Page 4 - Income Tax

Centre expected to introduce new income tax slabs in Budget 2023: Report

Currently, there are six slabs in the new personal income-tax regime, starting with the Rs 2.5-5 lakh income bracket taxed at 5 per cent

Budget 2023: Salaried class wants higher tax-free slab as inflation bites

From a tax-free slab of Rs 5 lakh to a higher exemption limit under Section 80C, here is what experts are hoping for in Budget 2023

Wealthy Indians reporting lower income, paying less tax: DSE study

The study found that the average taxable income reported by the bottom 10 per cent of households was more than 170 per cent of family wealth

Centre planning rate changes in new income tax structure, says report

Individuals can currently decide which set of rates they want to be taxed under

Taxes, incentives, reforms: How to read this year's Budget document

What taxpayers, senior citizens and investors should look out for in the Finance Minister's speech

Rates are out of tune for higher-income levels, need revisions

India is somewhere in the middle when taxation for the upper-income bracket is considered, but leaving tax rates untouched can translate into a heavier tax burden on the population

CBI arrests Chennai Income Tax officer, CA in Rs 2,25,000 bribery case

The CBI has arrested an Income Tax officer and a chartered accountant in Chennai for their alleged involvement in a Rs 2.25 lakh bribery case, officials said Saturday. The bureau's action came after an FIR was registered against CPWD's superintendent engineer Sanjay Chinchghare, assistant valuation officer D.Manjunathan and chartered accountant Satgurudas and Suresh, the assessee and property owner, they said. Chinchghare was also posted as district valuation officer in Chennai Income Tax Valuation Cell. A case was registered by the CBI against the accused on allegations that Suresh had declared a high-value property transaction in his Income Tax return which was referred to the Income Tax Valuation Cell by National Faceless Assessment Centre, New Delhi, the officials said. Manunathan allegedly inspected the property and underlined the difference in the property value, they said. "The competent authority in finalising the valuation was a superintending engineer (Planning) Chinchgh

Top headlines: I-T dept goes after tax arrears of over Rs 7.7 trn, PMAY-G

Business Standard brings you the top headlines at this hour

Income Tax searches on premises of Exel Group of companies in Hyderabad

The Income Tax department on Wednesday conducted searches on premises of Exel Group of companies in Hyderabad and neighbouring Sangareddy district for alleged irregularities in income tax payment

Trump's returns show how he used write-offs to pay little or no tax

The returns, which include his personal and business filings from 2015 to 2020, are the first complete look into Trump's tax records for the years he was running for office and in the White House

Should Indian states also levy an income tax?

An RBI report recently highlighted the grim fiscal condition of ten states. And of them, five seem to be in dire condition. What ails these states? What can be done to revive their economy?

Here is why the Centre should hand over a lower share of taxes to states

The Centre should share only 25 per cent of tax revenues with states, and the states should be allowed to impose their own income tax

New York risks losing wealthiest residents over high taxes: Official

An analysis by New York City's Independent Budget Office released this week showed that the number of city taxpayers who earned between $1 million and $5 million declined 11% in 2020

Budget 2023: How technology may help achieve the impossible trinity

Experts have requested FM Sitharaman for a cut in income tax rates, increase in expenditure, and fiscal consolidation

TMS Ep323: Budget impact on taxes, Cyber attacks, Markets, Share buyback

How will Budget 2023 affect your taxes and investments? How can you protect your bank account from cyberattacks? Will 2023 belong to the Bulls or the Bears? What is a share buyback? All answers here

How will Budget 2023 affect your taxes and investments?

The next Budget will be the last full-year Budget ahead of the General Elections. How are your taxes likely to be affected amid calls from the industry to extend tax benefits to the common man?

Those selling products at market rate can't claim charitable status: ITAT

Hospital's appeal against income tax department rejected; it is a private company that turned into a non-profit

Income Tax dept reduces time for taxmen to decide on refund adjustment

The income tax department has reduced the time for tax officers to decide on adjustment of refunds against outstanding tax dues to 21 days, a move which will help avoid litigation. The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said. "If the assessee either does not agree or partially agrees for adjustment, the matter shall be referred by CPC immediately to the assessing officer, who shall, within 21 days from the date of such reference, shall provide feedback to CPC as to whether the adjustment should be made or not," it added AMRG & Associates Senior Partner Rajat Mohan said in many cases involving the adjustment of refunds, the Centralised Processing Centre (CPC) noticed that wrong categorisation of demand or lack of feedback from the AO (Assessing Officer) on the assessee's response led to incorrect adjustment of refunds, resulting in needless complaints and litigations. Another concern was .

Indian crypto industry group writes to govt for 'strong regulations'

Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions