Page 2 - Income Tax

Explained: Difference between Income Tax Surveys and Searches

Income Tax 'survey' operations at BBC offices continues for third day

The Income Tax department's 'survey' at the BBC office here continued for the third straight day on Thursday as officials gathered financial data from select staffers and made copies of electronic and paper data of the news organisation. The operation that began at the British Broadcasting Corporation (BBC) offices in Delhi and Mumbai around 11:30 am on Tuesday has clocked more than 45 hours now, officials said. The survey is going on, they told PTI. Authorities had said on Wednesday that the exercise would continue for some more time, saying the "exact time frame to call the operation closed rests entirely on the teams on the ground". The survey is being carried out to investigate issues related to international taxation and transfer pricing of BBC subsidiary companies, officials have said. The survey teams are seeking answers on financial transactions, the company structure and other details about the news company, and are copying data from electronic gadgets as part of their ta

Income tax 'raids': What is the difference between surveys and searches?

Not every income tax department operation is a 'raid'. Here is what the I-T Act says about 'surveys' and 'searches'

Top headlines: ALT's ESG rating under review, Srei group resolution & more

Business Standard brings you the top headlines at this hour

Old vs new: Soon, I-T portal may show which tax regime's best for you

The system will also compare the two schemes in an easy-to-understand format, said another source

Income Tax Department sleuths survey BBC's Mumbai studios, Delhi office

The sources also said that the team reached there to verify documents and some of the employees were also asked to leave the office and go home

Fully cooperating with Indian income tax authorities, tweets BBC

The BBC on Tuesday said the Indian income tax authorities were at its offices in New Delhi and Mumbai and the British public broadcaster was fully cooperating with them. The Income Tax Department on Tuesday conducted a survey operation at the BBC's offices in Delhi and Mumbai as part of an investigation into alleged tax evasion, officials said in New Delhi. The surprise action comes weeks after the broadcaster aired a two-part documentary, "India: The Modi Question". "The Income Tax Authorities are currently at the BBC offices in New Delhi and Mumbai and we are fully cooperating. We hope to have this situation resolved as soon as possible," the press office of the BBC tweeted.

Govt mulls modified valuation norms for taxing foreign investments in cos

The Income Tax Department is likely to come out with modified valuation rules under the I-T Act for ascertaining the fair market value (FMV) of shares of unlisted companies for the purpose of levying tax on non-resident investments, an official said. The Finance Bill, 2023 has proposed amending Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, excepting DPIIT-recognised startups, under the tax net. The official said that amendments are needed as I-T Act and FEMA provide different methodologies for calculating the FMV of shares of unlisted companies. "Rule 11UA of I-T rules will be re-prescribed taking into account the concerns expressed by stakeholders to harmonise it with the FEMA regulations," the official told PTI. Rule 11UA deals with determination of FMV of assets, other than immovable property. Under the existing norms, only investments by domestic investors or residents in closely held companies were taxed over and

New tax regime to benefit middle class; leave more money in their hands: FM

Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of RBI, she said it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments. Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent. However, no tax would be levied on annual income of up to Rs 7 lakh. Answering a question on the Adani Group crisis, the minister said, "Indian regulators are very, very experienced and they are experts in their domain. The regulators are seize

Customs duty cut, I-T slab rejig to boost consumer durable stocks: Analysts

With revised customs duty across consumer electronics' manufacturers, analysts believe this measure would reduce costs for manufacturing mobile phones, TV panels, and kitchen chimneys

New tax regime to leave higher disposable income with people: Sitharaman

The Union Budget 2023-24, astutely balances the requirement for India's development imperatives within the limit of fiscal prudence, Finance Minister Nirmala Sitharaman tells Lok Sabha

New and old: How two tax regimes work for home loan interest benefit

You can benefit under the new tax regime but there are a few caveats

From savings to spending: What new IT rules tell us about govt's intentions

The new IT regime will be the default one but those tax payers wanting to continue with the old one can still do so

Trustees will be liable in case of non-payment of exit tax: CBDT chief

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

Govt expects 'fabulous' response to revamped I-T regime: CBDT chief

The benefit of the revamped I-T regime will percolate down to every section of the taxpayer and the government expects a 'fabulous' response to it, a top Income Tax official said on Friday. The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided. "The benefit percolates down to every section of taxpayer.... Considering that standard deduction will be available to salaried taxpayers in the new regime, effectively a salaried employee with an income of Rs 7.50 lakh would not be required to pay any tax," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said. In addition to extending the standard deduction, the Budget has also raised the exemption limit and tweaked the tax rates to make the ne

Budget 2023: New tax regime (II) can help you save more in taxes

But high-income individuals who avail of a variety of deductions will still prefer the old regime

Capex push, tax rationalisation: Brokerages give a thumbs-up to Budget 2023

Our equity strategists view the budget as positive for infrastructure and capex-sensitive sectors, says Goldman Sachs

Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST

Budget 2023: The Centre has also made a distinction between 'games of skill' and 'games of chance' in the Finance Bill, signalling that both might get a separate tax structure in future

Old income tax regime vs new income tax regime: Which one is better?

New income tax regime: The taxpayers can avail of several deductions under the old income tax regime using section 80C etc. But under the new tax regime, no such deductions are allowed

Rebates to slabs: Budget's key changes in Income Tax regime explained

This move indicates that the old regime will slowly be wound up