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Budget 2025: Nirmala Sitharaman Says Will Introduce New Income Tax Bill Next Week
A new income tax bill - a direct tax code meant to simplify compliance for individual taxpayers - will be introduced next week, Finance Minister Nirmala Sitharaman said Saturday as she presented the Union Budget 2025.
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What Is Direct Tax Code And How It Is Different From Income Tax Act, 1961
A set of new tax laws called the Direct Tax Code is likely to simplify compliance for taxpayers soon.
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Top Tax Authority CBDT Forms Panel To Review Income Tax Law
An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said.
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Tax Assessments Against Congress Based On Incriminating Evidence: Sources
Income tax notices to the Indian National Congress were issued back in March 2023 and the assessment proceedings demanded for those seven years, as per law, were set to get time barred on March 31, 2024, according to sources.
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Recovery Of Rs 135 Crore From Congress As Per Income Tax Laws: Report
The Congress lost income tax exemption in 2018-19 due to extensive use of cash in the electoral process, sources said, justifying that Rs 135 crore tax recovery from the party was consistent with the provisions of the Income Tax Act.
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Chhattisgarh Polls: Unaccounted Cash, Illicit Liquor And Valuables Worth Over Rs 38 Cr Seized Since October 9
Unaccounted cash, illicit liquor and other items worth more than Rs 38.34 crore have been seized from separate places in the state till Sunday (October 29), he said.
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Rs 50 Crore Assets Attached After Raids In Case Against Samajwadi Party Leader
Newly constructed flats and a building complex in Varanasi and bank deposits worth about Rs 50 crore have been attached under the anti-benami properties law by the Income Tax department as part of its probe.
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Parliament Passes Bill to Levy 28 Percent GST on Online Games; Offshore Gaming Firms to Need Registration
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.
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"They Should Respect Laws": UK's Envoy To NDTV On BBC, Oxfam India Row
British organisations that are working in other nations must follow the laws of those countries, the UK's top diplomat in India told NDTV today, days after Indian authorities investigated the BBC and Oxfam India.
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India Weighs Higher Capital Gains Tax to Curb Inequality: Report
India is preparing an overhaul of its direct tax laws to replace a byzantine matrix of rules and help Prime Minister Narendra Modi reduce income inequality if he returns to power next year, according to people with knowledge of the matter.
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Rs 13,566 Crore Tax Demands Raised In 4 Years: Minister
The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday.
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'Some Trust Foreign News Outlets, But Not...': Minister On BBC Tax Survey
Union Law Minister Kiren Rijiju on Thursday hit out at those criticising the Income Tax survey at the offices of BBC, saying some people trust foreign news outlets but not Indian investigative agencies.
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"No One Is Above Law": Minister Anurag Thakur On Tax Survey At BBC Offices
Union minister Anurag Thakur today doubled down on the Income Tax Department "survey" at the Delhi and Mumbai offices of the BBC (British Broadcasting Corporation), saying "No one is above the law".
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"No One Above Law": Telangana Minister Back From Dubai After Raids In Mining Case
At Gangula Kamalakar's house, other places in Karimnagar, inspections by central agency ED and Income Tax team are likely to continue
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Rs 14,820 Crore Tax Demand Raised Under Black Money Law: Government
The government on Monday said it had raised a tax demand of Rs 14,820 crore after completing an assessment in 368 cases under the black money law dealing with undisclosed foreign income.
-
Budget 2025: Nirmala Sitharaman Says Will Introduce New Income Tax Bill Next Week
A new income tax bill - a direct tax code meant to simplify compliance for individual taxpayers - will be introduced next week, Finance Minister Nirmala Sitharaman said Saturday as she presented the Union Budget 2025.
-
What Is Direct Tax Code And How It Is Different From Income Tax Act, 1961
A set of new tax laws called the Direct Tax Code is likely to simplify compliance for taxpayers soon.
-
Top Tax Authority CBDT Forms Panel To Review Income Tax Law
An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said.
-
Tax Assessments Against Congress Based On Incriminating Evidence: Sources
Income tax notices to the Indian National Congress were issued back in March 2023 and the assessment proceedings demanded for those seven years, as per law, were set to get time barred on March 31, 2024, according to sources.
-
Recovery Of Rs 135 Crore From Congress As Per Income Tax Laws: Report
The Congress lost income tax exemption in 2018-19 due to extensive use of cash in the electoral process, sources said, justifying that Rs 135 crore tax recovery from the party was consistent with the provisions of the Income Tax Act.
-
Chhattisgarh Polls: Unaccounted Cash, Illicit Liquor And Valuables Worth Over Rs 38 Cr Seized Since October 9
Unaccounted cash, illicit liquor and other items worth more than Rs 38.34 crore have been seized from separate places in the state till Sunday (October 29), he said.
-
Rs 50 Crore Assets Attached After Raids In Case Against Samajwadi Party Leader
Newly constructed flats and a building complex in Varanasi and bank deposits worth about Rs 50 crore have been attached under the anti-benami properties law by the Income Tax department as part of its probe.
-
Parliament Passes Bill to Levy 28 Percent GST on Online Games; Offshore Gaming Firms to Need Registration
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.
-
"They Should Respect Laws": UK's Envoy To NDTV On BBC, Oxfam India Row
British organisations that are working in other nations must follow the laws of those countries, the UK's top diplomat in India told NDTV today, days after Indian authorities investigated the BBC and Oxfam India.
-
India Weighs Higher Capital Gains Tax to Curb Inequality: Report
India is preparing an overhaul of its direct tax laws to replace a byzantine matrix of rules and help Prime Minister Narendra Modi reduce income inequality if he returns to power next year, according to people with knowledge of the matter.
-
Rs 13,566 Crore Tax Demands Raised In 4 Years: Minister
The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday.
-
'Some Trust Foreign News Outlets, But Not...': Minister On BBC Tax Survey
Union Law Minister Kiren Rijiju on Thursday hit out at those criticising the Income Tax survey at the offices of BBC, saying some people trust foreign news outlets but not Indian investigative agencies.
-
"No One Is Above Law": Minister Anurag Thakur On Tax Survey At BBC Offices
Union minister Anurag Thakur today doubled down on the Income Tax Department "survey" at the Delhi and Mumbai offices of the BBC (British Broadcasting Corporation), saying "No one is above the law".
-
"No One Above Law": Telangana Minister Back From Dubai After Raids In Mining Case
At Gangula Kamalakar's house, other places in Karimnagar, inspections by central agency ED and Income Tax team are likely to continue
-
Rs 14,820 Crore Tax Demand Raised Under Black Money Law: Government
The government on Monday said it had raised a tax demand of Rs 14,820 crore after completing an assessment in 368 cases under the black money law dealing with undisclosed foreign income.
