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  • Net direct tax mop-up rises 45% to over Rs 3.39 lakh crore till mid-June Jun 17, 2022 05:03 PM IST

    Net direct tax mop-up rises 45% to over Rs 3.39 lakh crore till mid-June

    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.

  • Direct tax collections so far this fiscal rise 53.2% to Rs 2.58 lakh crore Jun 15, 2022 05:09 PM IST

    Direct tax collections so far this fiscal rise 53.2% to Rs 2.58 lakh crore

    The advance collection of corporate tax and personal income tax in the first quarter witnessed a healthy growth over last year, initial trends indicated.

  • I-T department notifies cost inflation index for current fiscal Jun 15, 2022 02:31 PM IST

    I-T department notifies cost inflation index for current fiscal

    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.

  • Income Tax website rectifies error, Government sticks to 1% TDS on virtual assets Jun 08, 2022 06:17 PM IST

    Income Tax website rectifies error, Government sticks to 1% TDS on virtual assets

    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.

  • Missed filing your income tax returns? Be prepared to pay higher TDS May 31, 2022 09:43 AM IST

    Missed filing your income tax returns? Be prepared to pay higher TDS

    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”

  • Election Commission decides to curtail perks of CEC, ECs May 20, 2022 04:31 PM IST

    Election Commission decides to curtail perks of CEC, ECs

    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.

  • PAN, Aadhaar a must for cash transactions above Rs 20 lakh a year May 13, 2022 11:31 AM IST

    PAN, Aadhaar a must for cash transactions above Rs 20 lakh a year

    CBDT’s move aimed at curbing unaccounted financial transactions and keeping a check on cash transactions, say tax experts

  • Deposited more than Rs 50 lakh in savings account in a single year? Filing ITR has become compulsory Apr 22, 2022 05:40 PM IST

    Deposited more than Rs 50 lakh in savings account in a single year? Filing ITR has become compulsory

    The central Board of Direct Taxes has just added four new conditions that make income-tax filing mandatory.

  • Personal Finance | Tips for smart income tax planning in the new financial year Apr 15, 2022 11:28 AM IST

    Personal Finance | Tips for smart income tax planning in the new financial year

    April, the first month of a new financial year, is probably the most ideal time to start smart income tax planning.

  • Indians with hidden income in US on I-T radar: Report Apr 04, 2022 10:16 AM IST

    Indians with hidden income in US on I-T radar: Report

    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,

  • New income tax forms are out for new assessment year 2022-23. Find out which one you should use Apr 02, 2022 03:15 PM IST

    New income tax forms are out for new assessment year 2022-23. Find out which one you should use

    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.

  • Infra.Market 'cooperating with authorities' after I-T detects undisclosed income of Rs 224 crore Mar 20, 2022 04:55 PM IST

    Infra.Market 'cooperating with authorities' after I-T detects undisclosed income of Rs 224 crore

    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.

  • I-T dept detects Rs 224 cr black income after raids on Maharashtra-based start-up group Mar 20, 2022 12:24 PM IST

    I-T dept detects Rs 224 cr black income after raids on Maharashtra-based start-up group

    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.

  • Rs 2,000 in co-founder's home, no unaccounted cash, assets at any location: What Income Tax sleuths found after a 3-day raid on Infra.Market Mar 18, 2022 01:30 PM IST

    Rs 2,000 in co-founder's home, no unaccounted cash, assets at any location: What Income Tax sleuths found after a 3-day raid on Infra.Market

    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

  • India had over 8.22 crore taxpayers in FY20: FM Nirmala Sitharaman informs Rajya Sabha Mar 15, 2022 07:59 PM IST

    India had over 8.22 crore taxpayers in FY20: FM Nirmala Sitharaman informs Rajya Sabha

    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.

  • File income tax return by due date or pay double TDS Mar 02, 2022 10:52 AM IST

    File income tax return by due date or pay double TDS

    Shortening the window of tax filing status for higher TDS deduction poses issues galore

  • Old income-tax regime with deductions must go: Revenue Secretary Tarun Bajaj Feb 28, 2022 11:37 AM IST

    Old income-tax regime with deductions must go: Revenue Secretary Tarun Bajaj

    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.

  • CBDT issues refunds worth Rs 1.71 lakh crore to taxpayers in FY22 Feb 16, 2022 01:27 PM IST

    CBDT issues refunds worth Rs 1.71 lakh crore to taxpayers in FY22

    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.

  • How to choose between the new and old income tax regimes Feb 08, 2022 09:58 AM IST

    How to choose between the new and old income tax regimes

    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

  • Budget 2022 offers additional tax concessions to the differently abled: Here are the details Feb 07, 2022 09:56 AM IST

    Budget 2022 offers additional tax concessions to the differently abled: Here are the details

    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

  • Budget 2022: All the personal tax-related proposals that you should know Feb 04, 2022 09:43 AM IST

    Budget 2022: All the personal tax-related proposals that you should know

    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

  • All you need to know about filing updated income-tax returns proposed in Budget 2022 Feb 03, 2022 10:28 AM IST

    All you need to know about filing updated income-tax returns proposed in Budget 2022

    The move would be helpful for the taxpayers who may have inadvertently missed out on disclosing any income while filing their tax returns

  • Union Budget 2022 | Six money changes that finance minister did not spell out Feb 01, 2022 07:58 PM IST

    Union Budget 2022 | Six money changes that finance minister did not spell out

    Tax deduction for donation can be rejected; higher TDS levied if you don’t file tax returns

  • TV Mohandas Pai: Budget 2022 is disappointing for taxpaying middle class, but overall positive for economy Feb 01, 2022 04:11 PM IST

    TV Mohandas Pai: Budget 2022 is disappointing for taxpaying middle class, but overall positive for economy

    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: Twitter has a field day with middle class, crypto tax memes Feb 01, 2022 02:14 PM IST

    Budget 2022: Twitter has a field day with middle class, crypto tax memes

    Budget 2022: There was no change to income tax slabs in the personal income tax category in the Union Budget.

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