The Income Tax Department on Friday warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7 years.
CTBT Press Release on Income Tax Department’s Operation Clean Money gets Overwhelming Response
In step with government’s digital India drive, the Income Tax department is developing an app that will soon allow assessees to pay taxes or apply for PAN using smartphones.
Although the basic income tax exemption limit remains the same at Rs. 2.5 lakh, there are many exemptions available in the Income Tax Act.
Download Form 12BB as a Word, Excel or PDF file- All Employees to file Declaration under Form 12BB to claim deduction for savings under Section 80 C, payment of house loan interest under Section 24, and HRA exemption under Section 10
Income tax Department has established an independent portal for e-filing of return. The taxpayers can log on to www.incometaxindiaefiling.gov.in for the purpose.
Finance Ministry Press Release on Income Tax relaxation for NPS under Finance Bill 2017 (Budget 2017)
A 1% cut in corporate income tax rate from the current 30% will cost Rs18,000-19,000 crore in revenues, revenue secretary Hasmukh Adhia said.
Simple One Page Income Tax Return – Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.
It is said that nothing in this world is certain except for death and income tax However, you can soften the blow from the latter, legally of course.
Income tax officers can now reopen tax cases for up to 10 years if search operations reveal undisclosed income and assets of over Rs50 lakh.
Taxpayers who do not file their income tax returns (ITRs) on time will have to shell out a penalty of up to Rs10,000, but from the 2018-19 Assessment Year (AY).
हिन्दुस्तान के ज़्यादातर नौकरीपेशा लोगों को सिर्फ इनकम टैक्स (Income Tax) में मिलने वाली राहत बहुत बड़ा सहारा मालूम होती है.
TDS on payment of accumulated balance under recognised provident fund and contribution from approved superannuation fund – Ministry of Finance Circular
Income Tax 2016-17 – Income not included under the Head Salaries – Exempted Income under Finance Act 2016