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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…
Read More “5 Income Tax Changes Citizens, Experts Are Expecting” »
Representational Image 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…
Read More “Hero MotoCorp Gets Demand Notice Of Rs 605 Crore From Income Tax Department” »
Congress leaders have said the party is being targeted. 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…
Read More “Congress Got Large Amounts In Cash, Had Ample Time To Reply: Sources On Tax Charge” »
“We have received the income tax notice for the use of the old PAN card,” CPI leader D Raja said. 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…
Read More ““CPI Received Income Tax Notice For Use Of Old PAN Card,” Says D Raja” »
People with total tax liability of Rs 10,000 or more in a year need to pay advance tax. 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…
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….
Read More “After Rolls Royce And Porsche, Rs 2.5 Crore Diamond Watch Seized From Tobacco Baron” »
The MP’s premises had earlier been raided in connection with the land-for-jobs scam. 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…
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To facilitate the taxpayers, extensive outreach programmes were carried out 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…
Read More “Over 30 Lakh Audit Reports Filed On Income Tax Department Website” »
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…
Read More “Individuals reporting annual income of above ₹1 crore doubles in 2 years to 1.69 lakh” »
File picture of Union Finance Minister Nirmala Sitharaman with Nitin Gupta, Chairman, Central Board of Direct Taxes | Photo Credit: Vedhan M The new income tax regime for filing returns has been “sweetened” in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a “reduced” tax rate,…
Read More “New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman” »