INCOME TAX OFFICES
Income Tax department raids BMC contractors
IT said they had conducted search action in Mumbai and Surat on November 6 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly BMC.
Budget 2020: FinMin seeks suggestions for rationalising income tax, other duties
While the ministry holds pre-budget consultations with repre...
How can I avail tax break on interest income earned on RD, monthly income schemes and NSC?
Under Section 80TTA, you can claim a deduction of ...
Income Tax department raids onion traders from Lasalgaon
The raid comes amid ballooning onion prices which have touched Rs 80/kg to Rs 90/kg as incessant rainfall in Maharashtra, the top onion producing state of the country, has delayed harvest and also damaged the quality of the kharif crop. The average wholesale prices at Lasalgaon market have been ruling around Rs 45/kg.
Income Tax task force report suggests complete rejig of tax slabs, saving govt Rs 55,000 crore
The current Income Tax rates are 5 per cent plus 4 per cent cess for people earning between Rs 2.5 lakh and Rs 5 lakh, 20 per cent plus 4 per cent cess for incomes of more than Rs 5 lakh up to Rs 10 lakh, and 30 per cent plus 4 per cent cess for those earning over Rs 10 lakh.
DoT asks circle officers to complete AGR rechecks by Dec 20
"As this task is time bound and compliarrce is to be reported to the Hon'ble Supreme Court, you are instructed to follow above instructions within the time frame specified failing which action in terms of the Licence Agreement will be initiated," a notice from Kerala circle's controller of communication accounts has directed.
Commodity companies seek tax rebate to cut costs
A tax of 0.01% is levied on exchange-traded commodity derivatives apart from other taxes.
Tax optimiser: NPS, LTA claim can help salaried Gupta cut tax by Rs 4 lakh
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly. Hence in this way, you can optimise your tax by rejigging your income and investments.
Tax fears keep family offices at bay from investing in India despite Sebi leeway
Sebi recently announced operational guidelines for FPIs and depository participants.
ITC, Larsen, Infy among top buys of MFs in October
A common link among the companies bought by managers in October is their size.
Tax department wants to impose 18% GST on CXO salaries
The taxman wants companies to treat services as supply, meaning the people providing the service will pay GST.
I-T department busts Rs 3,300-crore hawala racket involving infrastructure firms
The raids to unearth the large tax evasion nexus were conducted in the first week of this month on 42 premises in Delhi, Mumbai, Hyderabad, Erode, Pune, Agra and Goa on a group of people indulging in issuing bogus bills and carrying on hawala transactions. Hawala denotes illegal transaction of funds by skirting the legal banking channels.
CBDT mops up Rs 6 lakh cr in direct tax collection so far
"During the beginning of the year, we were given the tax collection (target) of Rs 13.35 lakh crore. Of this, we have already collected Rs 6 lakh crore so far," Central Board of Direct Taxes Chairman P C Mody said after inauguration of the Taxpayers Lounge at New Delhi's Pragati Maidan.
Jamie Dimon laments income inequality, won’t assail CEO pay
“I think the wealthy have been getting wealthier too much, in many ways,” Dimon said.
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