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Income tax

Income tax return filer base up 2.2 times in 10 years, 5 times growth in Rs 50 lakh-plus income category: Sources

Income tax return filer base up 2.2 times in 10 years, 5 times growth in Rs 50 lakh-plus income category: Sources

Wed, Nov 13, 2024

There has been a significant increase in income tax compliance in the country with more than five-fold growth in the Rs 50 lakh-plus income category, according to sources.

Possible to have nil income tax liability on crores of rupees of income? It's a reality in this Indian state

Possible to have nil income tax liability on crores of rupees of income? It's a reality in this Indian state

Sun, Oct 27, 2024

Is it possible to earn crores while paying zero tax? Sikkim is the only state in India that imposes no tax on high income earners. Curious to know how? Let’s understand the concept of earning crores but paying zero tax in Sikkim.

New Income Tax and Savings Rules

New Income Tax and Savings Rules

Wed, Oct 02, 2024

From October 1, several key changes in income tax regulations and small savings schemes take effect, impacting debit and credit card usage. Stay informed about the latest updates.

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This is India's only tax-free state, residents earn crores without paying Income Tax

This is India's only tax-free state, residents earn crores without paying Income Tax

Sun, Sep 29, 2024

Discover Sikkim, India's only tax-free state, where residents benefit from complete income tax exemption under Article 371(F). Explore the unique financial advantages, historical significance, and how Sikkim stands out in the country’s economic landscape

I-T Act review: Government to invite suggestions from industry next month

I-T Act review: Government to invite suggestions from industry next month

Sun, Sep 29, 2024

Following the Budget announcement, the Central Board of Direct Taxes (CBDT) had set up an internal committee for a comprehensive review of the six- decade old direct tax law and make it concise, lucid, easy to read and understand.

Net direct tax collections grow 15% to Rs 9.92 lakh crore in a year; advance tax collections up 19%

Net direct tax collections grow 15% to Rs 9.92 lakh crore in a year; advance tax collections up 19%

Wed, Sep 18, 2024

As of September 15, the government's advance tax collections stood at Rs 4.23 lakh crore and net direct tax collections at Rs 9.92 lakh crore, up 19 per cent and 15 per cent over a year ago, according to official data released on Wednesday.

Income Tax Day 2024: Nirmala Sitharaman to preside over celebrations in New Delhi on Wednesday

Income Tax Day 2024: Nirmala Sitharaman to preside over celebrations in New Delhi on Wednesday

Wed, Aug 21, 2024

Finance and Corporate Affairs Minister Nirmala Sitharaman is scheduled to preside over Income Tax Day celebrations at 4 pm in the Plenary Hall at New Delhi's Vigyan Bhawan on August 21, according to the Ministry of Finance. The day marks the 165th Income Tax Day, marking a significant milestone in the country's fiscal history.

Tax payment limit via UPI increased to Rs 5 lakh from Rs 1 lakh earlier

Tax payment limit via UPI increased to Rs 5 lakh from Rs 1 lakh earlier

Thu, Aug 08, 2024

This will further ease tax payments by consumers through UPI, noted RBI.

Salary package Rs 13 lakh and yearly deductions Rs 4 lakh, which tax regime can you choose; old or new? Know through example

Salary package Rs 13 lakh and yearly deductions Rs 4 lakh, which tax regime can you choose; old or new? Know through example

Wed, Aug 07, 2024

Indian middle class with salary income up to Rs 15 lakh will gain if opting for the new tax regime.

Income Tax Season 2024 | Record 7.3 crore ITRs filed till July 31 deadline; more than two-thirds filed under new tax regime

Income Tax Season 2024 | Record 7.3 crore ITRs filed till July 31 deadline; more than two-thirds filed under new tax regime

Fri, Aug 02, 2024

Income Tax Season: The Income Tax Department has released some interesting data on the 2024 income tax season, with record 69.9 lakh ITRs filed on July 31 - the last date to file the income tax return for AY25 without penalty.

Income Tax Season: How to check your income tax refund status? Step-by-step guide

Income Tax Season: How to check your income tax refund status? Step-by-step guide

Tue, Jul 30, 2024

Income Tax Season: If you've filed your Income Tax Return (ITR) and want to check its refund status, follow these steps:

Last Few Days To File Income Tax Return: 5+ crore ITRs filed already, don't wait till last minute to file yours, says I-T department

Last Few Days To File Income Tax Return: 5+ crore ITRs filed already, don't wait till last minute to file yours, says I-T department

Sat, Jul 27, 2024

Income Tax Return Last Date: July 31 is crucial as it is the last day to file your income tax return (ITR) for the financial year 2023-24, which ended on March 31. Failing to do so within the stipulated time not only results in non-compliance with tax laws but also attracts penalties.

