Raid by I-T dept underway at the residence of Sunil Srivastava NEW DELHI: Income Tax officials on Saturday conducted searches at the residences of Jharkhand chief minister Hemant Soren‘s personal secretary, Sunil Srivastava and others. According to reports, around 9 premises in Ranchi and Jamshedpur are being covered as part of these raids.More details are…
NEW DELHI: Income disparity has declined by over 74.2% between fiscal year 2013-14 and 2022-23 for those earning up to Rs 5 lakh annually, according to a report by the State Bank of India.The study noted that the lower-income group, defined as those earning less than Rs 5.5 lakh, has experienced positive growth rates over…
In a landmark judgment, Supreme Court ruled in favour of the income-tax (I-T) department, upholding the validity of nearly 90,000 reassessment notices issued after April 1, 2021, under the old provisions. Over 9,000 writ petitions had been filed in various high courts challenging these notices, with most courts siding with taxpayers.A bench of Chief Justice…
During a recent debate, political figures made numerous claims on topics ranging from U.S. energy production to healthcare and gun violence, sparking scrutiny over their accuracy. While some assertions, like the U.S. maintaining record oil output and Trump’s impact on the trade deficit, hold up under examination, others—such as claims about Iran’s access to assets…
NEW DELHI: The income tax department will deny tax deducted at source (TDS) credit and flag your income tax return (ITR) if it detects any discrepancies between the TDS information reported in the ITR and the data provided by the TDS deductor. When a TDS deductor deducts the tax, they are required to file a…
The big money that top Indian cricketers make from various sources is a subject that always generates massive interest among the fans, with cricket being the most followed sport in the country ever since the 1983 World Cup triumph.Besides their earnings from playing the game, which has multiplied manifold since the arrival of the Indian…
MUMBAI: In a significant ruling, the Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench has held that a gift of Rs 20 lakh received by a taxpayer from his non-resident brother, based in the UAE, is not subject to tax. This judgement underscores that Indian tax laws exempt certain gifts from being taxed, particularly those received from…
Budget 2024 income tax takeaways: Finance Minister Nirmala Sitharaman on Tuesday presented the first Budget of the Modi 3.0 government. This is the first full budget of the Modi Government post elections. With no major changes being announced in the interim budget, the expectations were high this time around. In line with Government’s focus on…
Budget 2024 income tax changes explained: Salaried taxpayers have reason to cheer! Finance Minister Nirmala Sitharaman announced major changes in the new income tax regime during her Union Budget 2024 speech. These changes will give many salaried taxpayers a benefit of Rs 17,500 – provided that they are opting for the new income tax regime!“Coming…
Latest income tax slabs FY 2024-25: Finance Minister Nirmala Sitharaman has changed the income tax slabs effective FY 2024-25 under the new income tax regime as announced in Budget 2024. The standard deduction under the new income tax regime has also been hiked from the present Rs 50,000 to Rs 75,000. According to FM Nirmala…
