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India's super-rich may face wealth tax to aid coronavirus-hit economy

26 Apr 2020

India's super-rich may face wealth tax to aid coronavirus-hit economy

In a bid to reduce the impact of the coronavirus pandemic on the economy, 50 Indian Revenue Service (IRS) officers have suggested a 40% tax for the super-rich, a one-time COVID-19 relief cess of 4%, etc.

Union Budget 2020: New I-T Regime lowers tax, removes exemptions

01 Feb 2020

Union Budget 2020: New I-T Regime lowers tax, removes exemptions

In a major development, Finance Minister Nirmala Sitharaman introduced a new simplified tax regime, which is available for those willing to opt out of exemptions and deductions.

Jawaharlal Nehru's Prayagraj ancestral home gets Rs. 4.35cr tax notice

20 Nov 2019

Jawaharlal Nehru's Prayagraj ancestral home gets Rs. 4.35cr tax notice

The historic Anand Bhawan in Prayagraj, the home where former Prime Minister Indira Gandhi was born, has been slapped with a Rs. 4.35 crore tax notice by the city's Municipal Corporation.

#FinancialBytes: SBI Tax Savings Scheme- Interest rate, tenure and more

20 Sep 2019

#FinancialBytes: SBI Tax Savings Scheme- Interest rate, tenure and more

The State Bank of India, India's largest lender, offers many short-term and long-term saving schemes to its customers.

Filing your Income Tax return (ITR)? Know these points

24 Aug 2019

Filing your Income Tax return (ITR)? Know these points

August 31, 2019 is the last date to file your Income Tax return (ITR).

Income Tax: How salaried individuals can file their I-T return

28 Jul 2019

Income Tax: How salaried individuals can file their I-T return

August 31, 2019 is the last date to file Income Tax return for FY 2018-19.

#FinancialBytes: How to check your Income Tax refund status online

23 Jul 2019

#FinancialBytes: How to check your Income Tax refund status online

Once you are done with the filing and verification of your I-T returns, you can easily keep track of the refund status.

#FinancialBytes: Applying for PAN? Know these points

22 Jul 2019

#FinancialBytes: Applying for PAN? Know these points

Permanent Account Number (PAN) is a unique, 10-digit alphanumeric identity allotted to the taxpayers in India by the Income Tax department.

#FinancialBytes: What will happen if you miss ITR filing deadline

21 Jul 2019

#FinancialBytes: What will happen if you miss ITR filing deadline

July 31, 2019 is the last date to file Income Tax returns for FY 2018-19.

You may be fined Rs. 10,000 for entering wrong Aadhaar

14 Jul 2019

You may be fined Rs. 10,000 for entering wrong Aadhaar

Banks and other institutions will soon make upgrades to allow people to quote India's national biometric ID (Aadhaar) for high-value transactions in place of the permanent account number (PAN).

Sensex plunges over 900 points, Nifty slips below 11,600 points

08 Jul 2019

Sensex plunges over 900 points, Nifty slips below 11,600 points

Benchmark equity indexes S&P BSE Sensex and NSE Nifty 50 continued to decline for a second consecutive session on Monday. Sensex lost over 900 points in late afternoon trade, while the broader Nifty tanked by over 245 points.

#FinancialBytes: Five ways to verify your Income tax returns

01 Jul 2019

#FinancialBytes: Five ways to verify your Income tax returns

You might think that filing your Income Tax return on time is all you have to do.

Aligarh: This Kachori seller earns Rs. 60L; gets tax notice

25 Jun 2019

Aligarh: This Kachori seller earns Rs. 60L; gets tax notice

There may be many reasons for why Prime Minister Narendra Modi's pakoda selling advice doesn't work, and you can add another to your list: pakodas aren't kachoris.

#FinancialBytes: Filing income-tax returns? Here are some mistakes to avoid

20 Jun 2019

#FinancialBytes: Filing income-tax returns? Here are some mistakes to avoid

Filing income tax returns (ITRs) on time every year is very important. However, the process of filing ITRs can be quite daunting for many individuals.

#FinancialBytes: How can salaried individuals save on income tax?

10 Jun 2019

#FinancialBytes: How can salaried individuals save on income tax?

Income tax accounts for a major part of the government's revenue and salaried individuals form a significant chunk of the overall taxpayers in the country.

#FinancialBytes: How can salaried individuals save on income tax?

05 Jun 2019

#FinancialBytes: How can salaried individuals save on income tax?

Income tax accounts for a major part of the government's revenue and salaried individuals form a significant chunk of the overall taxpayers in the country.

#FinancialBytes: All about Public Provident Fund, its features, tax benefits

09 Apr 2019

#FinancialBytes: All about Public Provident Fund, its features, tax benefits

In India, the Public Provident Fund (PPF) is one of the most preferred long term tax-saving investment options for both salaried as well as non-salaried individuals.

#FinancialBytes: Everything about income tax slabs and rates for individuals

14 Mar 2019

#FinancialBytes: Everything about income tax slabs and rates for individuals

Income tax accounts for a major part of the government's revenue and salaried individuals form a significant chunk of the overall taxpayers in the country.

Authorities seize family's dog over unpaid taxes, sell it online

08 Mar 2019

Authorities seize family's dog over unpaid taxes, sell it online

Heard of "legal" dog tax? If not, this is news for you.

#Budget2019: Key highlights from Piyush Goyal's Budget speech

01 Feb 2019

#Budget2019: Key highlights from Piyush Goyal's Budget speech

With an eye on the upcoming Lok Sabha elections, due by May, Finance Minister Piyush Goyal, on Friday, made major announcements for the middle-class, farmers, and unorganized sector workers.

