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Income tax returns: The country's population may be the largest in the world, but Indians are still lagging behind in filing income tax returns. The latest data shows that only 6.68 per cent of India's population filed income tax returns for the financial year 2023-24, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya …

Top events today: Today, i.e on November 15, several events are set to take place. In addition to this, PM Modi is also expected to visit Odisha to mark the birth anniversary of tribal leader Birsa Munda and will also be visiting Bihar's Jamui. PM Modi to inaugurate first Bodoland Mahotsov in Delhi on November 15 Prime Minister Narendra Modi …

The results of Sri Lanka’s general election will be announced today after snap polls were announced by President Anura Kumara Dissanayake. Several leaders, including Union Ministers Amit Shah and Shivraj Singh Chouhan will hold rallies in poll-bound Jharkhand today An election official carries a ballot box next to security force personnel at a vote counting centre after the voting ended …

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Income tax liability on salaried individuals earning less than Rs 20 lakh a year, broadly described as middle class, has fell sharply during the 10 years of Prime Minister Narendra Modi-led government. Also, the income tax liability of those earning more than Rs 50 lakh has increased 3.2 times or 282 per cent, from Rs 2.52 lakh crore in 2014, …

Finance minister Nirmala Sitharaman said that the average time taken to process income tax returns has decreased from 93 days in 2013 to 10 days. Finance minister said that the 'average' processing time has been reduced to 10 days. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} No, not all ITRs are going to be processed in 10 days as the Finance minister said …

In the recent past, did you make a remittance outside India under the LRS scheme for your child’s education or book an overseas tour package? They will be able to claim TCS credit against the TDS deduction on their salary. Proposal for allowing credit of all TCS and TDS paid During her Budget 2024 speech, the Finance Minister proposed that …

Union finance minister Nirmala Sitharaman on Thursday underscored the government's steadfast commitment to enhancing taxpayer services as she highlighted a transformative shift in tax assessment methodologies over the past five years. Union Finance Minister Nirmala Sitharaman presents the Interim Budget 2024 in the Lok Sabha, at Parliament House in New Delhi, Thursday, Feb. 1, 2024. One of the standout achievements …

The Interim Budget 2024-25 will be presented by Finance Minister Nirmala Sitharaman on February 1 and experts indicate that major tax changes are unlikely. On interest on income tax refund, he said the AIS captures income tax refunds along with associated interest, there is room for improvement. However, in case the interest from income tax refund is not subject to …

On the occasion of 164th Income Tax Day celebrations, Finance Minister Nirmala Sitharaman will join the celebration at Plenary Hall, Vigyan Bhawan, New Delhi on Monday. @nsitharaman will preside over the 164th Income Tax Day celebrations in the presence of Union Minister of State for Finance Shri @mppchaudhary, tomorrow, 24th July 2023, from 18.00 Hours IST onwards at Plenary Hall, …

Finance minister Nirmala Sitharaman on Monday asked Infosys to fix the glitches on the new income tax portal by September 15. Amid various complaints from the taxpayers, finance minister met Infosys managing director and chief executive officer Salil Parekh on Monday to discuss the technical glitches on new income tax e-filing portal. Nirmala Sitharaman took a meeting with Mr. Salil …

April 1 will mark the beginning of a new financial year and will bring a slew of income tax changes. EPF tax rules Finance Minister Nirmala Sitharaman in Budget 2021 proposed that the interest on employee contribution towards provident fund be exempt up to the maximum of Rs 2.5 lakh, and any interest income from the contribution above this limit …

The new financial year begins on 1 April. Union Finance Minister Nirmala Sitharaman presenting Union Budget 2021 had announced a slew of changes in the income tax rules. Let's take a look at income tax changes that will come into effect from 1 April: TDS: In order to make more people file income tax returns, the finance minister has proposed …

Union Finance Minister Nirmala Sitharaman presenting Union Budget 2021 had announced a slew of changes in the income tax rules. Let's take a look at 5 income tax changes that will come into effect from 1 April: 1) PF tax rules: Interest on annual employee contributions to provident fund over ₹2.5 lakh would be taxed from 1 April 2021. 2) …

To ease the compliance burden on senior citizens who have been hit hard by the covid-19 crisis, finance minister Nirmala Sitharaman on Monday exempted individuals above 75 years from filing income tax returns. Once the declaration is furnished, the specified bank would be required to compute the income of such senior citizen after giving effect to the deduction allowable under …

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns. Under section 80TTB, seniors can claim up to Rs 50,000 interest income received from banks and post offices as a deduction from their income thereby making this type of interest income for senior …