Income tax
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India
Income tax return filing deadline for FY20 extended till Dec 31
New Delhi: The deadline for filing returns by individual taxpayers for FY 2019-20 has been extended by a month till December 31, the finance ministry said on Saturday. For those…
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India
CBDT issues over Rs 1,21,607 cr to over 35.93 lakh taxpayers
New Delhi: The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,21,607 crore to more than 35.93 lakh taxpayers between April 1, 2020, and October 6, 2020, said…
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World
Trump paid no income tax in years leading to Presidency: Report
Washington: President Donald Trump paid no federal income tax in 10 of the past 15 years, The New York Times reported on Sunday. He paid just $750 in both 2016 and 2017, after…
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India
No proposal to include high-value transactions in IT Return: Sources
New Delhi: There is no proposal to modify Income Tax returns forms, said Finance Ministry sources when asked to comment on the news reports that appeared in certain sections of…
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News
Restrictions on cash transactions under Income Tax laws
New Delhi: The income tax laws in India have various restrictions on payment and reception of money in cash. Restrictions on business The tax laws have prescribed a daily limit…
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India
Centre extends deadline of filing ITR for FY20 to Nov 30
New Delhi: In a major relief for taxpayers amid the coronavirus pandemic, the Centre on Wednesday announced the extension of the due date for filing income tax returns for the financial…
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Politics
Cong slams Centre over Chh’garh raids, reminds federalism
New Delhi: The Congress has launched an attack on the Union Government over Income Tax raids in Chhattisgarh for the past 4 days and termed it as “Coercive & Insecure…
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Business
Breaking down the new Income Tax structure
The Union Budget presented by Finance Minister Nirmala Sitharaman has proposed major changes in Income Tax rates. A new Section 115 BAC is being introduced whereby an individual and HUF…
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Union Budget
Budget 2020: New income tax slabs announced
New Delhi: In a major relief for individual taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced a new regime of personal income tax. New personal income tax regime “Under the…
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News
20% of salary will be cut if fail to furnish these details: CBDT
NEW DELHI: All salaried class have been alerted that your employers will soon deduct 20 per cent of your salary as TDS if you fail to furnish Permanent Account Number…
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Hyderabad News
Gangster Nayeem’s wife presented before Income Tax officials
Hyderabad: Official of Income Tax Dept. had issued a notice to Haseena Begum, wife of gangster, Nayeem about Benami properties. She told the officials that her husband, Nayeem never used…
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Delhi
I-T raids unearth Rs 1,000 cr worth hawala money in Delhi
New Delhi: In a massive search operation in Delhi, the Income Tax (I-T) department has unearthed hawala and other accommodation entries of more than Rs 1,000 crore. The tax department…
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Bangalore News
Karnataka: G Parameshwara appears before I-T Department
Bengaluru: Former Karnataka deputy chief minister G Parameshwara on Tuesday appeared before Income Tax Department for a hearing in Bengaluru days after Rs 4.52 crores were recovered from raids conducted…
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Bangalore News
K’taka: IT raids Siddhartha Medical College
Tumkur (Karnataka): Income tax sleuths continued to raids locations linked to Congress leader and former Deputy Chief Minister G Parameshwara on Friday. The IT department today conducted a raid at…
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India
Reliance First Family gets Income Tax notices
Mumbai: Members of Mukesh Ambani family reportedly got notice from Income Tax Department of Mumbai unit. The notice was served under Black Money Act. Notices were served to Mukesh Ambani’s…
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India
UP exchequer pays CM’s income tax, parties in shock
Lucknow: The shocking revelation that the Uttar Pradesh exchequer has been paying the income tax of Chief Ministers and their Ministers since 1981 has left all political parties in shock. A…
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News
Abolish income tax to eliminate economic crisis: Swamy
Swamy informed that he is also coming up next month with a book, suggesting steps to spur economic growth. Chandigarh: Batting for abolishing income tax, hiking interest rate on fixed…
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Business
Date for filing ITR extended to August 31, 2019
New Delhi: The date for filing income tax returns (ITR) for the assessment year 2019-20 has been extended to August 31, 2019, said the government in a statement on Tuesday…
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Hyderabad News
Income Tax day Celebrations
Hyderabad: On the occasion of 159th Income Tax Day, the Income Tax Department, Andhra Pradesh & Telangana Region, Hyderabad, is observing the Income Tax Day Celebrations on July 24 at 4.00…
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India
Addtional income tax rebate for purchasing electric vehicles: Sitharaman
New Delhi: Finance Minister Nirmala Sitharaman said on Friday that India can become a global hub of manufacturing electric vehicles and announced a series of sops including likely reduction in…
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News
SC dismisses contempt petitions against former, present revenue secretaries
New Delhi [India]: The Supreme Court has dismissed the contempt petitions of former Income Tax commissioner SK Srivastava against former revenue secretary Hasmukh Adhia and current revenue secretary AB Pandey.…
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News
Disability pension of all ranks of armed forces to be exempt from Income Tax
New Delhi [India]: The Centre on Monday clarified that disability pension of all armed forces irrespective of rank shall continue to be exempt from income tax. The tax exemption will…
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Crime in Hyderabad
Silver worth Rs 40 cr seized in Hyderabad
HYDERABAD: The Hyderabad police have seized 10.5 tonnes of silver worth around Rs 40 crore, transported to the city from Chennai. Police personnel at Bowenpally in Secunderabad stopped three containers…
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News
Delhi HC refrains Centre from taking action against Gautam Khaitan in money laundering case
New Delhi [India]: The Delhi High Court on Thursday refrained the central government and the Income Tax Department from taking any action at this stage from proceeding against lawyer Gautam…
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Crime and Accident
Rs 169 cr unaccounted cash seized in TN so far
Chennai: A total of Rs 169.61 crore unaccounted cash has been seized by Election Commission officials and Income Tax (IT) department in Tamil Nadu till date, a senior poll panel…
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India
Namakkal raids: I-T sleuths seize unaccounted cash worth Rs 14.54cr
Namakkal: Income Tax department officials have seized unaccounted cash worth Rs 14.54 crore from the premises of PSK Engineering Construction and Co in Namakkal district. Out of the amount seized,…
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News
AP: I-T Dept carries out raids at TDP MP Galla Jayadev’s residence
Guntur (Andhra Pradesh): Income tax sleuths on Tuesday raided different locations related to Telugu Desam Party (TDP) MP Galla Jayadev. Confirming the raids, TDP spokesperson Lanka Dinakar said Jayadev, along…
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India
Demonetisation had phenomenal impact on widening tax base, direct tax collections: CBDT
New Delhi: The Income tax department on Thursday claimed certain news items in a section of media regarding spike in the income tax “stop filers” could be due to loss…
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India
I-T Dept raids DMK treasurer Durai Murugan’s Vellore residence
Vellore: Income Tax department and Election Commission officials are conducting raids since last night at Dravida Munnetra Kazhagam (DMK) treasurer Durai Murugan’s residence in Vellore, officials said on Saturday. Kingston…
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