Income Tax

Income tax department keeps tolerance range intact for transfer pricing

"It would have been worthwhile if the said range could have been revisited and reviewed," Amit Maheshwari, tax partner at AKM said

Begin tax planning at start of financial year to avoid cash crunch later

Consider both income level and deductions you can avail of when choosing between old and new tax regime

TMS Ep401: Income tax, brand India, mutual funds, UPI payments

How will new income tax rules affect you from April 1? How can India create a global brand? Where will MFs invest when markets bottom out? Will your UPI payments not be free anymore? Answers here

How to reset password on Income Tax e-filing portal? Step by step guide

The income tax department gives you different options to reset your Income Tax e-filing portal password. Check out the step by step guide below

Removal of LTCG tax benefits on debt MFs pushes corporate bond yields

Following govt's latest move, tax would be computed on based the investor's tax bracket; levy could be as high as 30%; Centre's step puts the tax for MF units at parity with that for bank FD

March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B

Linking PAN with Aadhaar, submission of Form 12B are other tasks that must be completed be before this date

PAN-Aadhaar Link: A step by step guide to link two cards before deadline

PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000

Gift, loan, house rent: How your family can help in saving taxes

Provisions in the law allow your parents, spouse and siblings to maximise your tax returns

PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

Government workers in Sri Lanka stage protest over income tax hike

Sri Lankan health, railway, port and other state workers were on a daylong strike Wednesday to protest against sharp increases in income taxes and electricity charges, as the island nation awaits approval of an International Monetary Fund package to aid its bankrupt economy. Most government hospitals around the country suspended their outpatient clinics because doctors, nurses and pharmacists were on strike. The railways operated fewer trains and armed soldiers guarded carriages and train stations fearing sabotage. Trade unions say the increase in taxes and electricity charges have hit them hard amid difficulties from the country's worst economic crisis. They have threatened to extend the strike indefinitely if the government fails to address their demands. The government says it was compelled to raise taxes to strengthen state revenue and electricity charges to cover production costs, key prerequisites to unlocking the proposed USD 2.9 billion IMF package. Authorities say they ...

Amazon Web Services served Rs 549 crore income tax demand notice: Report

AWS: The income tax department has reportedly raised the demand for Rs 190.85 crore tax for 2014-15 and Rs 358.27 crore for 2016-17 by invoking Section 147 of the Income-tax Act

Meet the last advance tax deadline for FY23 to steer clear of penalties

If you miss the date, penalty will be levied at a simple interest rate of one per cent per month or part of a month

Seven mistakes seniors make while planning their taxes and finances

They could invest in SCSS in tranches to optimise Sec 80C benefits and park some money in PMVVY before it closes on Mar 31

No income tax on agricultural produce for next 2 fiscal years: Bengal FM

The West Bengal government has decided that farmers will not have to pay income tax on any agricultural product for the next two fiscal years, Finance Minister Chandrima Bhattacharya said Monday. The state government has also announced the withdrawal of two types of cess on raw tea leaves for the period. Presenting the Finance Bill in the assembly, Bhattacharya said the current exemption period for agricultural income tax ends on March 31. She also said that the state government has taken up a detailed and convenient scheme to resolve issues related to arrears of tax to facilitate sales tax payers. In her budget speech on February 15, Bhattacharya had said without imposing new taxes, income tax exemption on agricultural produce will be maintained. The West Bengal government has also decided to fill thousands of vacancies in several departments, including minorities and agriculture, official sources said.

Centre suspends FCRA licence of think tank CPR amid I-T searches

According to the report, officials said that CPR's licence was revoked recently over non-compliance with FCRA norms.

House rent allowance: Tax exemption can be claimed on rent paid to parents

Prepare an agreement, pay rent into their bank accounts, and ensure they pay tax on it

BBC does not have an agenda, says chief to staff in India after I-T survey

The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices. In an email to BBC staff in India reported on Thursday by the broadcaster, Director General Tim Davie thanked them for their courage as he stressed that nothing was more important than reporting impartially. He added that the BBC would help staff in India do their jobs effectively and safely. "Nothing is more important than our ability to report without fear or favour, Davie said in the email, reported by the BBC. "Our duty to our audiences around the world is to pursue the facts through independent and impartial journalism, and to produce and distribute the very best creative content. We won't be put off from that task. I'd like to be clear: the BBC does not have an agenda we are driven by purpose. And our first

Explained: Does the new tax regime adversely affect household savings?

New tax regime does not have tax deductions as is given under various provisions such as 80C or 80D of the Income Tax Act

How health check-up, insurance premium can help you in saving tax

Preventive check-up is one available to save tax based on medical-related issues

India lost 2 Bhutans worth of individual taxpayers to Covid-19 pandemic

Growth rate of new tax payers has been under pressure in recent years