I-T Act

A day after the Budget announcement of a revamped personal income tax regime, Revenue Secretary Sanjay Malhotra on Thursday said the government would eventually like to move to a simple and exemption-free tax structure with lower rates. According to an analysis by the Revenue Department, an individual earning Rs 15 lakh in a year will have to claim deductions of at least Rs 3.75 lakh under the old tax regime, otherwise the new revamped tax regime with lower rates proposed in 2023-24 will be more beneficial. In an interview to PTI, Malhotra said the government does not have any specific timeline to make the new regime mandatory for taxpayers. "We would like to move towards a lower tax rate, which is simple and without tax exemptions," Malhotra said. The Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on people with annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 under the new .

Section 54 tax exemption should not be available if the taxpayer already owns two or more properties on the date of sale of property

The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill

Do this only if there are no remarks or reasons given by I-T division for withholding it

The government on Sunday extended the deadline for various compliances under the income tax law and availing relief under the GST law to help taxpayers tide over difficulties in filing such forms

Earlier today, senior Congress leader Shashi Tharoor had slammed the Centre over the reported glitches in the new Income Tax portal

The Income Tax Department on Wednesday said it has issued refunds of over Rs 5,649 crore to 739,000 taxpayers during April 1-19, 2021-22

Only payments made after submission of this certificate are eligible for lower or nil tax rate

The CBDT has exempted from income tax the purchase of shares at rates lower than the market price in companies undergoing insolvency proceedings and whose board has been taken over by the government

In Uma Maheshwari vs United India Insurance Co, the court again raised the compensation reduced by the Karnataka High Court

The Rs 100-crore tax demand on Tata Education and Development Trust was raised last year by the I-T department owing to cancellation of registration on past exempted income.

Opposition parties have questioned how the PM CARES Fund is being kept out of the audit purview of the Comptroller and Auditor General (CAG).

Circle rate is the minimum value that state governments have set for the sale or transfer of a plot, built-up house, apartment or commercial property

These are located in prime locations in Delhi, Mumbai, Chennai, Bengaluru

This is the second extension for the taskforce under the CBDT member Akhilesh Ranjan

The provision to tax the gifted assets was originally formulated in 1960s under the assumption that wives and daughters-in-law would normally