Small businesses with turnover up to ₹1.5 crore can become income tax free due to full rebate
5 years, 11 months ago

Small businesses with turnover up to ₹1.5 crore can become income tax free due to full rebate

Op India  

In the interim budget presented by caretaker finance minister Piyush Goyal on February 1, a major relief has been provided to the income taxpayers, with the increase in the threshold for the rebate. Due to this, small businesses and traders having an annual turnover up to ₹1.5 crore may not need to pay any income tax. The section 44AD of the Income Tax Act provides the small businesses with the option to use a presumptive profit to calculate tax liabilities instead of maintaining accounts for the same. Now, let’s take the case of income tax a small business with cashless transaction having an annual turnover of ₹1.5 crore in cashless transactions in both pre-budget and post-budget scenario. Particulars Before Interim Budget After Interim Budget Total Turnover of Business ₹1,50,00,000 ₹1,50,00,000 Presumptive profit rate 1 6% 6% Profit as calculated u/s 44AD ₹9,00,000 ₹9,00,000 Income from other sources ₹10,000 ₹10,000 Gross Taxable Income ₹9,10,000 ₹9,10,000 Deduction under Section 80C Deduction under Section 80CCD Deduction under Section 80D Deduction under Section 80TTA Deduction under Section 24 Net Taxable Income ₹4,75,000 ₹4,75,000 Income Tax ₹11,250 ₹11,250 Less: Rebate under section 87A Nil Total tax payable after Rebate ₹11,250 Nil Health & Education Cess @4% ₹450 Nil Total Income Tax Payable ₹11,700 Nil Therefore, while earlier the taxpayer would have to pay ₹11,700 as income tax including cess, now full rebate of tax can be obtained, if various exemptions are claimed.

Business Tax Income Tax Income Small Businesses Crore Businesses Small Deduction Turnover Rebate Presumptive Full Rebate Presumptive Income  turnover  business  crore  income  free  15  businesses  tax  deduction  rebate  small  presumptive  10000

History of this topic

Budget 2025: Five income tax changes that you can expect in Nirmala Sitharaman’s speech
4 days, 4 hours ago

Budget 2025: Five income tax changes that you can expect in Nirmala Sitharaman’s speech

Live Mint  

As Finance Minister Nirmala Sitharaman prepares for Budget 2025 announcements, several anticipated income tax reforms may impact salaried people. 5 income tax changes that you can expect in Budget 2025 1)Income tax slab rate The government may further promote the new tax regime by offering additional benefits to make it more attractive to taxpayers. Current tax slabs under the new …

Mohandas Pai shares his Budget 2025 wishlist: No tax up to ₹5 lakh, large tax slabs, relief for middle class & more
1 week, 6 days ago

Mohandas Pai shares his Budget 2025 wishlist: No tax up to ₹5 lakh, large tax slabs, relief for middle class & more

Live Mint  

Former Infosys CFO TV Mohandas Pai has requested a set of reforms in the upcoming budget, which is scheduled to be announced in February 2025. Pai has asked Prime Minister Narendra Modi to make Budget 25-26 “a year of Big Reforms.” In a post on X, he suggested a list of reforms the government could implement. The former Infosys CFO …

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?
2 weeks, 4 days ago

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?

Live Mint  

Every year, India’s salaried class eagerly awaits relief in income tax. New income tax regime Individuals earning up to ₹3 lakh annually are exempt from income tax under the new tax regime that was implemented in 2020. Slabs Tax rate Upto ₹ 3 lakh Nil ₹ 3-7 lakh 5% ₹ 7-10 lakh 10% ₹ 10-12 lakh 15% ₹ 12-15 lakh …

Income Tax: 5 key points to consider before submitting proof of investments to your employer
4 weeks ago

Income Tax: 5 key points to consider before submitting proof of investments to your employer

Live Mint  

If you are a salaried employee and have already made investments in some tax-saving instruments, it is imperative that you declare the same to your employer so that your salary in the last two months of fiscal 2025 is not reduced substantially. For instance, if you have invested ₹1 lakh towards an insurance premium and another ₹50,000 in the equity …

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate
Trending News
2 months ago