#FinancialBytes: Important financial deadlines to watch out for in 2019

02 Jan 2019

#FinancialBytes: Important financial deadlines to watch out for in 2019

Staying on top of key financial deadlines is essential to avoid penalties and have an organized financial life.

GST collection drops in December, stands at Rs. 94,726 crore

01 Jan 2019

GST collection drops in December, stands at Rs. 94,726 crore

Goods and Services Tax (GST) collection dropped to Rs. 94,726 crore in December 2018, lower than Rs. 97,637 crore collected in November.

Reduced GST rates on movie tickets, TVs effective from today

01 Jan 2019

Reduced GST rates on movie tickets, TVs effective from today

As a new year's gift to the common man, the government has notified a reduction in GST on a host of products and services including movie tickets, TVs, and computer monitor screens.

#FinancialBytes: Important financial deadlines to watch out for in 2019

15 Dec 2018

#FinancialBytes: Important financial deadlines to watch out for in 2019

Staying on top of key financial deadlines is essential to avoid penalties and have an organized financial life.

#FinancialBytes: Best ways for salaried individuals to save on tax

08 Dec 2018

#FinancialBytes: Best ways for salaried individuals to save on tax

Many taxpayers are often worried or confused about saving on income tax. Salaried individuals, especially, try to find tax-saving investment options to reduce tax liability every year.

#FinancialBytes: Opening PPF account for minors? Here's all about it

06 Dec 2018

#FinancialBytes: Opening PPF account for minors? Here's all about it

The Public Provident Fund (PPF) is one of the most-preferred long-term tax-saving investment options for both salaried and non-salaried individuals.

#FinancialBytes: Income tax deductions taxpayers can claim under Section 80C

29 Nov 2018

#FinancialBytes: Income tax deductions taxpayers can claim under Section 80C

Income tax accounts for a major part of the government's revenue and salaried individuals form a significant chunk of the overall taxpayers.

#FinancialBytes: What is income-tax refund and how to claim it?

27 Nov 2018

#FinancialBytes: What is income-tax refund and how to claim it?

Every year, crores of taxpayers across India file their Income Tax Returns (ITRs). However, when it comes to income tax refund, many are still ignorant about the same.

Goa: Event organizers upset with entertainment tax on free passes

23 Nov 2018

Goa: Event organizers upset with entertainment tax on free passes

The imposition of entertainment tax on free passes distributed by organizers for major events is a dampener for tourism in Goa, industry stakeholders have said.

#FinancialBytes: How to choose the best tax-saving mutual fund?

14 Nov 2018

#FinancialBytes: How to choose the best tax-saving mutual fund?

When it comes to mutual funds, many investors have one common question: How to choose the best tax-saving mutual fund?

#FinancialBytes: What is Form 26AS and how to view/download it?

13 Nov 2018

#FinancialBytes: What is Form 26AS and how to view/download it?

The Form 26AS, also known as Tax Credit Statement, is one of the important documents required for filing Income Tax Returns.

PM Modi emphasizes the responsibility of citizens towards society

25 Oct 2018

PM Modi emphasizes the responsibility of citizens towards society

PM Narendra Modi yesterday said more people are paying taxes because they have faith their money is being used properly, but pitched for a system where citizens do a little more than honestly paying taxes.

CBDT: From 2014-2018, number of Indian crorepatis rose by 60%

22 Oct 2018

CBDT: From 2014-2018, number of Indian crorepatis rose by 60%

On Monday, the Central Board of Direct Taxes (CBDT) released key tax statistics that indicate that the number of crorepatis in India are going up.

Film-lovers in Madhya Pradesh surviving theater crisis. Know what happened

21 Oct 2018

Film-lovers in Madhya Pradesh surviving theater crisis. Know what happened

Film lovers in Madhya Pradesh have been deprived of watching new releases since October 5 as over 400 theatres have downed shutters in protest against entertainment tax levied by some local bodies in the state.

Several records missing from Income Tax Department: CIC informed

19 Oct 2018

Several records missing from Income Tax Department: CIC informed

The Central Information Commission (CIC) has been informed that several records have gone missing from the Income Tax Department because of a restructuring drive in 2001 and 2013.

Know all about Income Tax in India

24 Aug 2018

Know all about Income Tax in India

Income tax refers to the percentage of your income that you're required to pay to the government under the Income Tax Act. Income tax is applicable to both individuals and companies and all types of income, be it from salary, capital gains, business/profession or any other source.

All you need to know about your Form 16

23 Aug 2018

All you need to know about your Form 16

As a salaried person, you must have heard the term 'Form 16'.

Income Tax collection at record Rs. 10.03 lakh crore: CBDT

17 Aug 2018

Income Tax collection at record Rs. 10.03 lakh crore: CBDT

Income Tax collection in the country stood at a record Rs. 10.03 lakh crore during 2017-18.

#FinancialBytes: 4 things to know if you haven't filed ITR

10 Aug 2018

#FinancialBytes: 4 things to know if you haven't filed ITR

The due date for filing ITRs for this year has been extended by a month, from the earlier deadline of July 31 to August 31.

IMF asks India to consider simpler GST rate structure

08 Aug 2018

IMF asks India to consider simpler GST rate structure

The International Monetary Fund (IMF) today described the Goods and Services Tax (GST) as a "milestone reform" in India's tax policy, which unifies numerous indirect taxes across all states of the federation and the central government.