Advance tax collection in country up by 19%: CBDT

Chairman of Central Board of
Direct Taxes (CBDT) S S N Moorthy today said that first
instalment of advance tax collection in country has registered
a growth of 19 per cent as compared to same period a year ago.

Gifts in excess of Rs 50,000 will be taxed: CBDT

Ahead of Diwali, the Income Tax Department on Wednesday said that persons receiving gifts will have to pay tax on it provided the value of gift, in cash or kind, exceeds Rs 50,000.