of the INC have been reopened on baseless, manufactured grounds to levy patently illegal Income Tax demand orders totalling thousands of crores of rupees. This is nothing but a blatant and naked attack on the very principals of democracy,” Mr Venugopal said in a letter addressed to party workers on Friday.

“Now in a patently illegal and undemocratic action, the Income Tax Department – has launched its next premeditated, diabolical campaign against the INC. Eight years of Income Tax returns of the INC have been reopened on baseless, manufactured grounds to levy patently illegal Income Tax Demand orders totalling thousands of crores of rupees. This is nothing but a blatant and naked attack on the very principals of democracy,” he stated in a letter.

“In light of this egregious attack on democracy and the imposition of tax terrorism on our party amidst the crucial Lok Sabha elections, All Pradesh Congress Committees (PCCs) are requested to hold massive public demonstrations at the State and District headquarters in their respective states tomorrow and the following day, involving senior leaders and party functionaries. Massive protest demonstrations shall be held in all constituencies, led by our party candidates. Protest demonstrations, including Mashal Juloos, shall be conducted in all districts by the District Congress Committees,” he added.

Earlier, accusing the Income Tax Department of double-standards, Congress alleged that while it has been penalised for “a violation of Rs 14 lakh,” the income tax authorities were completely silent on “Rs 42 crore violation” by the BJP and that the violations by the ruling party at the Centre entailed a penalty of Rs 4,600 crore.

Addressing a press conference, Congress leaders Jairam Ramesh and Ajay Maken said there was an attempt to stifle the party financially during the Lok Sabha polls.

Mr Maken said the Election Commission should ensure a level-playing field.

“We have received notices from the time of Sitaram Kesari, from 1993-94… We have been demanded to pay Rs 53 crores from the time of Sitaram Kesari. A total of Rs 1823 crores has been made by the IT department from Congress,” he said.

“We have analysed all violations of the BJP using the same parameters they used to analyse our violations… BJP has a penalty of Rs 4600 crore. The income Tax department should raise a demand from the BJP for the payment of this amount,” he added.

Mr Maken said that efforts are being made to weaken the Congress financially, by freezing the party’s bank account before the Lok Sabha elections.

Recently, the Delhi High Court upheld the Income Tax Appellate Tribunal (ITAT) order refusing to stay on the Income Tax notice for recovery of more than Rs 105 crore as outstanding tax against the Congress. The Court, while upholding the ITAT order, granted liberty to the petitioner’s Congress party to move the appellate tribunal afresh with the grievance.

The Congress has recently approached the Income Tax Appellate Tribunal (ITAT) against the recovery and has filed a complaint and sought a stay against Income Tax Department proceedings of recovery and “freezing” of their bank accounts.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

The income tax department has launched an electronic campaign for taxpayers who have carried out significant transactions in the current financial year. Such taxpayers will be informed through email and SMS, with the department urging them to deposit their due advance tax on or before March 15, 2024. The campaign was started after the income tax department identified individuals and entities with discrepancies between transactions carried out and the tax deposited. The department said that the aim of this campaign is to encourage such taxpayers to deposit the “right” amount as tax.

“The Income Tax Department has received certain information on specific financial transactions undertaken by persons or entities during the financial year 2023-24. On the basis of an analysis of the taxes paid so far during the current financial year, the Department has identified persons /entities whose payment of taxes for FY 2023-24 (A.Y. 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period,” the income tax department said in a release on Sunday.

The department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) and is available to the persons/entities for viewing. Officials said that the value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis.

What is advance tax?

It is the income tax that is paid in advance instead of lump sum payment. In other words, it is the tax that individuals pay as they earn. These payments have to be made in instalments as per due dates provided by the income tax department.

Who needs to pay advance tax?

Salaried individuals, freelancers and businesses with a total tax liability of Rs 10,000 or more in a year need to pay advance tax. In case of senior citizens (people aged 60 or more), and do not run a business, are exempt from paying advance tax. This is applicable only to those who have business income.

Further, taxpayers who have opted for the presumptive taxation scheme under Section 44AD have to pay the whole amount of their advance tax.

New Delhi:

After establishing itself as a key player in the tobacco industry, the Banshidhar Company has come under the radar of Income Tax authorities who are working round the clock to unravel the company’s web of deception. The department today carried out raids at the home and offices of the company’s head KK Mishra.

Banshidhar Tobacco Private Limited is a major player in the tobacco industry and is known for supplying products to major pan masala groups. Reports suggest that the company has a declared income of Rs 20 to 25 crore when the actual turnover was pegged at Rs 100-150 crore. The searches so far have revealed a trail of clandestine dealings and opulent lifestyles.

In today’s raids, the agency seized several expensive watches belonging to Shivam Mishra, the scion of the tobacco company. One of the watches, diamond-studded, is worth nearly Rs 2.5 crore rupees, sources in the agency said.

Seven crore rupees in cash, along with jewellery and other assets, have also been seized, intensifying the scrutiny on the group’s financial affairs.

