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Latest News:

old notes

Income Tax Dept begins action under Benami Act; Issues 87 notices

New Delhi: Initiating a stringent action against black money holders post notes ban, the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Tran... Read More

Car sales, December

24 lakh people make over 10 lakhs a year but 25 lakh cars bought

New Delhi: India has just 24.4 lakh taxpayers who declared an annual income of over Rs. 10 lakh yet 25 lakh new cars, including 35,000 luxury cars, are being bought every year for last five years, a top official said.

A nation of over 125 crore peopl... Read More

Tax Solution

Approaching an optimized tax solution

The run for submitting the proofs to save tax starts the moment you receive a mail from your HR on the deadline. That is the time one realizes that there is more that could have been done to save tax... Read More

money

Unaccounted bank deposits may attract 60% tax

New Delhi: The Cabinet on Thursday is believed to have discussed amending laws to levy close to 60 per cent income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes.

The move comes amid ban... Read More

tax rate

Deposits above Rs 2.5 lakh to face tax, penalty on mismatch

New Delhi: Further dangling the stick, government warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 per cent penalty in case of income mismatch.

"We would be getting reports of all cash deposit... Read More

Mumbai

Income tax collection from Mumbai rises 9%

Mumbai: Income tax collection from the Mumbai zone, which forms one-third of the total direct tax collections, grew by around 9 per cent to ₹67,185 crore in April-July, driven by a massive spike in advance collections from individuals.

In the first... Read More

ITR

Govt extends deadline for filing Income Tax Returns

New Delhi: The last date for filing income-tax returns has been extended to August 5.

Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31... Read More

Tax Collection

The Taxing Truth

“Nothing can be said to be certain except for Death and Taxes” is an old quote of Benjamin Franklin, one of the founding fathers of the American constitution... Read More

tax audit

Presumptive Taxation: No audit for turnover of up to Rs 2 cr

New Delhi: The Finance Ministry on Monday said small businesses with a total turnover of up to Rs 2 crore will not be required to get their accounts audited if they opt for the presumptive taxation scheme.

"The higher threshold (up to Rs 2 crore) fo... Read More
Tax exemption limit, Assocham

Just 1% of the Indian population paid taxes in 2012-13: Govt

New Delhi: Taxpayers account for just about one percent of India’s population, but tax outgo was over Rs 1 crore for as many as 5,430 individuals, as per the latest data disclosed by the government for assessment year 2012-13.

As part of a transpar... Read More

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