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate

Live Mint  

Data from the Income Tax Department reveals a shift in India’s tax landscape over the past decade, with the share of tax collected from individuals earning less than ₹10 lakh dropping from over 10% to 6.22%. Tax collection from this group has tripled, rising from ₹2.52 lakh crore in 2014 to ₹9.62 lakh crore in 2024, data showed. “Tax liability …

It is time India started indexing tax slabs and exemptions with inflation
Trending News
2 months ago

It is time India started indexing tax slabs and exemptions with inflation

Live Mint  

NEW DELHI : One of the big stories of the Indian economy has been the sharp increase in personal income tax collections. As the government’s revenue from personal income tax rises, it will likely face greater scrutiny and higher taxpayer expectations regarding the tax system's efficiency, transparency, stability, and fairness. The old tax regime evolved over several decades, allowing individuals …

Income Tax Filers Exceed 2.3 Lakh, with High Majority Being Businesspersons and Professionals
2 months, 3 weeks ago

Income Tax Filers Exceed 2.3 Lakh, with High Majority Being Businesspersons and Professionals

Hindustan Times  

Number of taxpayers with over ₹1 crore of taxable income rose significantly in the assessment year 2023-24. The number of taxpayers with more than ₹1 crore of taxable income increased by more than five times, reaching nearly 2.3 lakh. This surge in income earners is attributed to the rise in the number of salaried individuals earning over ₹1 crore, with …

Net direct tax collection rises 22% so far this fiscal
5 months ago

Net direct tax collection rises 22% so far this fiscal

Live Mint  

New Delhi: The central government’s direct tax collection has risen 22.48% so far this fiscal. Personal tax collection jumped 30% year-on-year to ₹4.47 trillion, while corporate taxes have risen 6% to ₹2.22 trillion. For FY25, the government targets a corporate tax mop-up of ₹10.2 trillion and personal income tax collection of ₹11.87 trillion. The total direct tax collection before adjusting …

New income tax regime: Check how much tax you will pay now
5 months, 3 weeks ago

New income tax regime: Check how much tax you will pay now

India Today  

Finance Minister Nirmala Sitharaman announced key changes to the New Income Tax regime, tweaking tax slabs and increasing the standard deduction. Read Full Budget 2024 Coverage The Finance Minister highlighted that over two-thirds of tax filers chose the new personal income tax regime in the last fiscal year. New Tax Regime after revision The revised tax slabs under the New …

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways
5 months, 3 weeks ago

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways

Hindustan Times  

Finance minister Nirmala Sitharaman on Tuesday proposed the much-awaited change in the income tax slabs as she tabled the first Union Budget of the new Narendra Modi government. "Under the new tax regime, tax rate structure to be revised as follows - ₹0- ₹3 lakh -Nil; ₹3-7 lakh -5%; ₹7-10 lakh-10%; ₹10-12 lakh-15%; ₹12-15 lakh- 20% and above ₹15 lakh-30%," …

Old vs proposed income tax slabs under new regime. What has changed?
5 months, 3 weeks ago

Old vs proposed income tax slabs under new regime. What has changed?

Hindustan Times  

Union finance minister Nirmala Sitharaman on Tuesday proposed a new tax structure under the new regime. Budget 2024: Mobile phones, chargers to get cheaper; Nirmala Sitharaman proposes cut in customs duty The new tax slabs under the new income tax regime will be effective from April 1, 2024.. Proposed Tax Structure: Income up to ₹ 3,00,000: Nil 3,00,000: Nil ₹ …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months, 4 weeks ago

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?

Hindustan Times  

The Union Budget 2024 could provide Income Tax relief for low earners looms large amid rising prices in the country. Experts believe that a reduction in Income Tax could address economic challenges in the country as Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 on July 23. This change would boost consumption, …

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?
6 months, 4 weeks ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times  

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed …

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
9 months, 2 weeks ago

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab

India TV News  

As the new financial year begins on April 1, there will be changes to India's income tax regulations. The Centre will implement the New Tax Regime as the default setting, which implies that unless individuals manually choose to abide by the old tax structure, taxes will be automatically assessed and applied according to this new system. The tax slabs will …

Major Income Tax Reforms Effective From April 1: What You Need To Know
9 months, 3 weeks ago

Major Income Tax Reforms Effective From April 1: What You Need To Know

ABP News  

In the wake of the new fiscal year, April 1, 2024, sweeping changes in the tax landscape herald major implications for personal finances. Streamlined Slabs & Expanded Basic Exemption Limit Under the new tax regime, the minimum tax threshold has been raised from Rs 2.5 lakh to Rs 3 lakh. Increased Tax Rebate Threshold Individuals opting for the new tax …

Income Tax: Small outstanding tax demands remitted. How to check your status?
10 months, 3 weeks ago

Income Tax: Small outstanding tax demands remitted. How to check your status?

