Wed, Nov 01, 2023
The Income Tax Department appreciated taxpayers and tax professionals for on-time compliance, resulting in a record number of filing of Income Tax Returns (ITRs) till October 31, 2023, said a press release by CBDT.
Sun, Aug 20, 2023
Employees enjoying rent-free accommodation would see rationalisation of perquisite value leading to a reduction in taxable salary, increasing the net take-home pay.
Sat, May 27, 2023
Suggestions/Comments have been invited from stakeholders & general public on the draft rules, which can be sent to ustpl2@nic.In, latest by June 5, 2023, the Central Board of Direct Taxes (CBDT) tweeted.
Tue, Oct 23, 2018
India's total number of taxpayers showing income above Rs 1 crore has gone up sharply in the last three years.
Mon, Oct 22, 2018
The net direct tax collection in the country grew by 15.7 per cent on year-on-year basis to reach Rs 4.89 lakh crore in the current fiscal till third week of October, a senior official on Monday quoting from the latest data.
Sun, Oct 14, 2018
The Modi government is working on an ambitious policy proposal to "facilitate" honest and consistent taxpayers in availing a variety of public services and tax-related works on priority, officials said Sunday.
Fri, Jul 13, 2018
Following an increase in threshold limit for filing tax appeals in various courts and tribunals, the government will forego nearly Rs 6,000 crore locked up in tax disputes, finance minister Piyush Goyal said on Thursday.
Mon, Jun 04, 2018
Nirav Modi/Mehul Choksi case: The government today clarified that documents relating to the Nirav Modi/Mehul Choksi case were completely safe.
Sat, May 19, 2018
TDS deductors have been cautioned today to adhere to the stipulated deadline of May 31 to file their statements. Income Tax Department (ITD) threatened to slap a penalty of Rs 200 on them for each day of default if they failed to meet the deadline. The Central Board of Direct Taxes (CBDT), which frames policy for the I-T department, issued an advertisement in this context
Sun, Feb 25, 2018
In the April-January period, the government has collected Rs 6.95 lakh crore from direct taxes, which was 69.2 per cent of the revised estimate of Rs 10.05 lakh crore for full 2017-18 fiscal. In the last fiscal (2016-17), the government had collected Rs 8.49 lakh crore as direct taxes.
Mon, Feb 05, 2018
The tax will be levied only upon transfer of the long-term capital asset on or after 1st April, 2018, as defined in clause (47) of Section 2 of the Act.
Tue, Jan 02, 2018
Every year the government revises the income tax slab rates during the budget. Various deduction are allowed to a taxpayer under Section 80C and Section 80D.
Wed, Dec 27, 2017
If you are a salaried person and earn up to Rs 2.5 lakh, you are not liable to pay any income tax. However, if you earn between Rs 2.5 lakh and Rs 5 lakh, you have to pay 5% income tax.
Tue, Nov 28, 2017
A tax between 8% and 10% could be applied on the property that is held under "stock in trade" by the developers. The Central Board of Direct Taxes has already sent internal guidelines to I-T officials across the country,
Mon, Nov 27, 2017
The CBDT has earlier directed the assessing officers to check the “genuineness and creditworthiness” of those people to whom the assessee has reported the additional sales in the revised returns, after the note ban.
Mon, Nov 20, 2017
The I-T department and SEBI are working on a two-pronged approach that involves action against tax evaders and tightening of norms for scrips prone to price manipulation
Wed, Nov 15, 2017
Banks started scanning all the account details of directors who were disqualified by the Ministry of Corporate Affairs as part of alleged shell companies.
Tue, Nov 14, 2017
Sushil Chandra, chairman, Central Board of Direct Taxes (CBDT) said despite closing of I-T returns filing time period, a number of entities and individuals failed to file their tax returns, as required under the 'Operation Clean Money' (OCM) initiated by the government to check black money post demonetisation.
Fri, Nov 03, 2017
The Central Board of Direct Taxes (CBDT) said in response to representations from stakeholders regarding applicability of provisions of Income-tax Act, 1961 to cash sale of agricultural produce by the cultivators/ agriculturists.
Tue, Oct 31, 2017
The government tonight extended the last date for e-filing of income tax returns for those taxpayers who file audit reports till November 7.
Sat, Sep 02, 2017
Since coming to power in May 2014, Prime Minister Narendra Modi has assured taxpayers that he will remove the fear of tax officials hounding them by ushering in accountability and answerability.
Mon, Aug 07, 2017
Central Board of Direct Taxes (CBDT) said, "As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registering an increase of 24.7% compared to growth rate of 9.9% in the previous year."
Sun, Jul 30, 2017
The report of the Financial Intelligence Unit (FIU), the premier technical snoop wing under the Finance Ministry, said the financial year 2015-16 saw a "record increase" in the detection of such instances.
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