Income Tax department raided various locations in Assam, Rs 7.54 crore seized
Jan 14, 2021, at 12:34 am
Guwahati: The Income Tax Department carried out search and survey action in the cases of renowned Doctors/Medical professionals of Assam led to the recovery of Rs 7.54 crore.
COVID-19: Ministry of Finance extends deadline to file income tax returns till Jan 10
Dec 31, 2020, at 12:30 am
New Delhi: The Indian government on Wednesday announced it has extended the deadline for filing Income Tax by 10 more days till Jan 10.
Income tax return deadline for financial year 2019-20 now extended till Dec 31
Oct 24, 2020, at 09:45 pm
New Delhi: Giving relief to taxpayers amid COVID-19 pandemic outbreak,the Income Tax Department on Saturday extended the deadline for individual assessees to file their returns for financial year 2019-20 (assessment year 2020-21) by a month till Dec 31.
Indian government extends last date of filing ITR for Assessment Year 2019-20 to Nov 30
Oct 01, 2020, at 12:23 am
New Delhi/UNI: The government on Wednesday extended the due date for furnishing of belated and revised Income Tax Return for Assessment Year 2019-20 from September 30 to November 30, in the wake of genuine difficulties being faced by the taxpayers due to the COVID-19 situation.
35,074 taxpayers chose 'Vivad Se Vishwas Scheme': Anurag Thakur
Sep 20, 2020, at 09:49 pm
New Delhi/UNI: A total of 35,074 taxpayers have opted for the Direct Tax Vivad Se Vishwas Act since its enactment through Form-1 (Declaration under the scheme) that were submitted till September 8.
Rs 71,229 cr refunded to help taxpayers during Covid-19 pandemic: CBDT
Jul 18, 2020, at 01:42 am
New Delhi/UNI: The Central Board of Direct Taxes has issued refunds worth Rs 71,229 crore to help taxpayers with liquidity during COVID-19 pandemic.
Centre rejects report by IRSÂ officials suggesting Income Tax hike, calls it ill conceived
Apr 27, 2020, at 12:01 am
New Delhi/ IBNS: The Centre has rejected a report prepared by a group of IRS officers that suggested a 40 per cent hike in the income tax rate, a 4 per cent Covid-19 relief cess and imposing a super-rich tax, finance ministry officials have said, reported media.
Wanted to simplify income tax process: Nirmala Sitharaman
Feb 01, 2020, at 04:09 pm
New Delhi/IBNS: Union Finance Minister Nirmala Sitharaman on Saturday said her government proposed to provide the middle-class taxpayers an optional regime in order to ensure that the money is placed in the hands of people and simplify the income tax process.
Govt working on income tax rate cuts among other measures to put economy on track: Sitharaman
Dec 07, 2019, at 06:41 pm
New Delhi/IBNS: The government is set to introduce more measures, including rationalisation of personal income tax to revive the economy, Finance Minister Nirmala Sitharaman said on Saturday, media reported
Decision taken to surrender six trusts in 2015 on its own volition, says Tata Trusts
Nov 01, 2019, at 10:33 pm
Hyderabad, Nov 1 (UNI) In the wake of the reports that the Office of the Principal Commissioner of Income Tax, Mumbai, in its order dated October 31, 2019, cancelled the Income Tax registration of six Tata Trusts, the organization on Friday clarified that this order of cancellation is a culmination of the decision taken by these six Trusts in 2015 to surrender, of their own volition.
FM Nirmala Sitharaman to inaugurate National e-Assessment Centre of Income Tax Department tomorrow
Oct 06, 2019, at 07:15 pm
New Delhi: The Income Tax Department is ushering in a paradigm shift in its working by introducing faceless e-assessment to impart greater efficiency, transparency and accountability in the assessment process. There would be no physical interface between the tax payers and the tax officers.
Government extends last date for PAN-Aadhaar linking
Sep 28, 2019, at 10:05 pm
New Delhi: For the seventh time, the government has extended the last date for linking PAN with Aadhaar card by three months, media reports said.
Rs 14.5 cr seized during Income Tax raids at construction firm
Apr 15, 2019, at 03:12 pm
Chennai, Apr 15 (UNI) The Income-Tax department officials have seized Rs 14.5 crore cash after three days of raids at the PSK Engineering Construction Company in Namakkal.
Feb 01, 2019, at 05:01 pm
New Delhi, Feb 1 (IBNS): The anti-black money measures taken by the Government during the last four and half years in the form of Black Money Law, the Fugitive Criminal Offenders Act, and Demonetisation, have brought undisclosed income of about Rs 1,30,000 crore to tax, said Finance Minister Piyush Goyal.