Budget 2024: Rs 3-7 lakh, Rs 7-10 lakh, and Rs 10-12 lakh slabs introduced in new regime; compare proposed changes with existing rates here

Budget 2024: Rs 3-7 lakh, Rs 7-10 lakh, and Rs 10-12 lakh slabs introduced in new regime; compare proposed changes with existing rates here

Tue, Jul 23, 2024

New Income Tax Slabs News: What has really happened to the income tax slabs in the new income tax regime? A closer look at the income tax proposals in Finance Minister Nirmala Sitharaman's historic Budget on July 23, 2024, keeps the first tax slab of income up to Rs 3 lakh, and the highest slabs of incomes of Rs 12,00,001-Rs 15,00,000 and above Rs 15 lakh unchanged. So what has changed? The finance minister has raised the upper end of the Rs 3,00,001-6,00,000 slab by Rs 1 lakh, widened the Rs 6,00,001-9,00,000 slab by Rs 1 lakh each from both ends, and raised the lower end of the Rs 9,00,001-12,00,000 slab by Rs 1 lakh. Still confused? Read more to understand.

Union Budget 2024: Can the common man expect inflation-adjusted tax slabs in this Budget?

Union Budget 2024: Can the common man expect inflation-adjusted tax slabs in this Budget?

Mon, Jul 22, 2024

Tax slabs adjustment in Union Budget 2024: As the real rates have touched 55 per cent and are close notching 60 per cent levels, taxpayers look for the rationalisation of tax slabs considering the inflationary regime we are in.

ITR Filing FY 2023-24: Income tax slabs for new and old regime | Check Tax Rates Here

ITR Filing FY 2023-24: Income tax slabs for new and old regime | Check Tax Rates Here

Thu, Jul 18, 2024

ITR Filing FY 2023-24: The deadline to file the income tax return for financial year 2023-24 is around the corner and it is therefore crucial for taxpayers to know the income tax slabs for both the new and old income tax regime.

Budget On Zee: You will get relief in income tax in these 5 ways

Budget On Zee: You will get relief in income tax in these 5 ways

Thu, Jul 18, 2024

Budget On Zee; What does good budget mean? Investment will increase due to increase in section 80C limit. The country's growth will increase due to lower taxes. You will get relief in Income Tax in these 5 ways. Know from Anil Singhvi.

ITR Filing | As India awaits Budget 2024, learn all about standard deduction and how it helps salaried individuals save tax

ITR Filing | As India awaits Budget 2024, learn all about standard deduction and how it helps salaried individuals save tax

Wed, Jul 17, 2024

Some of the cases where standard deduction does not apply are during instances when the ITR is being filed for a period of less than one year, in case when a taxpayer has a dual status in a particular financial year etc.

Budget Expectations: Mutual fund body seeks pension-focused schemes with NPS-like tax benefits

Budget Expectations: Mutual fund body seeks pension-focused schemes with NPS-like tax benefits

Wed, Jul 17, 2024

It has requested the government to reconsider the short-term capital gains tax imposed last year on debt-oriented mutual funds with equity exposure of up to 35 per cent.

Income Tax Season: 5 best tax saving tips for salaried employees

Income Tax Season: 5 best tax saving tips for salaried employees

Tue, Jul 02, 2024

5 Best Tax Savings for Salaried Employees: Be it a salaried person or a businessman, everyone is trying to save income tax by trying their own methods. For working people, tax saving is always a challenge. They need to plan their monthly expenses along with savings, investments, and retirement. Understanding this need, here are five methods to help you save on income tax easily.

Pan Card expiry: Even after creation of Aadhaar, it is made mandatory to link PAN card with it, so that your financial history can be tracked. But, does PAN card have any expiry? For how many days does PAN card work as a valid document?

Pan Card expiry: Even after creation of Aadhaar, it is made mandatory to link PAN card with it, so that your financial history can be tracked. But, does PAN card have any expiry? For how many days does PAN card work as a valid document?

Mon, Jul 01, 2024

Pan Card expiry: Even after creation of Aadhaar, it is made mandatory to link PAN card with it, so that your financial history can be tracked. But, does PAN card have any expiry? For how many days does PAN card work as a valid document?

Ravi Agrawal to over as CBDT chairman from Nitin Gupta

Ravi Agrawal to over as CBDT chairman from Nitin Gupta

Sat, Jun 29, 2024

Ravi Agrawal, a 1988-batch IRS officer, will take over from Nitin Gupta, a 1986-batch Indian Revenue Service officer whose extended tenure as the chairman ends on June 30.

Gross direct tax collections grow 22% in first 11 weeks of FY25; refunds up 34%

Gross direct tax collections grow 22% in first 11 weeks of FY25; refunds up 34%

Tue, Jun 18, 2024

The government's direct tax collections so far this financial year (April 1 to June 17) stood Rs 4,62,664 crore, up 21 per cent on a year-on-year basis, official data showed on Tuesday.

ICAI seeks tax incentives for entities engaged in green energy projects

ICAI seeks tax incentives for entities engaged in green energy projects

Mon, Apr 29, 2024

The Institute of Chartered Accountants of India (ICAI) has submitted its Pre-Budget Memorandum 2024 to the Central Board of Direct Taxes (CBDT). The full budget for the current financial year 2024-25 will be presented by the new government.

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