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Income Tax News

PAGE 16

I-T searches on civil contractors in Mumbai reveal Rs 735 crore irregularities

In the searches, incriminating documents were seized that show large-scale tax evasion and money laundering. Some documents have also led to the detection of the use of bogus companies. (Image used for representation).

Updated on Nov 15, 2019, 5:37 AM IST

IMF says corporate income tax cut will help revive investment in India

Anne-Marie Gulde-Wolf, Deputy Director, Asia and Pacific Department, IMF, said India should address the non-bank financial sector issues.

Updated on Oct 19, 2019, 8:29 AM IST

Bombay HC orders income tax refund of ₹788 cr to Vodafone within three weeks

The income tax officer had ordered withholding the refund on the ground that the company had declared income of <span class='webrupee'>₹</span>286.86 crore during the assessment year 2016-17, and a huge loss the next year.

Updated on Oct 18, 2019, 1:00 PM IST

Despite IMF projections, India still among fastest growing economies: Nirmala Sitharaman

As against India’s real growth rate of 6.8 per cent in 2018, the IMF in its latest World Economic Outlook released on Tuesday, projected the country’s growth rate at 6.1 per cent for 2019 and noted that the Indian economy is expected to pick up at 7 per cent in 2020.

Updated on Oct 18, 2019, 8:37 AM IST

I-T raids on Karnataka ex-dy CM G Parameshwara continue for 2nd day, over ₹4 cr seized

The income tax department on Thursday conducted raids at former Karnataka deputy chief minister and senior Congress leader G Parameshwara’s house.

Updated on Jul 9, 2020, 11:00 PM IST

The government’s political economy approach is clear

Union finance minister Nirmala Sitharaman addresses a press conference, New Delhi

Updated on Sep 27, 2019, 7:28 PM IST

‘When time arises’: Anurag Thakur on govt deciding on income tax relief

Last week, the government lowered the corporate tax to 22 per cent from 30 per cent and there has been a clamour for raising income tax exemption limit to push demand and consumption with a view to fuel economy.

Updated on Sep 26, 2019, 10:30 PM IST

ITR deadline extension notification fake: Income tax department

The fake notification claims that on the basis of representation from various stakeholders, the income tax department has extended the due date of filing ITR.

Updated on Sep 25, 2019, 12:13 PM IST

Mudra database: Jobs data accounting for small businesses soon

The country’s first periodic labour force survey (PLFS) for July 2017-June 2018 released by the government in June showed an unemployment rate of 6.1%.

Updated on Sep 22, 2019, 1:08 PM IST

The government’s corporate tax move is bold. But there is a fiscal risk | Opinion

The success of the move depends on the government’s approach to tax administration; its management of public finances; the other steps it takes to address structural issues and boost investment; and the manner in which firms choose among available tax structures

Updated on Sep 21, 2019, 6:22 AM IST

Corporate tax rate slashed for Indian firms, will cost govt ₹1.45 lakh cr

Union Finance Minister Nirmala Sitharaman

Updated on Jul 2, 2020, 1:51 AM IST

UP ministers to now pay taxes from own pockets as state amends law

In 1981, sub section 1 of the Act provided for <span class='webrupee'>₹</span>1,000 per month of salary for the chief minister, ministers and ministers of state while sub section 2 provided for <span class='webrupee'>₹</span>650 per month salary for a deputy minister.

Updated on Sep 14, 2019, 7:38 AM IST

‘Income Tax of ministers won’t be paid by treasury anymore’: UP government

The controversial provision making the state government pay UP ministers’ income taxes has raised eyebrows

Updated on Sep 13, 2019, 11:02 PM IST

UP exchequer pays CM’s income tax, parties in shock

The Uttar Pradesh Treasury has paid income tax dues of nearly 1,000 Chief Ministers and ministers since 1981.

Updated on Sep 13, 2019, 1:17 PM IST

August 31 is the last date to file ITR. Here’s how to do it online

Saturday or August 31 is the last date to file your income tax return (ITR) for the assessment year 2019-20.

