Income Tax
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Highest personal I-T rate in India still lower than in China, US, South Africa
India | Jul 07, 2019, 03:21 PM ISTJustifying raising of tax incidence on the super-rich, the finance ministry said the highest tax rate in India was still lower than many countries, including the US and China, and it was a worldwide phenomenon to ask the super-rich to pay extra tax.
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ITR filing: Aadhaar to be interchangeable with PAN
India | Jul 05, 2019, 05:12 PM ISTSoon, Aadhaar card can be used to file Income Tax Return. Government of India has proposed Aadhaar-PAN interchangeability to make ITR filing easy and convenient for the general public. Nirmala Sitharaman announced the same in her debut union budget presented Friday.
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I-T dept raids properties of former J&K FM's son; to book him under anti-black money law
India | Jun 27, 2019, 11:16 PM ISTThe Income Tax department Thursday conducted raids on multiple properties of Hilal Rather, the son of former Jammu and Kashmir finance minister Abdul Rahim Rather, in connection with an alleged loan misappropriation and tax evasion case, officials said.
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'Disability pension taxable if personnel retired under normal circumstances'
India | Jun 26, 2019, 09:05 AM ISTThe pension will be non-taxable only to those personnel who have retired due to any kind of disability, defence sources added.
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Budget 2019: Govt likely to raise income tax exemption threshold to Rs 3 lakh
Budget | Jun 23, 2019, 07:00 AM ISTThe government is considering to increase the personal income tax threshold in Budget 2019-20, according to a Bloomberg report. Budget 2019-20 is set to be presented by Finance Minister Nirmala Sitharaman on July 5.
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CBDT releases new I-T compounding guidelines; no relief in criminal black money cases
Business | Jun 17, 2019, 05:50 PM ISTThe new directives make it clear that compounding of offences is "not a matter of right" and the department can extend such a relief only in certain cases keeping in view factors like "conduct of the person, the nature and magnitude of the offence on the context of the facts and circumstances of each case."
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New Income Tax Rules in effect from today. Tax evaders can't just get away by paying penalty
Business | Jun 17, 2019, 01:50 PM ISTAny offence which has to bear on any offence under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 would not be generally compounded, the revised guidelines said.
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Government compulsorily retires tax officers on extortion, bribe, sexual harassment charges
India | Jun 10, 2019, 09:56 PM ISTThe Government has compulsorily retired almost a dozen senior tax officers on charges ranging from extortion, bribe and sexual harassment.
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Form 16 revised, employers required to give specific details now
Jun 05, 2019, 02:36 PM ISTForm 16 revised: The Income Tax department has notified changes in Form 16 that requires more details from employers about deductions under tax saving schemes. Aim is to felicitate stricter scrutiny of claims made by assessees to check tax avoidance or evasion.
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Srinagar: I-T dept raids Imran Raza Ansari's residence
India | May 22, 2019, 01:43 PM ISTIrfan Raza Ansari owns various businesses and has total assets worth Rs 66.54 crores, according to an affidavit filed by him.
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Amitabh Bachchan pays Rs 70 crore tax for year 2018-19, confirms spokesperson
Celebrities | Apr 13, 2019, 09:07 PM ISTRecently, Amitabh Bachchan had paid off loans of around 2,084 farmers in Muzaffarpur, Bihar.
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After exposing Rs 281-crore 'collection racket' in MP, IT team reaches Delhi
News | Apr 09, 2019, 08:06 AM ISTAfter exposing Rs 281-crore 'collection racket' in MP, IT team reaches Delhi
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Political row erupts over IT raids on two aides of Congress CM in Madhya Pradesh
Politics | Apr 08, 2019, 09:08 AM ISTPolitical row erupts over IT raids on two aides of Congress CM in Madhya Pradesh
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CBDT asks I-T Dept to probe about 3 lakh de-registered firms for money laundering
Business | Mar 29, 2019, 12:01 PM ISTThe board has asked the tax offices to undertake this special task and bring under their ambit the time period (over the last two years) when these companies were struck off from the records of the Ministry of Corporate Affairs (MCA).
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Income tax raid on former IAS officer Netram's residence in Lucknow
News | Mar 12, 2019, 01:51 PM ISTIncome tax raid on former IAS officer Netram's residence in Lucknow
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I-T assessments to be completely faceless in few years: CBDT chairman
India | Feb 03, 2019, 06:24 PM ISTIncome tax assessments will be "completely faceless", without the taxpayer having to face the taxman, in about two years and assessees will be provided pre-filled return forms as part of the government's initiative to simplify procedures, a senior government official said on Sunday.
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Interim Budget 2019: Check how will income tax rebate announced by Fin Min Piyush Goyal help your pocket
Budget | Feb 04, 2019, 03:41 PM ISTThe new income tax provisions introduced by the government can help you save on taxes. Check the table given here to know how.
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Interim Budget 2019: Income tax exemption raised, farmers to get cash dole
Budget | Feb 01, 2019, 03:58 PM ISTMaking a strong re-election pitch, the BJP-led NDA government on Friday announced the biggest income tax sops for middle class, including complete exemption for income up to Rs 5 lakh, and Rs 6,000 annual cash dole to poor farmers in a scheme that will cost Rs 75,000 crore per year.
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Interim Budget 2019: Highlights of Modi govt's last budget ahead of Lok Sabha elections 2019
Budget | Feb 01, 2019, 02:37 PM ISTThe key highlights of the Interim Budget 2019 presented by Acting Finance Minister Piyush Goyal today was the full tax rebate to individuals with annual income upto Rs 5 Lakh.
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Big relief for salaried middle-class as Goyal announces full tax rebate over income of Rs 5 lakh per annum
Budget | Feb 01, 2019, 01:33 PM ISTThose having an annual income of Rs 5 lakh per annum will get full rebate in Income-tax, Piyush Goyal announced during his Budget speech on Friday.