Taxpayer

Top 5 income tax sections every taxpayer should understand

Knowing key tax provisions like Section 80C, 24(b), 80D, 87A, and 10(14) can help Indian taxpayers save significantly and avoid unnecessary tax burdens.

THIS Bollywood actor becomes India's biggest celebrity taxpayer of 2024 with Rs 92 crore advance tax, South superstar secures second spot

The list of top taxpayers also included other famous celebrities from various fields. Salman Khan, another Bollywood icon, came in third place with Rs 75 crore in taxes. Bollywood legend Amitabh Bachchan followed with Rs 71 crore, while cricketer Virat Kohli rounded out the top five with Rs 66 crore.

Flavour of department has changed from enforcement to taxpayer centric: CBDT chairman

Multiple litigations were not leading us anywhere, the procedures have been standardised, the chairman said.

Budget 2024-25: FinMin aims to roll out pre-filled GST return form before next fiscal, says official

Budget 2024-25: The Central Board of Indirect Taxes and Customs (CBIC) is currently analysing the technological requirement and upgrade needed and is debating the additional cost impact vis-a-vis the slowdown of processes

Surge in India’s taxpayer base mirrors upward mobility

The number of people declaring Rs 10 lakh-plus annual income has grown nearly fourfold in the past 10 years. While inflation could explain part of this rise in income levels, and a part by more toning of the tax administration nudging people towards more income disclosures, a substantial part of this 93.7 million taxpayer base is a reasonable proxy of growing formalisation, rising incomes, and better affordability that have turned yesterday’s luxuries into today’s necessities

Tax collected at source increase: A move to expand tax base?

The changes have led to a furor among taxpayers. Unofficial estimates suggest the government could possibly add a few thousand crore rupees to its coffers, but many have slammed the move as regressive.

Ashneer Grover says his wife is among highest female taxpayers in India

Ashneer Grover has that said his wife, Madhuri Jain Grover, is one of the highest female taxpayers in the country.

Budget 2023 : A growth budget that leads to lower deficit and capital expenditure should nudge RBI to stop rate hikes, Swarup Mohanty

Overall, a budget coming ahead of a General Election year had been expected to deliver and to a large extent it has.

Budget 2023 | MC Budget Manifesto | Taxpayer’s wishlist for FM Sitharaman

The upcoming Budget in 2023 is likely to be the last full-year Budget before the country goes to polls in 2024. Ahead of the election year, will the Indian taxpayer get some relief amid the price rise? In the run-up to the Budget, we present you the MC Budget Manifesto, where we list key expectations of various sectors from FM Sitharaman. So what do the Indian taxpayers wish for in 2023? Let’s find out.

I-T department issues FAQs on ITR filing

I-T Department said that a taxpayer should check his book of records and provide information in the I-T return as per the information available to him.

Simply Save | ITR filing - Know all the tax benefits linked to home loans and HRA

Despite being commonly-claimed tax benefits, many tax-payers are not fully aware of tax rules related to home loans and house rent allowance (HRA) that can result in under-utilisation of tax breaks offered. Tune into Simply Save to know all about tax benefits and rules related to housing and accommodation before you file your returns.

Tax filing deadline extended again- Here's why

How a small tax-paying elite funds the Indian state

The top 1% individual taxpayers contribute nearly one-third of India’s taxes, while the top 5% contribute nearly two-thirds of all the taxes collected

Is your tax money well spent?

A major concern that citizens have is how taxpayers’ money is spent. It seems like the money collected goes into a black box with no clarity on how it is being used.

Opinion | Did the government really achieve its disinvestment target?

Raiding the balance sheet of PSUs and forcing them to buy other state-owned companies will not help in the long run and is best avoided

Got your Form 16? You should file income tax returns early to enjoy benefits

Tax experts say in case you have not yet got your Form 16 it is time to remind your employer since a few weeks of the new financial year has already elapsed.

File your income tax returns on time this fiscal year or face increasing I-T scrutiny

As the new financial year unfolds it would soon be time for taxpayers to file their returns. If you are one of the nearly 4 crore taxpayers, you must ensure that you file your returns within the stipulated due date.

India Economic Survey 2017: Here are 8 interesting facts about India

This year, the Economic Survey 2016-17 includes a special section, "Eight Interesting Facts About India", which demystifies many interesting facts about our country that often go unnoticed.

GAAR provisions to be effective from FY18: CBDT

Grandfathering as per I-T rules will be available to Compulsorily Convertible Instruments (CCI), bonus/split issue. Grandfathering will also apply to investments made prior to April 1, 2017.

LPG subsidy: I-T to tell OilMin on taxpayers earning over Rs 10L

The Income Tax department will soon begin sharing personal data--like PAN, residential address and mobile number--of a taxpayer earning over Rs 10 lakh per annum with the Oil Ministry as part of government's initiative to effectively block subsidised cooking gas to higher income groups.