Income tax

Reforms in I-T dept, ‘strengthening’ of economy led to record tax collections: CBDT Chairman

Reforms undertaken by the Government throughout the Income Tax division and the “strengthening” of the Indian economy are among the many main components that led to the highest-ever direct tax collections in the nation, which stand at over ₹13.63 lakh crore, CBDT Chairman J.B. Mohapatra has mentioned. He mentioned apprehensions in regards to the State …

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Union Budget 2022 | Income tax slabs unchanged, tax payers can file returns in two years

The Union Budget 2022-23 has stored revenue tax slabs unchanged whereas permitting tax payers two years to file their returns. Union Finance Minister Nirmala Sitharaman on Tuesday whereas presenting finances proposals mentioned the federal government’s goal was to additional simplify the tax system, promote voluntary compliance by taxpayers, and scale back litigation. She launched ‘Updated …

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Economic Survey 2022 live | Govt forecasts 8-8.5% GDP growth in FY23

Finance Minister Nirmala Sitharaman on Monday offered the Economic Survey that particulars the state of the financial system forward of the federal government’s Budget for the fiscal yr starting April 1, 2022. CEA Dr. V. Anantha Nageswaran to handle a press convention right this moment at 3:45 pm in New Delhi after presentation of Economic …

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Income-Tax department eases norms for ‘faceless’ appeal scheme

The Income Tax department has introduced in modifications to the present faceless appeal scheme, easing the method for taxpayers wanting a private listening to by means of video convention whereas interesting in opposition to a tax demand by the department. The Central Board of Direct Taxes (CBDT) on December 28, notified the ‘Faceless Appeal Scheme, …

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Over ₹125 cr. unaccounted income detected in I-T searches on Bengal firms

The two Asansol-based teams are engaged in iron and metal, infra, cement and meals processing enterprise Searches by the Income Tax division at 30 areas associated to 2 outstanding Asansol-based teams in West Bengal have led to detection of unaccounted income exceeding ₹125 crore. The teams are engaged in the enterprise of iron and metal …

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