According to experts, changes proposed in the Budget 2023-24 have certainly made the new tax regime more attractive, but it is not good enough to pull 50% of the existing taxpayers to the new regime.
Searches continue at residences, offices of Rajapushpa, Muppa & others; Vasudha MD summoned by I-T officials
India's potential growth is not 6.5%, but closer to 8%. Has Budget 2023 done enough to achieve that?
With the Union Budget presented by the Finance Minister Nirmala Sitharaman on Wednesday, we speak to industry experts who weigh in on how this budget affects their sectors as well as the people.
The beneficiary is required to show this amount when filing Income Tax Return and non-reporting can lead to penalty of upto 200 per cent of the tax amount.
The most significant talking point of the general budget was the marked increase in the income tax rebate limit for the salaried middle class.
Until now, the middle class was told they were important and nice, but got the second place all the time. That changed on Wednesday with Sitharaman's five tax announcements...
Nirmala Sitharaman said that in 2020, the new personal income tax regime with six income slabs was introduced starting from Rs 2.5 lakh.
The efforts of the government since 2014 have ensured better quality of life for citizens of the country, Sitharaman added.
51 teams participated in the searches at the offices, residences of promoters and top officials of construction firms
According to sources, the I-T officials found irregularities in cash transactions.
The greatest middle class fantasy that they successfully fuel almost every year is that Income-Tax must and will be replaced by Expenditure tax
If you are new to investing, you must start by educating yourself on personal finance. The first principle is understanding that merely saving money is not enough to tackle inflation.
Income taxes must be paid if one’s income is above a threshold, irrespective of whether one is a farmer.
The funds were received from customers under pre-booking or to block their interested area in ongoing constructions.
The CBI has alleged that the remaining 31 people booked in the FIR have yet not returned the falsely claimed income tax refund totalling Rs 44.07 lakh to the income tax department.
Trump himself was not on trial and denied any knowledge that a small group of executives were evading taxes on extras including rent-free apartments, luxury cars and private school tuition.
Commercial tax revenue, expected to be Rs 1.06 lakh crore as per budget estimates for the whole fiscal year, was Rs 54,494 crore as of September 2022.
The net amount of direct tax collected in Tamil Nadu and Puducherry region for the financial year 2022-23 stood at Rs 64,102 crore, which is 25.5% higher than the previous year’s collection.
Jakir Hossain is the MLA from Jangipur in Murshidabad and a former junior labour minister in the West Bengal chief minister Mamata Banerjee’s cabinet.