Feb 01, 2019, at 04:52 pm
New Delhi, Feb 1 (IBNS): The Indian government on Friday said it has undertaken rationalization of customs duties and procedures to promote the “Make in India” initiative.
Feb 01, 2019, at 04:46 pm
New Delhi, Feb 1 (IBNS): The Goods and Services Tax (GST) reforms has resulted in increased tax base, higher collections and ease of trade, Union Finance Minister Piyush Goyal said on Friday.
India now 6th largest economy in the world with high growth: FM Piyush Goyal
Feb 01, 2019, at 04:38 pm
New Delhi, Feb 1 (IBNS): Under the leadership of the Prime Minister Narendra Modi, the country has witnessed its best phase of macro-economic stability, becoming the sixth largest economy in the world from being the 11th in the World in 2013-14, said Union Finance Minister Piyush Goyal on Friday.
Union Budget: Fiscal deficit pegged at 3.4% of GDP for 2019-20
Feb 01, 2019, at 04:13 pm
New Delhi, Feb 1 (IBNS): The Interim Budget 2019-20 has pegged the fiscal deficit for the year 2019-20 at 3.4% of GDP.
Income upto Rs 5 lakh to get full tax rebate: FM Goyal announces in Budget
Feb 01, 2019, at 04:11 pm
New Delhi, Feb 1 (IBNS): Individual taxpayers having taxable annual income up to Rs.5 lakhs will get full tax rebate and therefore will not be required to pay any income tax, Union Finance Minister Piyush Goyal announced while presenting the budget on Friday.
Jan 25, 2019, at 04:56 pm
New Delhi, Jan 25 (IBNS): Union Minister of Finance, Corporate Affairs, Railways and Coal, Piyush Goyal stressed on the simplification, transparency and use of latest technology in further easing and smoothening the tax filing process for the stakeholders.
Different Income Heads Taxable Under the Income Tax Act
Jan 04, 2019, at 11:42 am
There are five different heads on income described under the Income Tax Act 1961, which cover every taxable source of income in India and help consolidate them. At the end of each year, you have to classify your annual earnings under these heads and calculate the amount of tax payable by you.
Submit Form 15G or Form 15H to avoid TDS on your Interest Income
Sep 27, 2018, at 03:04 pm
It is mandatory for financial institutions to deduct TDS (Tax Deducted at Source) on interest income on investments exceeding Rs.10,000, or Rs.5,000, if you have a company FD. This limit has been extended to Rs.50,000 for senior citizens. Typically, the financial institutions deduct this tax, and you can adjust is later when filing your income tax returns or paying your tax amount.
Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018
Jun 02, 2018, at 01:30 pm
New Delhi, Jun 2 (IBNS): The Income Tax Department has issued a Revised Income Tax Informants Reward Scheme, 2018, according to Union Finance Ministry on Friday.
Here's Why You Should Estimate Your Income Tax Liability for The A.Y. 2018-19
Apr 09, 2018, at 05:20 pm
Who wants to pay the taxman? Although the tax money will lead to better social and public-sector facilities, no one wants to pay an additional penny towards the tax. Going by the logic that the government taxes our income to direct funds for infrastructure development of the country, we should ideally pay tax. Therefore, we discuss in detail the income tax liability of every salaried individual.
25% growth in number of Income Tax returns filing this year, says govt
Aug 07, 2017, at 11:22 pm
New Delhi, Aug 7 (IBNS): As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed, the government said on Monday.
Last date for IT returns extended to Aug five
Jul 31, 2017, at 09:37 pm
New Delhi, Jul 31 (IBNS) : The Income Tax Department has extended by five days the last date for filing of income tax returns (ITRs) for the financial year 2016-17, reports said.
FM launches a new tax payer service module ‘Aaykar Setu’
Jul 11, 2017, at 12:05 am
New Delhi, July 10 (IBNS): A new tax payer service module ‘Aaykar Setu’, was launched here today by Union Finance Minister Arun Jaitley.
Aadhar now must for filing tax returns, new PAN from next month
Jun 11, 2017, at 01:54 am
New Delhi, June 10 (IBNS): In a significant move, the government on Friday said that Aadhaar will be needed for filing Income Tax Returns or for obtaining a new PAN from July 1.
Adhaar becomes mandatory for IT returns and applying for PAN
Mar 22, 2017, at 03:15 am
New Delhi, Mar 21 (IBNS): Adhaar card would be mandatory for filing Income Tax returns and applying for PAN from July onwards, as the government decided on Tuesday.
Budget 2017: Benefits announced for NPS subscribers
Feb 02, 2017, at 07:37 pm
New Delhi, Feb 2 (IBNS): The Finance Bill 2017 laid down in the Parliament on Thursday introduced several new benefits for National Pension System (NPS) subscribers.