The Income Tax Department announced on Friday that net direct tax collections surged 45 percent to over Rs 3.39 lakh crore in the first half of current fiscal year, boosted by a strong advance tax mop-up.
The advance collection of corporate tax and personal income tax in the first quarter witnessed a healthy growth over last year, initial trends indicated.
The cost inflation index (CII) is used by a taxpayer to compute gains arising out of the sale of capital assets after adjusting for inflation.
The website earlier mentioned that the TDS rate for virtual digital assets has been dropped to 0.1% from 1% as announced earlier in the budget, according to the website Income Tax Department.
Changes introduced in the Income Tax Act require the deductor to withhold tax deducted at source (TDS) at a higher rates on payments made to certain “specified persons”
CEC and ECs draw salary perks and perquisites as per Section 3 of the Election Commission (Conditions of Service of Election Commissioners and Transaction of Business) Act, 1991.
CBDT’s move aimed at curbing unaccounted financial transactions and keeping a check on cash transactions, say tax experts
The central Board of Direct Taxes has just added four new conditions that make income-tax filing mandatory.
April, the first month of a new financial year, is probably the most ideal time to start smart income tax planning.
According to the Central Board of Direct Taxes' internal action plan for FY23, persons named in global leaks may be searched, shown-caused, and prosecuted,
The Central Board of Direct Taxes (CBDT) has notified the new ITR forms—ITR-1 to ITR-6—for Assessment Year 2022-23 to file return of income for Financial Year 2021-22.
The CBDT said unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized till now. It also said the group has booked bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries, aggregating to the tune of over Rs 400 crore.
The group is engaged in wholesale and retail of construction materials and has a pan-India presence with an annual turnover exceeding Rs 6,000 crore, the Central Board of Direct Taxes, the policy-making body for the tax department, said in a statement.
The department is also learned to have conducted similar searches on the offices and residences of another B2B unicorn, Zetwerk, within a day of its searches at Infra.Market
The number of taxpayers include persons who pay income tax and corporate tax and who have either filed a Return of Income or in whose case tax has been deducted at source.
Shortening the window of tax filing status for higher TDS deduction poses issues galore
The new tax regime, which comes with lower tax rates and fewer tax benefits, was introduced in 2020 but has not found many takers yet. Most taxpayers still prefer to continue with the older regime while filing their tax returns.
Majority of refunds worth Rs 1.39 lakh crore issued for assessment year FY21. Refunds worth 31,857 crore were paid for the current financial year (FY22) as well.
Since we are in the midst of the tax-saving season, it is a good time to revisit your tax-saving strategy and ascertain which regime suits you the best
Section 80DD is meant to provide relief to tax-payers – parents or other guardians – taking care of medical treatment, training and rehabilitation of differently-abled dependents
In the case of transfer of an immovable property (other than agricultural land), TDS is to be deducted at 1 percent on the amount paid to the resident or the stamp duty value of such property (both in excess of Rs 50 lakh), whichever is higher
The move would be helpful for the taxpayers who may have inadvertently missed out on disclosing any income while filing their tax returns
Tax deduction for donation can be rejected; higher TDS levied if you don’t file tax returns
It appears the government has been very cautious, and conservative in calculating the tax for this year. The government could have made a more realistic assessment, and use that extra amount to give relief to people, which it has failed to do
Budget 2022: There was no change to income tax slabs in the personal income tax category in the Union Budget.