Page 5 - Income Tax

Cut in tax, schemes to generate jobs among demands in pre-Budget meet

Cut income tax for individuals, bring programmes to generate employment, increase spending to boost the economy and incentives for certain industries were the common pleas made in the pre-Budget meetings that Finance Minister Nirmala Sitharaman held with stakeholders. Sitharaman held eight rounds of discussions starting with India Inc on November 21 and ending with a round of consultation with economists on Monday. The Budget 2023-24 would be tabled in Parliament on February 1. The representatives of the stakeholder groups made a number of suggestions for the forthcoming budget that included a mechanism for green certification to help MSMEs, an urban employment guarantee programme to boost employment generation, and rationalisation of income tax, the finance ministry said. Schemes for improving domestic supply chains, reduction of taxes on electric vehicles, the introduction of EV policy, measures to promote India as a hub for green hydrogen, a portable social benefit for children,

Going truly federal: Why states should be allowed to levy an income tax

We need to ask why, in India, income tax is levied only by the Centre while in many other federations, the constituent units also levy it

Chhattisgarh CM accuses ED, IT dept of illegal action, intimidation

Chhattisgarh Chief Minister Bhupesh Baghel on Sunday termed the actions of the Enforcement Directorate (ED) and Income Tax department as illegal and politically motivated, and accused officials of assaulting and intimidating people. The chief minister attacked the probe agencies in a series of tweets in Hindi on his personal Twitter handle. The ED had recently arrested four persons, including IAS officer Sameer Vishnoi, in connection with a money laundering case linked to the alleged extortion of mining transporters. "The Central agencies are the strength of citizens in the country and if people are afraid of these forces, then surely this negative power weakens the nation," Baghel tweeted. He further said that illegal acts of the ED and Income Tax officials during interrogation are coming to light and they are unacceptable. Complaints are being received about forceful rounding-up of people from homes, making them perform acrobatics, pressurising them to confess by assaulting them

Your tax-saving investments must match your financial planning targets

Ensure that such investments are in sync with your asset allocation and are not done hastily

About Rs 400 cr tax deposited by filing 500,000 updated ITRs so far

The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about Rs 400 crore additional tax coming in, a senior government official said on Thursday. The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes. New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21). "So far about 5 lakh updated ITRs have been filed and about Rs 400 crore taxes have been paid," he said. The official said compliance has improved substantially and even corporates are filing updated income tax returns. "Data showed that one company has filed an updated return and the amount of tax paid is Rs 1 crore. This shows that there is volunta

TMS Ep309: Tax Rationalisation, OTT Content, Equity Market, Population

Why is India Inc batting for the small guy? What makes India's top OTT stories click? Is Indian stock market losing steam? What's the future of world population and India's share in it? Answers here

Why is India Inc batting for the small guy?

Business leaders and representatives from industry bodies have recently met Finance Minister Nirmala Sitharaman to propose rationalisation of personal income tax rates and more. Let's find out more

CII suggests slashing income tax rates in upcoming budget o revive demand

The CII has suggested a cut in personal income tax rates to revive demand -- a move which would benefit 5.83 crore taxpayers who have filed returns for assessment year 2022-23

Cut I-T, review capital gains tax in Budget 2023-24: CII to govt

FM Nirmala Sitharaman's pre-Budget consultations from today

Income Tax dept conducts searches at Metropolis Healthcare in Mumbai

The Income-tax department on Wednesday conducted searches at the premises of Mumbai-based Metropolis Healthcare that runs medical diagnostic centres as part of a tax evasion investigation, official sources said. The locations of the company in Mumbai are being covered, they said. A response from the company is awaited. The company is a prominent player in the medical tests and diagnostics business domain. It had last week reported a consolidated profit after tax of Rs 40.5 crore for the second quarter that ended September 30.

Laid off? Seek advice before claiming tax exemption on severance pay

You can claim only if the payout is voluntary and you have documentary proof to this effect

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

15 new judicial and technical members appointed for NCLT benches

The tribunal has a total sanctioned strength of 63 members and 28 benches

Trip that includes a foreign leg is not eligible for LTC, say experts

This condition is not satisfied merely by the trip starting and ending in India

Tax authorities want IT professionals to declare income from 'moonlighting'

The concerns from tax authorities have come at a time when there is an ongoing debate on how far 'moonlighting' by employees can be allowed.

I-T dept raids two luxury watch sellers in Delhi amid tax evasion probe

The Income Tax Department has conducted searches against two major luxury watch sellers in Delhi as part of a tax evasion probe, officials said Tuesday. The sleuths launched the raids on Monday on the premises of Kapoor Watch Company and Johnson Company and their promoters on Monday, they said. Phone calls and email sent by PTI to the two companies did not elicit a response. The officials said the tax department looked at the account books, sales bills and other documents as part of the searches conducted to probe alleged tax evasion and charges of reported cash sale of watches that are worth a few lakhs. The two companies have showrooms in prominent Delhi markets and deal in several high-end watches, including that of foreign brands.

CBDT extends last date for filing TDS for non-salaried individuals

Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter

Assets worth Rs 18,400 crore attached under Benami Act till July 31: Report

Till July 31, the I-T Department had issued notices in 3,175 cases amounting to Rs 19,222 crore

Back to the 1950s: State to lead investment and higher taxes to fund it

The reason for higher taxation is the inability of the private sector to invest on the scale required to satisfy the minimum thresholds of political and social needs. We are back to the 1950s

Gifts received from non-relatives of above Rs 50,000 a year are taxable

Gifts from employer become taxable once their value exceeds Rs 5,000; bonus is also taxable