Live Mint  

The income tax department has announced that eligible outstanding direct tax demands have been remitted and extinguished. Withdraw tax demands It is worth remembering that the government proposed to withdraw outstanding direct tax demands dating to years and decades ago. There were some old disputed tax demands — dating back to 1962 — causing anxiety to the honest tax payers. …

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers
10 months, 3 weeks ago

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers

Live Mint  

The government has recently announced a scheme to waive off small outstanding income tax demands, setting a ceiling of ₹1 lakh per taxpayer. The scheme aims to provide relief to taxpayers burdened with old outstanding tax demands. Criteria for waiver Finance Minister Nirmala Sitharaman had announced during the interim budget that small outstanding direct tax demands of ₹25,000 or less …

Income Tax: Submit investment proof soon to prevent TDS from eating into your salary
1 year ago

Income Tax: Submit investment proof soon to prevent TDS from eating into your salary

Live Mint  

If you have already made investment in some of the tax-saving instruments such as insurance, PPF and NPS, among others, it is imperative that you submit the proof of your investment at the earliest so that your employer does not deduct more tax than required. But when you didn’t submit the documents, the tax towards this income of ₹1.5 lakh …

Leave encashment tax-free till ₹25 lakh for private sector employees. Details
1 year, 7 months ago

Leave encashment tax-free till ₹25 lakh for private sector employees. Details

Hindustan Times  

In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to ₹25 lakh. The increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to ₹25 lakh with effect from April 1, 2023. "In pursuance to the proposal …

From Apr 1, these 10 big income tax rule changes to be effective. Details
1 year, 9 months ago

From Apr 1, these 10 big income tax rule changes to be effective. Details

Hindustan Times  

The new financial year 2023-24 will begin on April 1 and the announcements made by Union finance minister Nirmala Sitharaman in the annual Feb 1 Union budget will come into effect as soon as FY23 kicks in. Representational Image Here are, therefore, the 10 major income tax rule changes effective from April 1: Default tax regime: As announced by the …

New tax regime, rules to roll out from Apr 1. Here’s what taxpayers need to know
1 year, 9 months ago

New tax regime, rules to roll out from Apr 1. Here’s what taxpayers need to know

Live Mint  

The tax rates which a taxpayer needs to pay on their income and income from other sources will be changing from April 1st, 2023. The updated income tax slab for the new tax regime will be as follows: - Above ₹15 lakh income, the tax rate would be 30% - Between ₹12 lakh to ₹15 lakh income, the tax rate …

New income tax regime: How to save tax if annual income is above ₹7 lakh?
1 year, 11 months ago

New income tax regime: How to save tax if annual income is above ₹7 lakh?

Live Mint  

New income tax regime: In the union budget 2023, finance minister Nirmala Sitharaman made some changes in the new income tax regime to make it more attractive for a taxpayer going to file income tax return in the financial year 2023-24. Speaking on the new income tax regime, Pankaj Mathpal, MD & CEO at Optima Money Managers said, "Section 87A …

How taxes are calculated on salary above ₹7 lakh in new regime? A quick view
1 year, 11 months ago

How taxes are calculated on salary above ₹7 lakh in new regime? A quick view

Live Mint  

One of the biggest limelight of the Budget 2023 is none other than personal income tax slabs which have been modified further and are likely to boost consumption demand. - The income Tax rebate limit is increased to ₹7 lakh from ₹5 lakh - The surcharge rate is slashed to 25% from 37% under the new tax regime. The income …

New Tax System Less Complicated…Every Indian Should Make A Choice: FM to News18
1 year, 11 months ago

