Direct Tax to GDP ratio seen an upward trajectory, ascending from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23, showcasing enhanced fiscal contribution.
The government officially designated Shri Ram Trust as a site of historic significance and a place of renowned public worship for the purpose of Section 80G(2)(b), effective from FY21.
Several rules related to day-to-day life including bank work, Income Tax Returns, among others will change from January 1, 2024. Let's take a look at what will change from new year.
Income Tax Recruitment 2023 notification against sports quota has been released. Candidates who are interested in applying for the income tax department recruitment can submit applications online at incometaxmumbai.gov.in. No applications will be considered after due date.
Business news: Sugam can be filed by individuals, HUFs and firms other than Limited Liability Partnerships being a resident having total income of up to Rs 50 lakh and income from business and profession.
The Income Tax department has so far recovered over Rs 200 crore cash during a series of raids on an Odisha-based distillery group on charges of tax evasion.
The Odisha-based liquor firm, on premises of whom the Income Tax department conducted raids and has so far found cash over Rs 200 crore, has alleged links with Jharkhand Rajya Sabha MP Dhiraj Prasad Sahu.
According to the officials, searches were conducted at Bolangir & Sambalpur in Odisha and Ranchi, Lohardaga in Jharkhand.
Vodafone Idea had filed a petition, asserting the excess tax paid, leading the court to express concern about the assessing officer's apathy.
Kharge also predicted that Bhupesh Baghel would reclaim the position of Chief Minister in Chhattisgarh. He accused the BJP of dividing people along religious lines for votes and criticised Modi for allegedly stating that celebrating festivals in Chhattisgarh is difficult.
In an address read out by his son and Tamil Nadu Youth Welfare Minister Udhayanidhi Stalin, the Chief Minister stated that these actions were a response to the DMK's efforts to expose the BJP's "anti-people" stance.
Thе govеrnmеnt has introduced sеvеral mеasurеs to еncouragе homе ownеrship, making it morе affordablе for first-timе buyеrs.
Karnataka news: Former Karnataka CM said that the Contractors Association made baseless allegations against the previous govt and now the same association is working as the govt's commission collection center. He said that the contractors and the govt were jointly looting the state.
Chhattisgarh news: CM Baghel said that if govt at Centre or National Mineral Development Corporation is unable to operate the Nagarnar Plant, then the plant should be handed over to the state govt for operation.
The online application process for recruitment in the income tax department is currently open for those who wish to apply through the sports quota. This is an opportunity to become an Income Tax Inspector, Tax Assistant, or Multi-Tasking Staff. Applications are being accepted starting from today.
The amended rules also retained the five new valuation methods proposed in the draft rules for consideration received from the non-residents.
Azam Khan News: Income tax raid on Samajwadi Party leader Azam Khan in UP
The newly designed website has undergone an aesthetic makeover with a mobile-responsive layout. It introduces a 'Mega Menu' for content, accompanied by fresh features and enhanced functionalities.
Income Tax New scheme, File ITR Now, Pay Tax Later
As per the change, for policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) might be relevant in the event that the total premium paid by an individual depends on Rs 5 lakh a year.
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