Updated on Jun 23, 2020, 9:21 PM IST

Major relief likely for taxpayers between ₹5 lakh and ₹10 lakh as panel proposes new slabs

There is no change in the first income-tax slab (up to <span class='webrupee'>₹</span>2.5 lakh a year), which attracts zero tax.

Updated on Jun 22, 2020, 9:29 PM IST

BJP vs Trinamool in Bengal over Income Tax notices to Durga Puja committees

In 2017 and 2018, the Bengal government restricted the timing of Durga puja immersion processions arguing that it was important to maintain communal harmony by ensuring that the processions of Durga immersion and Muharram did not clash. (Photo by Bachchan Kumar)

Updated on Aug 13, 2019, 8:24 PM IST

I-T attaches Ratul Puri’s assets

Delhi court had last week issued a non-bailable arrest warrant against Ratul Puri.

Updated on Aug 12, 2019, 10:42 AM IST

IT raids at 40 locations owned by Tamil Nadu’s SNJ Group

In Chennai, the search operations are underway at SNJ’s head office at Nandanam and its other premises in Thiyagaraya Nagar and Triplicane. Around 100 IT officials are involved in these simultaneous raids. (Image used for representational purpose).

Updated on Aug 7, 2019, 5:54 PM IST

Punjab tweaks bill, govt to bear ₹17 lakh tax liability on CM’s perks

It was Punjab finance minister Manpreet Badal who had mooted the idea that Punjab’s MLAs — 81% of whom are millionaires — pay income tax on their salaries.

Updated on Aug 7, 2019, 1:38 PM IST

I-T dept carries out raids in J&K Bank case

Surabhi Ahluwalia, Commissioner of Income Tax and official spokesperson, CBDT said that IT has been pursuing leads found in the actions taken against the J&K Bank and its former chairman.

Updated on Jul 25, 2019, 6:36 AM IST

I-T searches Congress leader Kuldeep Bishnoi’s houses in Hisar, Adampur

Kuldeep Bishnoi

Updated on Jul 24, 2019, 10:56 AM IST

Deadline to file Income Tax Returns extended by a month to August 31

Deadline to file Income Tax Returns extended by a month to August 31

Updated on Jul 24, 2019, 12:28 AM IST

File your income tax returns or face penalties, jail time

The penalty for filing your ITR late ranges from Rs 5,000 to Rs 10,000, depending on the delay and income tax due.

Published on Jul 23, 2019, 2:35 PM IST

How to file Income Tax Returns yourself

Though the current deadline to file your ITR is July 31, the government is likely to extend this owing to the delay in the release of Form 16 — a document required by salaried individuals for the process.

Published on Jul 23, 2019, 2:33 PM IST

Here’s how you can reduce your tax outgo

One should not focus on investment only to save tax. You should consider the overall financial plan and then invest.

Published on Jul 16, 2019, 3:59 PM IST

Nirmala Sitharaman counters Chidambaram

Nirmala Sitharaman listed out various measures to spur investment, raise household savings and achieve the mid-term goal of India becoming a $5 trillion economy.

Updated on Jul 12, 2019, 11:51 PM IST

Winners and losers: Who got how much in Nirmala Sitharaman’s first budget

Minister of Finance Nirmala Sitharaman

Updated on May 28, 2020, 10:38 PM IST

Union Budget 2019: Don’t have PAN card? Use Aadhaar to file Income Tax

Budget 2019 proposes that if a person fails to intimate the Aadhaar number, the PAN allotted to such person shall be made inoperative.

Updated on Jul 5, 2019, 2:24 PM IST

Budget 2019: ‘Will consider opening up FDI in aviation, media’: Nirmala Sitharaman

Finance minister Nirmala Sitharaman said the government would look at opening up foreign investment in aviation, media, animation, visual effects, gaming and comics and insurance sectors.

Updated on May 28, 2020, 7:57 PM IST

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