New Tax System Less Complicated…Every Indian Should Make A Choice: FM to News18

News 18  

Terming the new tax system “better" and “least complicated", Union Finance Minister Nirmala Sitharaman, speaking exclusively to Rahul Joshi, Group Editor-in-Chief, Network18, two days after she presented Budget 2023-24 in Parliament on February 1, said the government has not set a timeframe for the new regime. I believe at least 50% people will shift": FM #NirmalaSitharaman on New Tax Regime …

Budget 2023: How the new tax regime is different from the existing one
1 year, 11 months ago

Budget 2023: How the new tax regime is different from the existing one

Hindustan Times  

A look at the old and new income tax slabs. Those individuals with income between ₹5 lakh and ₹7 lakh had to pay 10 per cent tax. The tax payers earning between ₹7.5 lakh and ₹10 lakh had to pay 15 per cent income tax. Those earning between ₹3 lakh and ₹6 lakh will have to pay 5 per cent …

Budget 2023: Big hike in tax exemption on encashed leaves for non-govt staff
1 year, 11 months ago

Budget 2023: Big hike in tax exemption on encashed leaves for non-govt staff

Hindustan Times  

The centre on Wednesday proposed a massive hike in tax exemption on leave encashment of non-government salaried employees - to ₹25 lakh from ₹3 lakh. limit of ₹3 lakh for tax exemption on leave encashment on government salaried employees. Other tax highlights in Budget 2023 The finance minister also outlined changes to income tax slabs - for those filing under …

No income-tax upto Rs 7 lakh in new tax regime
1 year, 11 months ago

No income-tax upto Rs 7 lakh in new tax regime

Deccan Chronicle  

Mumbai: In a bid to encourage individuals to move towards the new personal income- tax regime, the Centre increased the rebate limit, revamped the personal income slabs and reduced the tax rates thereby bringing down the tax outgo for the middle class. The minister announced an increase in rebate limit from Rs 5 lakh to Rs 7 lakh per annum …

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax
1 year, 11 months ago

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday announced that those earning up to ₹7 lakh a year need not pay any income tax under the new tax regime, giving a push for the regime which disallows all exemptions on investments. Those earning up to ₹7 lakh annually and opting for new tax regime, could save ₹33,800. “It is proposed to increase …

Budget 2023 new income tax slabs: How to calculate your tax
1 year, 11 months ago

Budget 2023 new income tax slabs: How to calculate your tax

Hindustan Times  

In a big relief for the middle class, finance minister Nirmala Sitharaman on Wednesday announced five income tax measures in the last full budget of the government before the 2024 Lok Sabha elections. People earning up to ₹7 lakh annually will not pay any income tax in the new tax regime as the personal income tax rebate limit has been …

Budget 2023: No income tax up to ₹7 lakh, revised tax slabs for new regime
1 year, 11 months ago

Budget 2023: No income tax up to ₹7 lakh, revised tax slabs for new regime

Hindustan Times  

There will be no income tax up to ₹7 lakh in the new tax regime, announced Union finance minister Nirmala Sitharaman in the Union Budget 2023 on Wednesday. “The government proposes to increase income tax rebate limit from ₹5 lakh to ₹7 lakh in the new tax regime,” said Sitharaman. Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 …

Budget 2023: How are old and new income tax slabs different from each other
1 year, 11 months ago

Budget 2023: How are old and new income tax slabs different from each other

Hindustan Times  

The income tax slabs were last changed in 2014, when the personal tax exemption limit was revised, too. From the upcoming budget 2023, taxpayers are expecting the current tax slab with basic exemption limit of ₹2.5 lakh income to be increased to ₹5 lakh, in lieu of rising inflation and cost of living. New tax slabs 1) Annual income of …

Budget 2023: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements
1 year, 11 months ago

Budget 2023: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements

India TV News  

Budget 2023: In a big relief for the common man, the Modi government on Wednesday increased the personal income tax rebate to Rs 7 lakh per annum. The income tax rebate is one of the 5 major announcements made by Finance Minister Nirmala Sitharaman in the first budget of 'Amrit Kaal'. Sitharaman tweaked the slabs to provide some relief to …

Budget 2023: Check The Difference Between Income Tax Exemption, Deductions, Rebate
1 year, 11 months ago

Budget 2023: Check The Difference Between Income Tax Exemption, Deductions, Rebate

