Income Tax

Ahead Of Budget 2020, Know All About Income Tax Benefits Available Under Section 80C

Business | Edited by Sandeep Singh | Wednesday January 29, 2020

Industry body FICCI or Federation of Indian Chambers of Commerce & Industry has called for an increase in the existing limit on income tax deduction available under Section 80C of the Income Tax Act.

Budget 2020: How To Avail Income Tax Benefits Under National Pension Scheme

Business | Edited by Abhishek | Wednesday January 29, 2020

NPS offers two types of accounts: Tier 1 and Tier 2. While the Tier 1 NPS account is strictly a pension account which doesn't allow withdrawals, while the Tier 2 account - known as investment account - is a voluntary saving account associated with Permanent Retirement Account Number (PRAN).

Income Tax Deparment Withdraws Appeal Against Rajinikanth Over Rs 66 Lakh Penalty

India News | Press Trust of India | Tuesday January 28, 2020

The Madras High Court on Tuesday dismissed as withdrawn an Income Tax department appeal against film star Rajinikanth in respect of assessment for three years from 2002-03 after the department cited a CBDT circular doing away with a further legal challenge in matters involving an amount less than Rs 1 crore.

Industry Body FICCI Calls For Increase In Section 80C Income Tax Deduction Threshold

Business | Edited by Sandeep Singh | Tuesday January 28, 2020

Union Budget 2020: Finance Minister Nirmala Sitharaman will present the first full-year Union Budget of Prime Minister Narendra Modi's government in Parliament on February 1.

Budget 2020: Room For Income Tax Relief Limited As Centre Faces Tax Shortfall, Says Report

India News | Press Trust of India | Sunday January 26, 2020

Tax collections in the current fiscal may fall short of targets by as much as Rs 2 lakh crore on faltering economy, leaving a very little room for Finance Minister Nirmala Sitharaman for offering any meaningful reduction in personal income tax rates.

Undisclosed Assets Of Hotel Group Worth Rs 1,000 Crore Detected: Tax Body

India News | Reported by Arvind Gunasekar, Edited by Vaibhav Tiwari | Saturday January 25, 2020

The Income Tax department's raids on the properties of a prominent chain of luxury hotels have revealed undisclosed foreign assets worth more than Rs 1,000 crore, the Central Board of Direct Taxes (CBDT) said in a statement today.

Tamil Nadu Based Group Admits To Having 532 Crore Black Money: Tax Body

India News | Press Trust of India | Friday January 24, 2020

A prominent Tamil Nadu-based educational group has "admitted" to having Rs 532 crore of undisclosed income after the Income Tax Department raided its multiple premises across the state, the CBDT said on Friday.

"Excessive Tax Is Social Injustice By Government": Chief Justice SA Bobde

India News | Reported by A Vaidyanathan, Edited by Jimmy Jacob | Friday January 24, 2020

With only a week to go for the Union Budget, Chief Justice of India SA Bobde today asked the central government to take steps to reduce the tax burden on citizens and ensure the country's all-round development.

Government Faces First Fall In Direct Taxes In At Least Two Decades: Report

Business | Reuters | Friday January 24, 2020

A sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections.

Budget May Offer Production Incentives For Semiconductor Makers

Business | Indo-Asian News Service | Wednesday January 22, 2020

For 'Make in India', there may be investment-linked income tax exemptions under Section 35AD of the Income Tax Act and other indirect tax benefits.

Budget: What Investors Hope Nirmala Sitharaman Will Do On Income Tax

Business | Nupur Acharya, Moxy Ying and Ronojoy Mazumdar, Bloomberg | Wednesday January 22, 2020

With the economy facing its worst growth, investment and jobs crisis in more than a decade, Finance Minister Nirmala Sitharaman needs to offer support for individuals and businesses.

What The Common Man Can Expect From The Union Budget 2020-21

Business | Written by Sandeep Singh | Thursday January 23, 2020

Budget 2020: Every year, speculations on major income tax changes in Union Budget - potentially sending more money to the pockets of the common man - drive investment decisions for many individuals, say financial planners.

What Economists Want From Finance Minister To Kickstart Consumption

Business | Written by Peter Noronha | Tuesday January 21, 2020

Mr Abheek Barua, Chief Economist, HDFC Bank, said in a report that the upcoming budget is unlikely to mark a departure from past budgets. There may not be any major fiscal stimulus to ramp up growth as the finance ministry itself has capped government spending in Q4 FY20. And there may only be minor tweeking of tax slabs as a cut in income tax is u...

Madras High Court Grants Interim Stay On Proceedings Against Karti Chidambaram In Tax Evasion Case

India News | Press Trust of India | Tuesday January 21, 2020

The Madras High Court today granted an interim stay till January 27, on the proceedings against Congress Lok Sabha MP Karti Chidambaram and his wife Srinidi in connection with a case of alleged income tax evasion, pending before a lower court.

Budget 2020: Government To Decriminalise Income Tax, Money Laundering Acts

Business | Indo-Asian News Service | Tuesday January 21, 2020

The assurance of rationalising penalty provisions in Income Tax Act comes just over a week before she presents the union budget.