The Reserve Bank of India on Friday lowered the country's growth outlook and projected the economy to grow at 6.1 per cent from its earlier projection of 6.9 per cent for the current financial year.
There are some changes that have been brought into effect and are going to impact your expenditure. These have already been implemented since October 1.
The government has a Diwali gift for us all. A cut in personal income tax rate is what appears to be on the cards, according to a report. It is said that the government is considering rationalising personal income tax rates. This is being done to increase disposable incomes, especially among the middle class, and drive consumption, resulting in growth.
Swamy, a former Union Law and Commerce Minister, on Wednesday launched his latest book "RESET -- Regaining Indian's Economic Legacy" and talked about the evolution of India's economy while suggesting ways to revive it.
Tax bonanza for individuals could be on cards as the Modi government is planning to slash existing tax rates for individual taxpayers in an effort to boost demand. The news comes after task force on direct taxes recommended revising income tax slabs.
"The state cabinet chaired by Chief Minister Yogi Adityanath has decided the ministers will now pay their own taxes and recommended amendment in Uttar Pradesh Ministers' Salaries, Allowances and Miscellaneous Act, 1981," UP government spokesman Shrikant Sharma told.
According to the report, the submission was made on August 19, 2019. The task force said income tax rates could be cut for individuals in order to boost consumption.
Budget 2019 came up with several tax-related amendments and new rules that came into effect on from September 2019. One needs to be aware of these new changes in the rules as it will impact every taxpayer. From tax on cash withdrawals to PAN-Aadhaar interchangeability, many monumental changes were proposed in the Budget 2019.
On July 23, the government had extended the due date for filing income tax returns by individuals for the financial year 2018-19 by a month till August 31. The earlier deadline was July 31.
ITR Filing 2019: The last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19) is August 31. To avoid penalties, taxpayers need to ensure to file income tax return before the last day of filing. Only four days are left to file income tax return (ITR) and it is mandatory for taxpayer to file ITR within a pre-determined due date.
Sitharaman on Saturday asked the I-T Department to bridge the communication gap between tax officials and the assessees and sought a change in mindset amid allegations of "tax terrorism".
Further, CBDT has also laid down the timelines and procedure by which such communication issued manually will have to be regularised and intimated to the Principal Director General of Income-tax (Systems).
The Income Tax Department has conducted a search and seizure operation in Tamil Nadu and detected an undisclosed income of Rs 700 crore, according to an official statement.
ITR Filing 2019: August 31 is the last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19). One can file ITR online through income tax's e-filing ITR website. However, it is common for individuals to makes mistakes while filing ITR online.
ITR Filing: The last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19) is July 31. Taxpayers should know that they can file ITR through online mode as well. As per the notification of the Income Tax Department, certain sections of ITR forms will be pre-filled this year. The pre-filled ITR-1, ITR-2, ITR-3 and ITR-4 forms have already been provided by the I-T department and you can download those in XML file format.
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers last year, Parliament was informed on Monday.
ITR Filing: If you are filing Income Tax Return then this news is for you. Individuals who are-- filing ITR or have filed ITR can get tax refund directly to their bank account. You need to update your bank account and link it to your PAN. Here's a step by step guide to do it.
ITR Filing: To file an income tax return (ITR) for the assessment year 2019-20 for FY 2018-19, July 31 is the last date. Individuals can file ITR online through income tax's e-filing ITR website. Here is a step-by-step guide on how to file ITR online – Part A and Part B.
It has been reported that the taxman will keep a secret eye on social media posts to find out who is undertaking an expensive foreign trip or is flaunting their expensive vehicle or other goods over these platforms, in order to ensure such people or entities pay their due taxes.
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