"Salaried taxpayers, pensioners need no documents, bills to claim Rs 40,000 standard I-T deduction on travel, medical expenses," Chandra said after Budget announcements.
Presenting the Union Budget 2018-19, the finance minister however proposed a marginal releif to tax payers by introducing new standard deduction of Rs 40,000 cr for salaried taxpayers.
In his Budget speech, Jaitley said this year, the focus is on strengthening agriculture sector and besides 'ease of doing business', the government is also focusing on 'ease of living' now.
While the government expects you to pay taxes honestly, make sure you make use of its exemption schemes to the fullest
I-T sleuths had conducted searches in the office block and a room occupied by Sasikala, currently serving a prison term in a corruption case, at the Poes Garden residence.
The Delhi Directorate of the Income Tax Department made the huge seizure, which included bullion and jewelry, from a safe deposit vaults named U & I Vaults Limited.
The IT department said in a statement that it has stepped up action under the Prohibition of Benami Property Transactions Act, which came into force from November 1, 2016.
Health insurance is an excellent tax-saving instrument that can help you save taxes. Also, if you have a life insurance plan, you are eligible to enjoy tax-deductions. Having said that, tax-saving instruments aren't limited to insurance only.
I-T raided 130 premises of the business houses in Chennai, Hyderabad, Thrissur and locations in Kerala, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Delhi and West Bengal, sources said.
As much as Rs 3.18 lakh crore has been received as advance tax up to December, 2017-18, reflecting a growth of 12.7 per cent over the year ago period.
Arun Jaitley said that cooperative banks function like any other commercial bank and the principle of mutuality, which was central to granting exemption, did not apply "because their area of operations extends even to non-members".
In the previous AY 2014-15, 1.91 crore, out of 3.65 crore who filed returns, had paid income tax. But the total income tax paid by individuals declined to Rs 1.88 lakh crore in AY 2015-16 from Rs 1.91 lakh crore in AY 2014-15.
The I-T department released statistics for assessment year 2015-16 showing that 59,830 individuals with gross total income of over Rs 1 crore had a cumulative income of Rs 1.54 lakh crore.
The CBDT has been running a pilot project in a few major cities and has been testing the feasibility of implementing this new regime of tax assessment for the last few years.
Suspected black money being converted into white, post demonetisation, through bitcoins was also under the I-T’s scanner, officials said.
Various teams of I-T sleuths today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.
People with unexplained credits and investments reflecting on their I-T returns could earlier get away by offering higher tax on the amount.
It is being reported that the AAP had not informed the tax authorities about Rs 13.16 crore it received from various sources as party funds.
Eight years after he first helped draft a new direct tax code for India, top taxman Arbind Modi has been asked to do the task again to meet the contemporary economic needs of the country.
The CBDT said the Panama Papers contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin.
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