INCOME TAX

Ease of Doing Business: Government Relaxes Angel Tax Norms, Changes Startup Definition, Makes Investment Easier

With an aim to promote more startups the government has finally decided to relax the much-debated angel tax norms.

Fake Income Tax Message: IT Department Issues Warning Against Phishing Through ITR SMS

The Tax collection department issues a cautionary warning against fake messages which asks people to give their account details.

Income Tax Payers to Get Refunds Within 24 Hours

The revenue department will put in place within two years a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously, an official said.

New Income Tax Slabs After Budget 2019

New Income Tax Slabs After Budget 2019 Interim Budget 2019: Check out this video to know how much tax you will have to pay after proposed changes in income tax exemption limit.

Budget 2019: Manmohan Singh Says Sops to Farmers, Increase in Tax Exemption Will Impact Lok Sabha Polls

Manmohan's reaction came in the backdrop of a much-awaited tax rejig announced by Interim Finance Minister Piyush Goyal, along with a first-of-its-kind income-based support scheme for farmers.

Budget 2019 Highlights: 9 Key Takeaways From Piyush Goyal's Pandora Box

Budget 2019 Highlights: 9 Key Takeaways From Piyush Goyal's Pandora Box. In its final Budget before Lok Sabha Elections 2019, the Narendra Modi government announced various sops like basic income for farmers and relief in tax for middle class groups.

Budget 2019: Tax Collection Doubles in 4 Years, Up From Rs 6.38 Lakh Crore in 2013–14 to Nearly Rs 12 Lakh Crore in 2017–18

In his address, Goyal said the number of returns filed have surged from 3.79 crore to 6.85 Crore. In the interim budget, the Government reduced tax rates, more for the common man and middle class, and made the interface with the tax department much simpler and largely faceless.

New Tax Slabs After Budget 2019: If Your Income Is Rs 5 Lakh, 7.5 Lakh or 10 Lakh, Here's The Amount You'll Have to Pay

The new tax slabs, however, will be implemented from the next fiscal, as the government is barred from introducing the policy change in this Interim Budget -- presented days before the general elections.

Budget 2019: Sops For Farmers + Tax Relief to Middle Class = Another Term For Narendra Modi?

Will the sops for farmers, in addition to the tax relief to the salaried class, result in another term for Prime Minister Narendra Modi? The answer will be out in the next 100 days.

IT Dept Seizes 3 Properties in Patna Belonging to Rabri Devi and Daughter Hema Under Benami Act

The Income Tax Department has seized three properties belonging to former Bihar chief minister Rabri Devi and her daughter Hema as these were found to be benami.

Budget 2019: As Middle Class Eyes Sops, A Look at Current Tax Slabs & Rates

One of the primary Budget expectations is an increase in the tax exemption limit, along with a relief in the tax rate to the non-exempted members of the salaried class.

Tax Evasion Probe: Income Tax Department Raids 74 Locations in Tamil Nadu

The Income Tax Department Tuesday launched searches at 74 places in Tamil Nadu in connection with a tax evasion probe against some real estate groups and a retail store chain in the state, officials said.

Budget 2019: Increase Income Tax Exemption Limit to Rs 8 Lakh Per Annum, Says Shiv Sena Citing 10% EWS Quota Eligibility Criteria

Shiv Sena has sought a demand for tax reforms in Budget 2019 after Union government passed the 10 percent EWS reservation in jobs and education sector

Interim Budget 2019: Tax Exemption Limit to be Raised Upto Rs 5 Lakh, Says Report

The reports come days after Prime Minister Narendra Modi, in an interview to news agency ANI, said it is essential for the government to reward the middle class, whom he described as the "most honest taxpayers".

Flipkart Founder Sachin Bansal Pays Rs 699 Crore Tax on Gains for First Quarter of 2018-19

His partner and Flipkart co-founder Binny Bansal is yet to disclose capital gains on his stake sale for the fiscal year.

Mahesh Babu in Trouble for Not Clearing Tax Dues; Telugu Star's Bank Accounts Frozen

The Goods and Services Tax department Thursday said it has attached the bank accounts of Telugu superstar Mahesh Babu to recover service tax dues from him.

New PAN Rules for 2018–19; Here’s All You Need to Know

According to the notification issued by the Central Board Direct Taxes (CBDT), it is mandatory to apply for PAN card on or before May 31, 2018, for all entities with a turnover of doing business worth Rs 2.5 lakh or more in a financial year.

Income Tax Raids Haldiram’s Owner’s Home in Kolkata; Seizes Rs 10 Crore, Huge Cache of Jewellery

Income Tax raid at Haldiram’s owner’s house in Kolkata and seizure of Rs 10 crore, indicates towards a tax evasion of Rs 150 crore.