I-T Department has now made things easier for taxpayers. The department has the released Year 2020 calendar that mentions all important dates including Income Tax deadlines.
The common man has his eyes set on Finance Minister Nirmala Sitharaman's second Budget next month for relief in income tax, but an economic slowdown and a sharp reduction in corporate tax rates hint that she has very little flexibility to dole out a big largesse.
The date for filing income tax has been extended till January 31, 2020 in Jammu and Kashmir. The Central Board of Direct Taxes (CBDT) made the deadline extension for all kinds of income tax returns in the newly-created UTs of Jammu and Kashmir, and Ladakh.
The Central Board of Indirect Taxes and Customs have released a statement that the dates of filing Annual Returns and Reconciliation statement has been extended on Thursday.
The income tax department has cancelled the registration of six Tata Trusts, including Jamsetji Tata Trust, R.D. Tata Trust and Tata Education Trust, following their decision to surrender the same.
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax returns till November 30 in the Union Territories of Jammu and Kashmir, and Ladakh.
The Modi government may not moderate personal income tax rates for the rich, courtesy fiscal stress -- lower tax realisation amid the slowdown in the economy. This comes amid mounting pressure on the government to cut personal income tax rates to boost demand, more so after the Finance Ministry reduced the corporate tax rate by up to 10 percentage points.
“We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline,” Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
It, however, said India should address continued fiscal consolidation and secure long-term stability of the fiscal conditions.
In coordinated raids, more than 300 Income Tax sleuths swooped down on premises linked to two prominent Congress leaders in Karnataka - former deputy chief minister G Parameshwara and former MP R L Jalappa's son J Rajendra.
Finance Minister Nirmala Sitharaman will on Monday inaugurate the income tax department's national e-assessment centre (NeAC), which will avoid face-to-face interaction between taxpayers and tax officials.
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.
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