No Tax For People Earning Rs 7 Lakh Annually: Union Budget 2023-2024
In a major announcement for taxpayers, under the Union Budget 2023-2024, FM Nirmala Sitharaman announced no tax for those with an income up to Rs 7 lakhs, annually. Those earning above Rs. 15 lakhs per year would need to pay 30% tax. Furthermore, under the new tax slab regime, the surcharge rate has been reduced to 25% from the… read-more
Tags: Income Tax, Nirmala Sitharaman, Union budget, No Tax, 2023-2024 Budget
Courtesy: Hindustan Times
No Extension In Filing ITRs As Govt Wants Normalcy, Says Revenue Official
The Income Tax Department said there will be no extension in IT-Return filing. Notably, the Government decided not to extend the last ITR filing date which is July 31, as the Union Government wants to bring normalcy, disturbed amid Covid-19 pandemic. Tarun Bajaj, Secretary, Revenue said, "Hats off to taxpayers and professionals who burnt the midnight oil to file IT returns". Till July 31, over 56 million ITRs were filed.
Tags: Modi Government , Income Tax, ITRs, Filings, deadline
Courtesy: Business Today
IT Releases Set Of FAQs For Tax Payers With IT Return Deadline By July 31
The Income tax department has issued a set of FAQs (Frequently-Asked Questions) regarding tax payment, especially when the deadline is July 31. In the FAQs, taxpayers' queries while filing their ITRs have been answered. It also said that a taxpayer should check their book of records and provide information in the I-T return. The IT officials said, "The DSC should be linked to the PAN of the taxpayer".
Tags: IT-Returns, FAQs, deadline, Income Tax, union ministry
Courtesy: Press Trust of India
Ministry Of Finance Releases Post, Confirms IT Raids At 27 Locations
The Income Tax department conducted raids in 27 locations in Mumbai and Delhi NCR on July 5, said Union Finance Ministry on July 26. The search was on a group engaged inagro and textile business, mostly involved in the manipulation of performance of certain group companies on stock markets. Furthermore, the Union Ministry also confirmed unaccounted cash of Rs 1.4 crore has been seized during the search operations.
Tags: Union Finance Ministry, Income Tax, Raids, Mumbai, Delhi-NCR
IT Raids At Shiv Sena Members, Party Criticises BJP
Income Tax department raided the office and residence of Shiv Sena leaders and Maharashtra ministers Aaditya Thackeray, Anil Pranab. The raid was carried out in Mumbai and Pune. Besides ministers, Pranab's chartered accountant's house was also raided at Bandra. Before this, IT also conducted raids at many BMC contractors properties. The Shiv Sena Government criticised the BJP and lashed out at these baseless raids against the Maharashtra… read-more
Tags: Maharashtra, Shiv Sena, Party leader, Income Tax, Income Tax Department
ITR Filling Deadline Not To Be Extended, Says Govt
The deadline for filing income tax returns will not be extended beyond the current deadline of December 31, said the Central government. Informing the development, Revenue Secretary Tarun Bajaj said people have so far filed more returns than the previous year. Reportedly, if anyone didn't meet the deadline, the'll have to pay a penalty. Notably, the government has already extended the deadline two times earlier in the year.
Tags: ITR, deadline, penalty, Income Tax, Central Government
Courtesy: Zee News
Income Tax Dept Seizes Rs 150 Crore Cash From 'Samajwadi Perfume' Makers
Income Tax department recovered Rs 150 crore cash in a raid from the offices and premises of businessman Piyush Jain in Uttar Pradesh's Kanpur, on December 23. Jain was reportedly in close relations with ex CM Akhilesh Yadav and is also known for launching Samajwadi Attar (perfume). Besides, the team also conducted a raid at the premises of betel trader KK Agarwal in Kanpur.
Tags: Income Tax, Kanpur, Samjawadi Perfume, Raid, Uttar Pradesh
CBDT Issues Income Tax Refund To 1.19 Crore Tax Payers In 2021
The Central Board of Direct Taxes (CBDT) issued refund of Rs 1,32,381 crores to more than 1.19 crore payers. The refund amount is divided into Rs 44,207 crore issued in 1,17,32,079 cases and corporate tax refund of Rs 88,174 crore in 1,99,481 cases. The total amount also include 83.88 lakh return of Annual Year (AY) 2021-2022 amounting to Rs 17.266.48 crore. The return was confirmed by IT Department through Twitter.
Tags: Income Tax, CBDT, Government of India, Tax Payers, India
Time Will Tell My Story Over Alleged Charges: Actor Sonu Sood
In the latest development in the tax evasion case, actor-philanthropist Sonu Sood has issued a statement defending himself against the raid by the Income Tax department on September 20. Sood titled the statement, ''You don't always have to tell your side of the story. Time will''. Furthermore, he said, ''Every rupee in my foundation… read-more
Tags: Actor Sonu Sood, Income Tax, Tax Evasion, statement
Sonu Sood Accused Of Evading Over Rs. 20 Crore: IT Department
Bollywood actor Sonu Sood, known for helping thousands of migrants during COVID-19 pandemic, has been accused of evading over Rs 20 crore taxes by the Central Board of Direct Taxes (CBDT) on September 18. Reportedly, the income tax department initiated action against Sood to investigate his sources of income on September 15. The CBDT found that the actor showed ''his unaccounted income in the form of bogus unsecured loans".
Tags: Actor Sonu Sood, Mumbai, CBDT, Income Tax, Tax Evasion