Income Tax | The Asian Age

Friday, Apr 19, 2024 | Last Update : 09:21 PM IST

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Income tax officials are unhappy with the mopup so far in this fiscal. They feel that the economic slowdown and the IT Department's strategy of going slow on the corporates, in the aftermath of the suicide of Cafe Coffee Day founder VG Siddhartha in July, have impacted the over all tax collections between April 1 and September 17.

Taxmen blame pause in raids to weak collections

Some key IT regions like Delhi and Bengaluru have been impacted so badly that their growth rate stood at -7.0 and -2.9 per cent, respectively.

19 Sep 2019 1:52 AM

The government announced a slew of measures in three dosages which include a special window for real estate, export incentives, bank consolidation and sops for micro, small and medium enterprises (MSMEs) and the automobile sector.

Govt mulling another booster dose to reinvigorate economy

The blue print for the stimulus is ready that would be announced by FM Nirmala Sitharaman in the next few days, an official said.

17 Sep 2019 6:39 PM

The federal probe agency said it raided six locations, two each in Kolkata, Mumbai and Patna, after it booked Singh under the Prevention of Money Laundering Act. (Photo: File)

Income Tax Officer raided by ED, books him for money laundering

Officials said officer is under scanner for alleged links with the prime accused of the Rs 15,000-crore Rose Valley chit fund scam.

14 Sep 2019 7:08 PM

Late in the evening, the state government announced that the provision will be scrapped. (Photo: File)

UP to repeal 4-decade-old law that made treasury pay their income tax

The direction follows criticism of a law enacted in 1981 which ensures that state's CM and ministers don't pay any I-T themselves.

14 Sep 2019 8:09 AM

Cases where non-payment of TDS is Rs 25 lakh or below, and the delay in deposit is less than 60 days from the due date, shall not be processed for prosecution in normal circumstances, the taxman’s circular stated. (Photo: Representational)

Income Tax Department eases criminal prosecution norms for TDS, ITR filing defaults

CBDT has laid down a new criteria to ensure only 'deserving cases get prosecuted'.

12 Sep 2019 12:33 PM

Shivakumar has been chased by the Income Tax Department and the ED since demonetisation in 2016. (Photo: ANI)

D K Shivakumar's daughter summoned by Enforcement Directorate for investigation

While scrutinising the financial dealings of Shivakumar, the agency found documents pertaining to a trust handled by his daughter.

10 Sep 2019 8:37 PM

The panel submitted its report to Finance Minister Nirmala Sitharaman on August 19 but it has not been disclosed in the public domain. (Photo: ANI)

Govt panel recommends major changes in income tax slab rates

The proposals include lowering the personal income tax for those earning between Rs 10-20 lakh to 20 per cent.

28 Aug 2019 9:13 PM

The government on Friday decided to withdraw the enhanced surcharge on long term and short term capital gains. (Photo: Twitter/ ANI)

Govt to review surcharge on super-rich in 2022: Sitharaman

Govt increased surcharge from 15 per cent to 25 per cent on taxable income between Rs 2 crore and Rs 5 crore.

24 Aug 2019 12:26 PM

It is being done to encourage investment in the capital market, the finance minister Nirmala Sitharaman said on Friday. (Photo: ANI)

Enhanced surcharge on FPIs removed: Sitharaman

Surcharge on long and short term capital gains from transfer of equity shares has been withdrawn, said FM Nirmala Sitharaman.

23 Aug 2019 6:32 PM

"The CBDT has clarified today (Thursday) that small start-ups with turnover up to Rs 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years from the year of its incorporation," it said in a statement.

Small startups with turnover up to Rs 25 cr to get promised tax holiday: CBDT

Since the intention was to support the small startup, the turnover limit of Rs 25 crore was considered reasonable, CBDT said.

22 Aug 2019 8:18 PM

The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.

Task force on Direct Tax Code submits report to FM

The details of the report, however, could not be known immediately.

19 Aug 2019 5:51 PM

Taxpayers can get multiple benefits by filing income tax returns before the deadline.

7 benefits of filing your income tax return

To avoid penal actions, ensure that you file your income tax return on or before the August 31, 2019 deadline.

14 Aug 2019 2:53 PM

Banerjee said that the press release as a sheer distortion of facts with an aim to create confusion in the minds of local people and puja committees. (Photo: ANI)

TDS is 'Terrible Disaster Scheme', CBDT's clarification is factually incorrect: WB CM

She demanded the taxation be withdrawn and said that the festival should be allowed to be celebrated with its usual fervour.

14 Aug 2019 10:31 AM

Earlier on July 22, Banerjee had hit out at the BJP and said that the puja committees should not come under the radar of the income tax. (Photo: ANI)

TMC to protest against IT notices to Dura Puja committees

TMC Chief also said that the Trinamool Congress Banga Janani Wing will be sitting on dharna on Tuesday, August 13 against the IT notices.

11 Aug 2019 3:51 PM

E-Filing Income Tax Return for AY 2019-20: Individuals and entities, having any income on which there was any TDS or an annual income of over Rs 2.5 lakh, have to file Income Tax Return.

Keep these 5 things in mind while filing Income Tax Return

As many salaried taxpayers got their Form 16 late, ITR deadline was extended by a month to August 31.

06 Aug 2019 3:23 PM

V G Siddhartha's body was found on the banks of the Netravathi river in Karnataka on Wednesday. (Photo: File)

Business failures shouldn't be tabooed: Sitharaman on V G Siddhartha's death

Sitharaman said that businessmen should get honourable exit or resolution to the problem in letter and spirit of the IBC.

02 Aug 2019 9:14 AM

No one was harassed, only followed norms against V G Siddhartha: I-T dept

I-T dept also questioned his signature on the purported letter, which surfaced hours after Siddhartha went missing.

01 Aug 2019 12:30 PM

n theory if tax rates are very high, obviously people look for other countries, which have lower interest rates, and also exemptions from income tax,” said former RBI governor Bimal Jalan.

Higher tax for high earners may trigger fund flight: ex-RBI governor

Analysts and traders say this has been a major reason for foreign investors being net sellers from Indian equity markets.

29 Jul 2019 8:22 PM

There were 8.44 crore taxpayers in Assessment Year 2018-19.

Govt targets to add 1.3 crore income tax filers this fiscal

Thakur said 46,13,91,168 Permanent Account Numbers (PANs) have been allotted as on July 30, 2019.

23 Jul 2019 8:54 AM

On the proposal of changing name of Bardhaman railway station, Banerjee said, 'State proposal should be taken into consideration. This is BJP's proposal and I have no knowledge about it.' (Photo: File)

Mamata attacks BJP over I-T notice to Durga Puja Committees Forum

'I condemn this attitude of bringing the puja committee under Income Tax,' Mamata said.

22 Jul 2019 4:21 PM

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Mohan Guruswamy