Income Tax
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Income Tax Slabs revised
Business | Feb 01, 2020, 02:29 PM ISTFinance Minister Nirmala Sitharaman on Saturday delivered major relief to tax payers by slashing tax rates and restructuring the tax slabs. Sitharaman proposed to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5 to 7.5 lakhs will be required to pay tax at 10 per cent against current 20 per cent.
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The beginner’s guide to income tax sections & how to save taxes
Brand Content | Jan 31, 2020, 01:37 PM ISTBeginner's Guide to Income Tax Sections and How to Save Taxes: A quick look at some of the most commonly-availed sections of the Income Tax Act which provide you tax savings.
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CAIT calls for special income tax slab for traders
Business | Jan 31, 2020, 07:22 AM ISTUrging the government for keeping the trading community on the priority list, the Confederation of All India Traders (CAIT) said on Thursday that the upcoming Union Budget should introduce a special income tax slab for the traders.
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69 pc want tax free income to be hiked to Rs 5 lakh in the Union Budget
Business | Jan 24, 2020, 10:30 PM ISTPeople are hoping that the Budget 2020 will bring some relief for the individual tax payers as well
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Have gold at home? This is how much you can keep without fearing Income Tax raid
Business | Jan 22, 2020, 02:01 PM ISTHaving gold at home? Do you know how much you can keep without fearing Income Tax department? CBDT has clarified the prescribed quantity of gold considered allowable.
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ITR forms out in advance, seek foreign travel, passport details
Business | Jan 06, 2020, 07:23 AM ISTThe CBDT has issued two forms-ITR-1 and ITR-4 for the AY 2020-21. There are two major changes in the ITR Forms on house property.
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Income Tax Department releases 2020 calendar that mentions tax paying deadlines
Business | Jan 04, 2020, 07:59 PM ISTI-T Department has now made things easier for taxpayers. The department has the released Year 2020 calendar that mentions all important dates including Income Tax deadlines.
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Will Budget 2020 bring tax relief? Common man has hopes pinned on Modi govt
India | Jan 01, 2020, 01:38 PM ISTThe common man has his eyes set on Finance Minister Nirmala Sitharaman's second Budget next month for relief in income tax, but an economic slowdown and a sharp reduction in corporate tax rates hint that she has very little flexibility to dole out a big largesse.
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Income Tax returns filing deadline extended till January 31 in J&K
Business | Dec 24, 2019, 08:09 PM ISTThe date for filing income tax has been extended till January 31, 2020 in Jammu and Kashmir. The Central Board of Direct Taxes (CBDT) made the deadline extension for all kinds of income tax returns in the newly-created UTs of Jammu and Kashmir, and Ladakh.
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Government extends due dates of filing Annual return and Reconciliation statement
Business | Nov 14, 2019, 03:45 PM ISTThe Central Board of Indirect Taxes and Customs have released a statement that the dates of filing Annual Returns and Reconciliation statement has been extended on Thursday.
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Income Tax Department cancels registration of six Tata Trusts
Business | Nov 01, 2019, 10:36 PM ISTThe income tax department has cancelled the registration of six Tata Trusts, including Jamsetji Tata Trust, R.D. Tata Trust and Tata Education Trust, following their decision to surrender the same.
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CBDT extends deadline for filing IT-returns till Nov 30 in J&K, Ladakh
Business | Oct 31, 2019, 08:48 PM ISTThe Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax returns till November 30 in the Union Territories of Jammu and Kashmir, and Ladakh.
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No cut in personal income tax rates soon: Govt sources
Business | Oct 30, 2019, 06:52 PM ISTThe Modi government may not moderate personal income tax rates for the rich, courtesy fiscal stress -- lower tax realisation amid the slowdown in the economy. This comes amid mounting pressure on the government to cut personal income tax rates to boost demand, more so after the Finance Ministry reduced the corporate tax rate by up to 10 percentage points.
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IMF sees Indian economic growth rebounding to 7 pc next fiscal
Business | Oct 23, 2019, 04:06 PM IST“We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline,” Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
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IMF says corporate income tax cut will help revive investment in India
Business | Oct 19, 2019, 08:12 AM ISTIt, however, said India should address continued fiscal consolidation and secure long-term stability of the fiscal conditions.
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Congress leader G Parameshwara's locations raided in tax evasion probe
India | Oct 10, 2019, 05:13 PM ISTIn coordinated raids, more than 300 Income Tax sleuths swooped down on premises linked to two prominent Congress leaders in Karnataka - former deputy chief minister G Parameshwara and former MP R L Jalappa's son J Rajendra.
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Sitharaman to inaugurate national tax e-assessment centre on Monday
Business | Oct 06, 2019, 04:55 PM ISTFinance Minister Nirmala Sitharaman will on Monday inaugurate the income tax department's national e-assessment centre (NeAC), which will avoid face-to-face interaction between taxpayers and tax officials.
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Government likely to reduce personal income tax rates: NITI Aayog
Business | Oct 05, 2019, 07:41 AM ISTThe Reserve Bank of India on Friday lowered the country's growth outlook and projected the economy to grow at 6.1 per cent from its earlier projection of 6.9 per cent for the current financial year.
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Attention! These 8 changes will impact your expenses from October
Business | Oct 02, 2019, 01:15 PM ISTThere are some changes that have been brought into effect and are going to impact your expenditure. These have already been implemented since October 1.
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Good news: This Diwali, govt may gift you a cut in personal income tax
Business | Oct 01, 2019, 07:06 PM ISTThe government has a Diwali gift for us all. A cut in personal income tax rate is what appears to be on the cards, according to a report. It is said that the government is considering rationalising personal income tax rates. This is being done to increase disposable incomes, especially among the middle class, and drive consumption, resulting in growth.