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 a 2 percent dearness allowance in the salary from January 2017.
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.
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.
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.
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.
Shaktikanta Das has said that the remonetisation exercise is nearly complete.
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).
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.
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.
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.
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.
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Here's how you can pay less tax this year following the FM's announcement.
Finance Minister Arun Jaitley today proposed to reduce the time period for revising a tax return to 12 months from completion of financial year.
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.
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%.
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.
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.
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.