News 18  

Income Tax Exemption Vs Rebate Vs Deductions: The Union Budget 2023, which will be tabled in Parliament on Febuary 1, will be keenly watched by taxpayers as they look forward to relaxations in taxability of their income. Various exemptions have been given under the Income Tax Act, 1961, from income under the head salary like house rent allowance and from …

Net direct tax kitty crosses ₹7 lakh crore
2 years, 3 months ago

Net direct tax kitty crosses ₹7 lakh crore

The Hindu  

India’s net direct tax collections have crossed ₹7 lakh crore so far this year, 23.33% higher than the same period last year, signalling a clear post-pandemic rebound in the economy, the Finance Ministry said on Sunday. Net direct tax collections as on Saturday stood at ₹7,00,669 crore, compared to ₹5,68,147 crore as of September 17, 2021, with corporate taxes inflow …

Centre mulls cutting tax rates in new income tax regime
2 years, 4 months ago

Centre mulls cutting tax rates in new income tax regime

Live Mint  

BENGALURU/NEW DELHI : The finance ministry is working to sweeten the two-year-old exemptions-free personal income tax regime by offering lower tax rates, a government official said, after the new system failed to click with taxpayers. “We have not seen much traction for the new personal income tax regime without exemptions so far. Similarly, the Centre is exploring ways to do …

Tax & investment tips for young earners
2 years, 10 months ago

Tax & investment tips for young earners

Live Mint  

Ramesh Verma, 28, has his tax planning game on point. “I have little liquid savings but with my current tax-saving plan my taxable income is below ₹5 lakh exemption limit and I don’t have to pay any tax," he said. Opt for new regime As we are nearing the deadline to make tax-saving investments, instead of rushing into an unsuitable …

Income tax rebate under Section 87A for income up to ₹5 lakh - Explained
3 years, 8 months ago

Income tax rebate under Section 87A for income up to ₹5 lakh - Explained

Live Mint  

The government has not changed the basic exemption limit of 2.50 lakh for some time as the government does not want people to go out of the tax net and be exempt from filing ITR. 2.50 lakh is applicable for all Individuals and HUFs whether resident or non-resident but the rebate under Section 87A is available only to an individual …

Direct tax collection exceeds FY-21 estimate by 4.42% at ₹9.45 lakh crore
3 years, 9 months ago

Direct tax collection exceeds FY-21 estimate by 4.42% at ₹9.45 lakh crore

Hindustan Times  

Rajeev Jayaswal The net direct tax collections of ₹ 9.45 lakh crore include corporation tax at ₹ 4.57 lakh crore and ₹ 4.88 lakh crore personal income tax. [email protected] New DelhiThe Union government’s net direct tax collections for the year 2020-21 surpassed the revised estimate by 4.42% at ₹9.45 lakh crore, the finance ministry said on Friday, disclosing figures that …

Union Budget 2021 | Income tax calculator
3 years, 11 months ago

Union Budget 2021 | Income tax calculator

The Hindu  

Without making any changes to the personal income tax slab, the Union Budget 2021- 22 has provided relief to senior citizens in the filing of I-T returns; reduced the time limit for I-T proceedings; announced the setting-up of a Dispute Resolution Committee and faceless Income Tax Appellate Tribunal proceedings; provided relaxations for Non-Resident Indians ; offered an increase in the …

Wanted: Empathy for citizens who must live off past savings
4 years, 1 month ago

Wanted: Empathy for citizens who must live off past savings

Live Mint  

In response to my column last Monday on the plight of India’s middle class, I received quite a few mails. Among those who contacted me was a 74-year-old Indian Institute of Technology alumnus who retired as executive director of one of India’s finest central public sector units. Till this year’s budget, there were higher minimum tax exemption limits for senior …

CBDT issues refunds of over ₹1,29,190 cr to nearly 4 mn taxpayers since April
4 years, 2 months ago

CBDT issues refunds of over ₹1,29,190 cr to nearly 4 mn taxpayers since April

Live Mint  

New Delhi: The Central Board of Direct Taxes on Wednesday said it has so far issued over ₹1,29,190 crore in refunds to over 39.49 lakh taxpayers from April till November 3. As per the I-T Department, income tax refunds of ₹34,820 crore have been issued in connection with 37,55,428 cases and corporate tax refunds of ₹94,370 crore have been issued …

