Centre rejects report by IRSÂ officials suggesting Income Tax hike, calls it ill conceived
New Delhi/ IBNS: The Centre has rejected a report prepared by a group of IRS officers that suggested a 40 per cent hike in the income tax rate, a 4 per cent Covid-19 relief cess and imposing a super-rich tax, finance ministry officials have said, reported media.
Wanted to simplify income tax process: Nirmala Sitharaman
New Delhi/IBNS: Union Finance Minister Nirmala Sitharaman on Saturday said her government proposed to provide the middle-class taxpayers an optional regime in order to ensure that the money is placed in the hands of people and simplify the income tax process.
Govt working on income tax rate cuts among other measures to put economy on track: Sitharaman
New Delhi/IBNS: The government is set to introduce more measures, including rationalisation of personal income tax to revive the economy, Finance Minister Nirmala Sitharaman said on Saturday, media reported
Decision taken to surrender six trusts in 2015 on its own volition, says Tata Trusts
Hyderabad, Nov 1 (UNI) In the wake of the reports that the Office of the Principal Commissioner of Income Tax, Mumbai, in its order dated October 31, 2019, cancelled the Income Tax registration of six Tata Trusts, the organization on Friday clarified that this order of cancellation is a culmination of the decision taken by these six Trusts in 2015 to surrender, of their own volition.
FM Nirmala Sitharaman to inaugurate National e-Assessment Centre of Income Tax Department tomorrow
New Delhi: The Income Tax Department is ushering in a paradigm shift in its working by introducing faceless e-assessment to impart greater efficiency, transparency and accountability in the assessment process. There would be no physical interface between the tax payers and the tax officers.
Government extends last date for PAN-Aadhaar linking
New Delhi: For the seventh time, the government has extended the last date for linking PAN with Aadhaar card by three months, media reports said.
Rs 14.5 cr seized during Income Tax raids at construction firm
Chennai, Apr 15 (UNI) The Income-Tax department officials have seized Rs 14.5 crore cash after three days of raids at the PSK Engineering Construction Company in Namakkal.
New Delhi, Feb 1 (IBNS): The anti-black money measures taken by the Government during the last four and half years in the form of Black Money Law, the Fugitive Criminal Offenders Act, and Demonetisation, have brought undisclosed income of about Rs 1,30,000 crore to tax, said Finance Minister Piyush Goyal.
New Delhi, Feb 1 (IBNS): The Indian government on Friday said it has undertaken rationalization of customs duties and procedures to promote the “Make in India” initiative.
New Delhi, Feb 1 (IBNS): The Goods and Services Tax (GST) reforms has resulted in increased tax base, higher collections and ease of trade, Union Finance Minister Piyush Goyal said on Friday.
India now 6th largest economy in the world with high growth: FM Piyush Goyal
New Delhi, Feb 1 (IBNS): Under the leadership of the Prime Minister Narendra Modi, the country has witnessed its best phase of macro-economic stability, becoming the sixth largest economy in the world from being the 11th in the World in 2013-14, said Union Finance Minister Piyush Goyal on Friday.
Union Budget: Fiscal deficit pegged at 3.4% of GDP for 2019-20
New Delhi, Feb 1 (IBNS): The Interim Budget 2019-20 has pegged the fiscal deficit for the year 2019-20 at 3.4% of GDP.
Income upto Rs 5 lakh to get full tax rebate: FM Goyal announces in Budget
New Delhi, Feb 1 (IBNS): Individual taxpayers having taxable annual income up to Rs.5 lakhs will get full tax rebate and therefore will not be required to pay any income tax, Union Finance Minister Piyush Goyal announced while presenting the budget on Friday.
New Delhi, Jan 25 (IBNS): Union Minister of Finance, Corporate Affairs, Railways and Coal, Piyush Goyal stressed on the simplification, transparency and use of latest technology in further easing and smoothening the tax filing process for the stakeholders.
Different Income Heads Taxable Under the Income Tax Act
There are five different heads on income described under the Income Tax Act 1961, which cover every taxable source of income in India and help consolidate them. At the end of each year, you have to classify your annual earnings under these heads and calculate the amount of tax payable by you.