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1-crore bank accounts scanned under I-T department's 'Operation Clean Money'​ drive 1-crore bank accounts scanned under I-T department's 'Operation Clean Money'​ drive

As part of the tax department’s Operation Clean Money initiative, it has scrutinised around 1-crore  bank accounts, narrowed down to 18 lakh individuals to explain the source of large cash transactions they undertook in the weeks after demonetisation.

Central government employees expect 2% DA for January 2017 Central government employees expect 2% DA for January 2017

Central government employees expect a 2 percent dearness allowance in the salary from January 2017.

Govt rules out tax incentive beyond Rs 2 lakh for second home Govt rules out tax incentive beyond Rs 2 lakh for second home

Ruling out rollback of the proposal to restrict tax incentive for second home to Rs 2 lakh per annum, Revenue Secretary Hasmukh Adhia on Saturday said there is no point in subsidising purchase of second property by those who have surplus funds.

Pay penalty up to Rs 10,000 for filing return late this year Pay penalty up to Rs 10,000 for filing return late this year

Income tax department may slap penalty up to Rs 10,000 if you fail to file your income tax returns by the given deadline. The rule applies on the Assessment year 2018-19.

RBI proposes to waive off bank transaction charges, reduce interest rate for credit cards RBI proposes to waive off bank transaction charges, reduce interest rate for credit cards

In an attempt to promote cashless transactions in the country, Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions.

Budget 2017: Know the tax relaxation under NPS

Finance Bill, 2017 has proposed to amend the Act to provide exemption from tax at the time of partial withdrawal by an employee from National Pension System Trust in accordance with conditions specified under Pension Fund Regulatory and Development Authority Act, 2013 and regulations made there under, to the extent it does not exceed twenty five percent of the contributions made by him.

RBI to soon take call on lifting weekly withdrawal limit from savings A/c RBI to soon take call on lifting weekly withdrawal limit from savings A/c

Shaktikanta Das has said that the remonetisation exercise is nearly complete.

All I-T returns must be filed by March end; penalty to be imposed after last date All I-T returns must be filed by March end; penalty to be imposed after last date

With a view to expedite tax assessments, the revenue department proposes to make it mandatory for tax payers to file I-T returns as well as revised returns by March end of the assessment year (AY).

Budget 2017: I-T dept can dig in past 10 years of returns to unearth black money Budget 2017: I-T dept can dig in past 10 years of returns to unearth black money

In a significant move to check black money, Income Tax Department can now scrutinise income tax returns of previous 10 years if any search leads them to undisclosed deposits or property of over Rs 50 lakh.

Note ban impact: 18L people under I-T scanner, queries sent to 10L individuals so far Note ban impact: 18L people under I-T scanner, queries sent to 10L individuals so far

Armed with information about unaccounted cash of Rs 4.7 lakh crore, deposited by 18 lakh individuals, the government on Thursday said that queries have been sent to those 10 lakh people through SMS, email so far.

I-T dept asks taxpayers to e-verify deposits post demonetisation I-T dept asks taxpayers to e-verify deposits post demonetisation

As the Income Tax Department uses Big Data to catch evaders, it is asking taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch.

Budget 2017: All the key direct tax proposals impacting you Budget 2017: All the key direct tax proposals impacting you

In a major relief to the salaried class, the Finance Minister Arun Jaitley while presenting the Budget 2017-18 in Parliament on Wednesday proposed to halve the tax rate for income between Rs 2.5 lakh and Rs 5 lakh to 5 percent.

Budget 2017: Know how NPS subscribers will be benefited Budget 2017: Know how NPS subscribers will be benefited

Know how Union Budget will benefit NPS subscribers.

 

Union Budget 2017: Know how you can pay less tax this year Union Budget 2017: Know how you can pay less tax this year

Here's how you can pay less tax this year following the FM's announcement.

Budget 2017 impact: Government to reduce time for revising tax return to 12 months Budget 2017 impact: Government to reduce time for revising tax return to 12 months

Finance Minister Arun Jaitley today proposed to reduce the time period for revising a tax return to 12 months from completion of financial year.

Union Budget 2017 INCOME TAX TABLE: Know how your new income tax slabs will look Union Budget 2017 INCOME TAX TABLE: Know how your new income tax slabs will look

Finance Minister Arun Jaitley on Wednesday proposed to reduce the tax rate for income up to Rs 5 lakh from the existing 10 per cent to 5 per cent while imposing 10 percent surcharge on income between Rs 50 lakh and Rs 1 crore.

Union Budget 2017-18: How tax proposals will affect you Union Budget 2017-18: How tax proposals will affect you

While presenting the Budget for the financial year 2017-18, Finance Minister Arun Jaitley on Wednesday proposed  to  reduce  the  existing  rate  of  taxation  for  individual assesses between income  of Rs 2.5 lakhs to Rs 5 lakhs to 5% from the  present rate of 10%.

Govt removes all taxes on PoS machines to push e-payments Govt removes all taxes on PoS machines to push e-payments

In a move to push digital payments, the government on Wednesday removed all duties on devices used in the process of cashless transactions like point of sales machines, finger print readers etc.

Cash transactions above Rs 3 lakh banned from April 1: Arun Jaitley Cash transactions above Rs 3 lakh banned from April 1: Arun Jaitley

Continuing with government steps to clamp down on black money, Finance Minister Arun Jaitley on Wednesday proposed to ban all cash transactions above Rs 3 lakh beginning April 1, 2017.

No limits on cash withdrawals through ATMs, current a/cs from today No limits on cash withdrawals through ATMs, current a/cs from today

In a big relief to people and small businesses, RBI has announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts from Wednesday but the weekly limit of Rs 24,000 on savings bank accounts will continue.