The agency has already seized a collection of luxury cars, all bearing the number plate ‘4018’, from Shivam Mishra’s home in Delhi’s Vasant Vihar.

Fifteen to 20 teams carried out raids across five states, metaphorically shaking down every tobacco leaf linked to Banshidhar Tobacco Company, to stumble upon a treasure trove of luxury cars worth a staggering Rs 50 crore; among them, a Rolls-Royce Phantom, priced at a cool Rs 16 crore, found at Shivam Mishra’s home in Delhi’s Vasant Vihar.

The raids, being executed with military precision, reveal an empire built on deceit and financial manipulations. There is a major gap between the company’s declared income and the actual turnover and the officials believe that they hid their money using offshore accounts and manipulated ledgers, sources said.

KK Mishra, the once-untouchable patriarch, now finds himself entangled in a web of his own making. The Banshidhar Tobacco Limited, once an impenetrable fortress, now stands exposed, its foundations cracked, and its secrets laid bare.

Katihar/Purnea/Bhagalpur/Muzaffarpur:

Income Tax sleuths on Wednesday carried out searches on premises linked to Rashtriya Janata Dal (RJD) Rajya Sabha MP Ahmad Ashfaque Karim at multiple locations in Bihar on Wednesday.

The MP is the main trustee and the founder chancellor of Katihar-based Al Karim University, Bihar.

Officials were tightlipped about the raids.

It may be recalled that the probe agency had earlier raided the premises of Mr Karim in connection with the land-for-job scam involving RJD chief Lalu Yadav and his family members.

A statement by the department said, “Patna directorate started the search action at Al Karim Educational Trust, which runs and manages Al Karim University and Katihar Medical College. Main office of the trust is in Patna.” 

“The trust also runs a school of paramedical and allied health sciences, school of information technology and management. Main trustee is Ahmad Ashfaque Karim, who is the founder chancellor of Al Karim University and also a sitting MP of Rajya Sabha,” it said.

“Teams are searching their office records and computers and it is too early to give any leads. Teams of IT officers/officials from Bihar, Jharkhand, and Delhi have been inducted for the operation and security cover has been provided by a central paramilitary force,” the statement said.

Despite repeated attempts by PTI, Mr Karim could not be contacted for his comments on IT searches at the premises linked to him.

In another development, Income Tax sleuths also searched several premises linked to Purnea-based Milia Education Trust in Purnea, Muzaffarpur and Bhagalpur.

“Searches were conducted on premises of Milia Group of Purnea (Bihar), which runs and manages the Milia Educational Trust in Purnea, Muzaffarpur and Bhagalpur districts. The main trustees are Asad Imam, Syed Gulam Hussain, Quaisar Imam, Md. Wasim, Ozair Ahmad and Javed Danish”, a statement by the IT department said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

Over 30 lakh audit reports (TAR) were filed till September 30 on the e-filing portal of the Income Tax Department, the tax authority said on Monday.

The Income-tax Department through the release appreciated taxpayers and tax professionals for making compliances on time. Those who were to get their books audited were supposed to submit the tax audit report on or before September 30 of the relevant assessment year.

“More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date (September 30),” the release said.

To facilitate the taxpayers, extensive outreach programmes were carried out.

“Around 55.4 lakh outreaches were done through e-mails, SMSs, social media, along with information messages on Income Tax portal to create awareness among the taxpayers to file the Tax Audit Reports and other audit forms within the due date,” it said.

“Various user awareness videos were uploaded on the Income Tax portal to provide guidance. Such concerted efforts have been helpful to the taxpayers and tax professionals in filing the audit reports within the due date,” the release further said.

The e-filing portal successfully handled the traffic, providing a seamless experience to the taxpayers and tax professionals for filing the audit reports.

“The e-filing helpdesk team has handled approximately 2.36 lakh queries from the taxpayers in the month of September 2023 supporting the taxpayers and tax professionals proactively during the filing period, helping them resolve any complexity involved,” the release added.

File.
| Photo Credit: V. RAJU

Individuals reporting annual total income of over ₹1 crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed.

As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22, 1,69,890 individuals have shown total income of above ₹ 1 crore.

This is higher than 1,14,446 individuals who had shown similar income in AY 2021-22.

The number has doubled since AY 2020-21, wherein 81,653 individuals had declared an income of over ₹1 crore.

During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above ₹1 crore.

This includes filings by 66,397 companies, 25,262 firms, 3,059 trusts and 2,068 Association of Persons.

In AY 2022-23, the total number of ITR filed stood at over 7.78 crore, higher than nearly 7.14 crore filed in AY 2021-22 and 7.39 crore filed in AY 2020-21.

As regards the state-wise filing count for AY 2022-23, Maharashtra topped the chart with 1.98 crore ITRs being filed, followed by Uttar Pradesh (75.72 lakh), Gujarat (75.62 lakh), and Rajasthan (50.88 lakh).

The list also includes West Bengal (47.93 lakh), Tamil Nadu (47.91 lakh), Karnataka (42.82 lakh), Andhra Pradesh (40.09 lakh) and Delhi (39.99 lakh).