New financial year begins: Tax regime and other changes which will come into effect from April 1
4 years, 9 months ago

New financial year begins: Tax regime and other changes which will come into effect from April 1

Hindustan Times  

India is entering a new financial year from today, which will see implementation of a new income tax structure and other changes. Here is a list of the new rules what are going to take effect from today: New income tax slabs: Finance Minister Nirmala Sitharaman had proposed new income tax structure for individuals willing to forego certain exemptions and …

Income tax new rules: 5 changes that come into effect from today
4 years, 9 months ago

Income tax new rules: 5 changes that come into effect from today

Live Mint  

The current financial year 2019-20 is closing on 31st March as usual and the new financial year 2020-21 is starting from today. Here are some changes in income tax rules that will come into effect from April 1, 2020, as announced in Budget 2020: 1) New tax slabs, as announced in Budget 2020, will come into effect. But under this …

Budget 2020: Income tax slabs lowered for those who forgo exemptions
4 years, 11 months ago

Budget 2020: Income tax slabs lowered for those who forgo exemptions

The Hindu  

In a proposal to simplify the personal income tax regime, Finance Minister Nirmala Sitharaman, in the Union Budget 2020 speech, said the income tax rates would be “significantly reduced” for those who forgo reliefs and exemptions and the new rates would be optional. Accordingly, a person earning Rs 15 lakh per anum and not availing any deductions will pay ₹1.95 …

Income Tax Slabs revised, BIG relief to middle class. Details here
4 years, 11 months ago

Income Tax Slabs revised, BIG relief to middle class. Details here

India TV News  

Income Tax Slab Revision 2020-21: Finance Minister Nirmala Sitharaman on Saturday delivered major relief to tax payers by slashing tax rates and restructuring the tax slabs. Presenting the Budget 2020 in the Lok Sabha, Sitharaman proposed to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5 to 7.5 lakhs …

Decoding the great Indian taxpayer
5 years, 2 months ago

Decoding the great Indian taxpayer

Live Mint  

The salaried income tax payer in India often feels cheated. A small portion of India’s salaried population pays the bulk of its individual income tax, which gets redistributed to others and doesn’t benefit the taxpayers that much. Further, a huge jump in the income declared by the salaried class has essentially been responsible for the overall increase in individual income …

Interactive: Compare your income with other taxpayers
5 years, 2 months ago

Interactive: Compare your income with other taxpayers

The Hindu  

As many as 5.52 crore individual income taxpayers filed their returns in Assessment Year 2018-19, 18% higher than the previous AY, according to the Income Tax Department’s tax data released recently. Individuals owed a total of ₹3.17 lakh crore in income tax in AY 2018-19 -- about 16% higher than the previous year. If you are not able to view …

Income tax department releases data on crorepati taxpayers
5 years, 2 months ago

Income tax department releases data on crorepati taxpayers

Live Mint  

If data from the income tax department's records is taken into account, India had more than 97,000 people earning a taxable income of over ₹1 crore in the financial year 2017-18. 7 things to know about income tax department's statistics: 1) India's super-rich club of those earning taxable income of above ₹500 crore has only 3 individuals. 2) Interestingly, over …

Corporate tax reliefs to spur growth, create jobs: India Inc
5 years, 3 months ago

Corporate tax reliefs to spur growth, create jobs: India Inc

The Quint  

Bengaluru, Sep 20 The series of tax reliefs Union Finance Minister Nirmala Sitharaman announced in New Delhi on Friday would revive the economy, boost investment, spur growth and create jobs, said India Inc honchos across the sectors. "The corporate tax relief measures are a concrete step to stabilise the economy, boost investment, spur growth and create jobs in key sectors," …

New income tax slabs: Here are 5 rates proposed to govt, says report
5 years, 4 months ago

New income tax slabs: Here are 5 rates proposed to govt, says report

Live Mint  

A government-appointed task force earlier this month submitted its report to the Finance Ministry on new Direct Tax Code, which seeks to replace the existing Income Tax Act. The task force has not recommended raising of the income tax exemption limit from the current level of ₹2.5 lakh but has suggested five tax brackets of 5%, 10%, 20%, 30% and …

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