Income Tax | The Asian Age

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Finance Minister Nirmala Sitharaman. (Photo: ANI)

Finance Minister seeks to allay fears on surcharge on super rich

RBI has opened an indirect liquidity window to aid banks to give funds to the sector, which is facing a severe liquidity crisis.

19 Jul 2019 1:27 PM

On the proposed direct tax code, PwC's Sandeep Ladda expected the new income tax law to emerge from the next year's Budget in February 2020. "It could be either a road map or the law itself." (Representational image)

'No export incentives in Budget may be part of govt's plan to phase out tax holidays'

(The government) has not provided specific proposals to boost exports, said PwC's Sandeep Ladda.

15 Jul 2019 6:11 PM

Experts said surcharge on capital gain on companies is lesser and, therefore, these FPIs could choose to come as a company, if they wanted to pay a lesser surcharge. (Photo: Representational)

FPIs can opt for corporate route to avail lower tax surcharge: CBDT chief

FPIs get covered by higher tax rate as they have been investing as a non-corporate entity such as trust or association of persons.

10 Jul 2019 6:10 PM

Speaking on the concerns of the foreign portfolio investors on the increased surcharge on income tax, K V Subramanian said, "Stock markets often take some time to see some of the bigger messages. I would urge the market participants to look thorough long-term impacts and factor that in."

Govt to take into account risks associated with sovereign bonds: CEA

There is a need to manage the risks associated with overseas sovereign borrowings, said CEA K V Subramanian.

09 Jul 2019 7:45 PM

Now, for the first time, the government is noting the very, very soft interest rates in overseas markets. So, why would we not do that (borrow from overseas), said Dinesh Kanabar, Chief Executive of the Mumbai-based Dhruva Advisors LLP. (Photo: Representational)

India likely to raise funds from interest-soft overseas markets

Until now, all the government debt has been rupee funded with interest rates of 6-6.25 per cent.

09 Jul 2019 3:31 PM

Aadhaar and PAN would be made interchangeable as announced by Finance Minister Nirmala Sitharaman on Friday.

5 key changes in annual income tax assessment in Budget 2019

Additional income tax deduction of Rs 1.5 lakh on home loans for houses under Rs 45 lakh announced in Budget 2019.

08 Jul 2019 8:32 PM

There were concerns that the increased surcharge on super-rich could also affect foreign funds investing in India.

Govt to soon issue clarification on applicability of surcharge on FPIs

Increase surcharge from 15 pc to 25 pc on taxable income between Rs 2-5 cr, and from 15 pc to 37 pc for income above Rs 5 cr.

08 Jul 2019 3:50 PM

Revenue Secretary Ajay Bhushan Pandey said before the increase in surcharge the highest tax rate in India was 35.88 per cent. This was against 45 per cent in the UK, 45.9 per cent in Japan, 54 per cent in Canada, and 66 per cent in France. (Representional Image)

Highest personal I-T rate in India still lower than in China, US, South Africa

Following increase in surcharge, effective income tax rate for individuals with income of Rs 2-5 crore will go up to 39 pc.

07 Jul 2019 4:00 PM

Direct tax revenue has significantly increased by over 78 per cent from Rs 6.38 lakh crore in the financial year 2013-14 to around Rs 11.37 lakh crore in the financial year 2018-19.

Budget 2019: High-end income group people need to pay 3 pc to 7 pc more annually

Budget 2019 proposes to make return filing compulsory for persons, who have deposited more than Rs 1 cr in a current account in a year.

05 Jul 2019 2:57 PM

Union Minister also said that faceless and anonymous assessment system for income tax will be rolled out in phases this year.

Budget 2019-20: Those without PAN can now file returns using Aadhaar

On Thursday, the Lok Sabha passed by voice vote the Aadhaar and Other Laws (Amendment) Bill, 2019.

05 Jul 2019 2:02 PM

Budget may hike I-T exemption threshold, levy 40 pc tax on income over Rs 10 cr: KPMG

The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries.

30 Jun 2019 12:36 PM

Armed forces personnel who suffer any kind of disability due to their service receive separate disability pension. (Representational Image | PTI)

'Disability pension taxable if personnel retired under normal circumstances'

The pension will be non-taxable only to those personnel who have retired due to any kind of disability.

26 Jun 2019 9:34 AM

The government has accorded high priority to issue refunds for all taxpayers including small taxpayers, said Nirmala Sitharaman. (Photo: ANI | File)

IT dept issued Rs 64,700 cr refund between Apr 1-Jun 18, 2019: Sitharaman

In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for assessment year 2018-19.

24 Jun 2019 2:16 PM

The ranks of the officials included Principal Commissioner, Commissioner, Additional Commissioner, and Deputy Commissioner of Central Board of Indirect Taxes and Customs (CBIC). (Photo: File)

Amid allegations of corruption, Centre forces 15 more senior tax officials to resign

This action comes a week after a similar purge when 12 officials of the department were forced to resign.

18 Jun 2019 3:26 PM

Of the total accused, the highest of 45 are from different state-run banks. (Photo: File)

123 government employees need to be prosecuted but CVC awaits sanction

According to norms, sanction for prosecution has to be decided within four months.

10 Jun 2019 3:35 PM

About 20 per cent of the gross salary subject to a maximum limit of, say, Rs 1,00,000 could be considered for the purpose of standard deduction.

Assocham for raising tax exemption limit to Rs 5 lakh in Budget

The government is scheduled to present its first full Budget on July 5, for the current financial year.

09 Jun 2019 11:19 AM

According to statistics put out on Income Tax Department's e-filing website, income tax e-filings in FY 2018-19 was 6.68 crore, down from 6.74 crore in the previous fiscal.

Income tax e-filers drop by over 6.6 lakh in FY19: Official data

Kotak Economic Research in an April 30 report said: "We are surprised with the decline in income tax e-filing in FY2019."

06 May 2019 11:41 AM

Govt in February relaxed the definition of start-ups and allowed them to avail full angel tax concession on investments of up to Rs 25 cr.

342 start-ups get angel tax exemption since February

To avail the concession of exemption from this section, eligible start-ups have to file a duly signed self-declaration with the DPIIT.

24 Apr 2019 3:29 PM

Authorities had conducted a search at a store in Theni Lok Sabha constituency Tuesday night following inputs about suspected cash. (Image: File)

150 AMMK men booked for preventing flying squad team from conducting searches

The members were booked under various sections of IPC, including preventing government servants from discharging their duties.

17 Apr 2019 1:34 PM

Raids had also taken place at locations of 17 contractors and seven officers from the PWD and Irrigation Department. (Photo: ANI)

I-T raids at premises of Kumarswamy's close aides

Both Nagarathna and Timme are said to be close aides of Karnataka Chief Minister HD Kumaraswamy.

16 Apr 2019 11:39 AM

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Mohan Guruswamy