Making a strong re-election pitch, the BJP-led NDA government on Friday announced the biggest income tax sops for middle class, including complete exemption for income up to Rs 5 lakh, and Rs 6,000 annual cash dole to poor farmers in a scheme that will cost Rs 75,000 crore per year.
The key highlights of the Interim Budget 2019 presented by Acting Finance Minister Piyush Goyal today was the full tax rebate to individuals with annual income upto Rs 5 Lakh.
Those having an annual income of Rs 5 lakh per annum will get full rebate in Income-tax, Piyush Goyal announced during his Budget speech on Friday.
Modi government is set to come out with its final Union Budget before the Lok Sabha polls later this year. But before the Union Budget is presented on February 1, the Ministry of Finance has issued a series “Know Your Budget” to clear the confusion around financial terms which leave many baffled. Here are some key terminologies of the Union Budget:
Briefing media about the decision, he said the processing time at present for ITR is 63 days and it will come down to one day after implementation of the project.
The industry body has recommended that income below Rs 5 lakh should be exempt while between Rs 5-10 lakh should be taxed at a lower rate of 10 per cent.
With growth in direct tax collections sluggish, the CBDT has directed income tax department officials to "maximise" their efforts and conduct targeted surveys and file court cases against those who wilfully evade taxes.
Actors Shivarajkumar and Puneeth Rajkumar, sons of Kannada thespian late Rajkumar along with Yash and Sudeep were raided by I-T officials.
On September 10, Gandhis had failed to get any relief from the High Court which dismissed their challenge on reopening of their tax assessments for 2011-12.
The agencies concerned including the income tax department are probing the matter to find out if the money was to be used in the upcoming assembly elections.
This is the second extension within a fortnight of the CBDT, earlier extending the deadline for tax payers whose accounts have to be audited from September 30 to October 15.
Rahul Gandhi and Sonia Gandhi are major stakeholders in Young Indian which has acquired Associated Journals Limited (AJL). National Herald newspaper was published by AJL.
One of the members of the club has claimed the valuables belonging to him.
“IT has ordered Vadra and his company Skylight Hospitality to deposit the money. As part of the conspiracy, the company had not disclosed its income,” BJP spokesperson Sambit Patra said.
"The buzz in Delhi is that Nirmala Sitharaman will be removed as Defence Minister and appointed as lawyer of the Income Tax Department. Welcome to the bar, Sitharaman," tweeted Chidmabaram, a senior lawyer himself.
Here is a short list of eight key tax filing related considerations and precautions that would help you in ensuring the accurate filing of your taxes in for the Assessment Year 2018-19.
"Such offences are punishable under various penal and prosecution provisions of the Income Tax Act," a notification said.
The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in
CBDT, in a recent order, clarified that ITR for FY 2015-16 and FY 2016-17 cannot be filed after deadline March 31, 2018. But if you missed it, there is one last option:
The department has also sent a detailed questionnaire, seeking details of the firm's operations, to be answered by him.
Top News
Latest News
