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Latest Articles in income tax

Employees Need To Inform Employers About Intention To Opt For New Tax Regime: CBDT Circular

In a circular, the Central Board of Direct taxes said an employee intending to opt for concessional rates of income tax as provided in the Budget 2020 may intimate the deductor or his employer of such intention.

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New Simplified Tax Regime: Should You Opt For It?

There are other key aspects which need to be considered by the individual taxpayer. Some of them are discussed below.

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New Tax Structure Gives Option To Save Tax: Revenue Secy

In the new regime, 5 per cent tax is levied on an annual income between Rs 2.5 lakh and Rs 5 lakh. The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.

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Budget Overhang, RBI Policy, Q3 Earnings To Decide Market Course This Week: Analysts

Income tax changes announced has come with riders of giving up exemptions which disappointed the markets, with insurance sector being impacted the most.

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Soon, Income Tax Exemptions To Go: Nirmala Sitharaman

Govt intends to remove all income tax exemptions in long run, said the finance minister.

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I-T Raids Premises Of Bharat Hotel MD Jyotsna Suri And Associates

Bharat Hotels operates 12 luxury hotels, palaces and resorts under The Lalit brand and two mid-market.

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Tax Dept Allows Joint Property Owners To File Returns Using Simple Forms

It has also been decided to allow a person, who is required to file return due to fulfilment of one or more conditions specified in the seventh proviso to section 139 (1) of the Act, to file his/her return in ITR-1 Form.

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Govt To Take Call On Relief In Income Tax At Appropriate Time: Thakur

There has been a clamour for raising income tax exemption limit to push demand and consumption to boost the economy.

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Income Tax Notice To Election Commissioner Ashok Lavasa's Wife

She has been issued notice to explain certain details in her ITR with regard to holding directorship in about 10 companies.

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India's Tax Rise For High Earners May Trigger Fund Flight: Ex-RBI Governor

According to the new budget, people and trusts earning more than Rs 5 million a year will pay an additional 10% surcharge and 15% for those earning more than Rs 10 million.

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New Priorities Will Drive Change For IT Departments

In becoming champions of efficiency and deep integration, IT departments can set the tone and drive innovation outward, to every other team within their organization.

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Income Tax E-Filers Drop By Over 6.6 Lakh In FY19: Official Data

Kotak Economic Research in an April 30 report said: "We are surprised with the decline in income tax e-filing in FY2019."

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Jaitley Dismisses Allegations Of Political Vendetta; Says I-T Raids On Basis Of Material Evidence

Defending the raids by the I-T department, Jaitley, who is in the US to attend the IMF-World Bank meetings wrote a facebook post titled 'Legitimate action against corruption is not vendetta'.

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I-T Dept Attaches Geelani's Delhi House On Wilful Tax Evasion Charges

The flat is located in south Delhi's Malviya Nagar area and the Tax Recovery Officer (TRO) of the department has sealed the house for allegedly "failing" to pay Rs 3,62,62,160 income tax for assessment years 1996-97 to 2001-02

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How To Avoid Paying Excess TDS?

Here are some useful tips that will help taxpayers to avoid paying excess TDS

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