Income Tax Changes

Revenue Secretary Tarun Bajaj said that some people are already paying capital gains tax on the income from crypto, and in respect of GST also the law is "very clear" that the rate would be applicable as those in case of other services.

ITR Filing 2021-22: The daily average of taxpayers logging into the income tax e-filing portal has increased to 15.55 lakh and the daily average of ITRs filed has increased to 3.2 lakh.

The Income Tax Department Thursday rejected allegations that its officials "suggested changes" in news stories while they conducted raids at multiple offices of the Dainik Bhaskar media group on charges of tax evasion.

The belated income tax return for the assessment year 2020-21, which was required to be filed on or before March 31, 2021, can now be filed on or before May 31, 2021, as per Income Tax department

Budget 2021 Tax Highlights: In a major tax relief for senior citizens, Finance Minister Nirmala Sitharaman while presenting Budget 2021 announced that citizens aged 75 years and above, who only have pension and interest income are now exempted from filing the tax returns. In last year's budget, a major cut in the tax rates for the salaried class wa...

The government has made some drastic changes in income tax rules over the years, ranging from changes in income tax rates to reintroduction of standard deduction and a higher income threshold for rebate

CBDT has, however, said that the employee can change the option of tax structure at the time of filing income tax return

Finance Minister Nirmala Sitharaman, in the longest-ever Budget speech, unveiled a new tax regime, abolished dividend tax for companies, announced a 16-point plan to boost agriculture and signalled record spending in agriculture to pull the economy out of its worse slump in more than a decade. Vowing to boost the income and purchasing power of citi...

Finance Minister Nirmala Sitharaman is set to outline fiscal steps that may include higher spending in rural areas and possible tax cuts when she delivers her second budget speech in New Delhi.

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.

New Tax Slab: 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.

At present while individual income upto Rs 2.5 lakh per annum is exempt from tax, a 5 per cent tax is levied for income between Rs 2.5 lakh and Rs 5 lakh.

Union Budget 2020: From changes in income tax rates to the reintroduction of standard deduction and a higher income threshold for rebate, the government has made a few changes in the income tax rules over the past few years.

The clarification has come days after the government modified the eligibility for filing the returns in ITR-1 and ITR-2, stating that those owning a property jointly, spending Rs 2 lakh on foreign travel and paying electricity bill of Rs 1 lakh in a year would not be able to file returns in the simpler forms.

The most important change in the development of e-filing in the country is the refunds, say tax experts.

Revenue Secretary Tarun Bajaj said that some people are already paying capital gains tax on the income from crypto, and in respect of GST also the law is "very clear" that the rate would be applicable as those in case of other services.

ITR Filing 2021-22: The daily average of taxpayers logging into the income tax e-filing portal has increased to 15.55 lakh and the daily average of ITRs filed has increased to 3.2 lakh.

The Income Tax Department Thursday rejected allegations that its officials "suggested changes" in news stories while they conducted raids at multiple offices of the Dainik Bhaskar media group on charges of tax evasion.

The belated income tax return for the assessment year 2020-21, which was required to be filed on or before March 31, 2021, can now be filed on or before May 31, 2021, as per Income Tax department

Budget 2021 Tax Highlights: In a major tax relief for senior citizens, Finance Minister Nirmala Sitharaman while presenting Budget 2021 announced that citizens aged 75 years and above, who only have pension and interest income are now exempted from filing the tax returns. In last year's budget, a major cut in the tax rates for the salaried class wa...

The government has made some drastic changes in income tax rules over the years, ranging from changes in income tax rates to reintroduction of standard deduction and a higher income threshold for rebate

CBDT has, however, said that the employee can change the option of tax structure at the time of filing income tax return

Finance Minister Nirmala Sitharaman, in the longest-ever Budget speech, unveiled a new tax regime, abolished dividend tax for companies, announced a 16-point plan to boost agriculture and signalled record spending in agriculture to pull the economy out of its worse slump in more than a decade. Vowing to boost the income and purchasing power of citi...

Finance Minister Nirmala Sitharaman is set to outline fiscal steps that may include higher spending in rural areas and possible tax cuts when she delivers her second budget speech in New Delhi.

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.

New Tax Slab: 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.

At present while individual income upto Rs 2.5 lakh per annum is exempt from tax, a 5 per cent tax is levied for income between Rs 2.5 lakh and Rs 5 lakh.

Union Budget 2020: From changes in income tax rates to the reintroduction of standard deduction and a higher income threshold for rebate, the government has made a few changes in the income tax rules over the past few years.

The clarification has come days after the government modified the eligibility for filing the returns in ITR-1 and ITR-2, stating that those owning a property jointly, spending Rs 2 lakh on foreign travel and paying electricity bill of Rs 1 lakh in a year would not be able to file returns in the simpler forms.

The most important change in the development of e-filing in the country is the refunds, say tax experts.