by AIP Online Bureau | Feb 2, 2025 | Eco/Invest/Demography, Indian News, Policy, Wealth Management/ Philanthropy
Ravi Agrawal,Chairman, CBDT As per current data, about 74-75 per cent of individual taxpayers have moved to the new tax regime that was brought in by the government a few years back New Delhi: The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum...
by AIP Online Bureau | Nov 24, 2024 | Eco/Invest/Demography, Indian News, Policy, Risk Management
The shares obtained and income earned by resident tax Indians from their employers through employee stock options should also be disclosed to the Income-Tax Department by filling foreign assets and foreign source income schedule provided in the relevant ITR, a senior...
by AIP Online Bureau | Aug 17, 2024 | Health, Indian News, Policy, Wealth Management/ Philanthropy
Senior IT officials told that transactions over Rs 2 lakh in cash were required to be reported through a statement of financial transaction (SFT) by financial institutions but that was not happening. The department identified some of the businesses, such as hotels,...
by AIP Online Bureau | Mar 10, 2024 | Eco/Invest/Demography, Indian News, Policy, Technology
“On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified suchpersons/entities where payment of taxes for F.Y. 2023-24(A.Y. 2024-25) is not commensurate with the financial transactions made by the...
by AIP Online Bureau | Sep 5, 2023 | Data, Eco/Invest/Demography, Policy
More than 2.45 crore refunds have already been issued, it noted, adding it was committed to processing the remaining Income Tax returns in a speedy and efficient manner New Delhi: The Income Tax Department has so far processed more than 6 crore tax returns for the...
