The basic personal tax exemption limit in the personal income tax was last revised in 2014. Notably, personal income tax is one of the most keenly awaited announcements in the Budget every year.
Ahead of the Budget, taxpayers were expecting the announcement of changes in Income Tax slabs and rates.
The decision comes as people have been facing difficulties in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961
Ajay Chaudhary is CMD of real estate company Ace Group. He is believed to have close contact with Samajwadi Party chief Akhilesh Yadav.
The government on Friday said there is no proposal to extend the deadline for filing income tax returns beyond its current deadline of December 31.
After Piyush Jain, SP MLC Pushpraj Jain alias Pampi Jain's residence was raided by the IT-Department. Reacting to the same, Samajwadi Party has alleged that only houses of the SP leaders is being raided.
The I-T department also seized Rs 5 crore cash and jewellery of a similar value (Rs 5 crore) during the raids on the two groups
According to reports, Jain's house has been sealed while a thorough search is underway amid a heavy presence of tax officials. Sources say that more cash is likely to be unearthed in the said raids.
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The Income Tax department also said that refunds of Rs 33,548 crore have been issued in 89,53,923 cases and corporate tax refunds of Rs 78,942 crore have been issued in 1,75,692 cases.
"The searches, so far, have resulted in the detection of undisclosed income of over Rs 300 cr and unaccounted cash of Rs 9 cr has been seized," CBDT said in a statement.
The Bengaluru-based company, which has drawn flak for glitches continuing months after the launch of the portal in June, said it has seen steady increase in usage over the last few weeks, and over 3 crore taxpayers have logged into the portal and successfully completed various transactions.
Income Tax Department recently conducted a search and seizure operation at various premises of actor Sonu Sood in Mumbai. When asked if there was any truth to the allegations, the actor rubbished it saying he is a 'law-abiding citizen'.
The Income Tax Department accused Bollywood actor Sonu Sood of financial irregularities worth over Rs 20 crore by way of unutilised charitable funds, bogus contracts and circular transactions with one of his partner companies, and diverting funds to evade taxes.
The Central Board of Direct Taxes (CBDT) on Thursday extended the due date for filing Income Tax Returns for assessment year 2021-22 till December 31, 2021.
The building has provision for solar panels for power generation and a Rain Water Harvesting system, they said.
PF Income Tax Section, PF Interest Taxable: PF accounts will be split into two separate accounts. Tax will be collected from employees' contributions exceeding Rs 2.5 lakh per year in the taxable account.
The deadline for filing the Equalisation Levy statement in Form-1 for the Financial Year 2020-21 has been extended till December 31, against the original due date of June 30.
The Pensioners' body also referred to an apex court order where the Supreme Court had held that pension is valuable right vested in a government servant.
The new income tax e-filing portal developed by Infosys was launched on June 7 in a bid to ease the tax filing process and expedite the refund issue. However, taxpayers have been facing several problems in using the portal since its inception.
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