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Budget 2021 should be aimed at improving credit access and enhance financial well-being by offering a wider choice of tax saving investments.
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The upcoming budget should further recognise the various modes of employment that exist today and enable the informal economy to flourish.
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New Delhi: The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks to boost demand, consulting firm PwC India said. Addressing a pre-budget session, Pwc India senior tax partner Rahul Garg said demand creation is particularly focussed on money being given […]
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Increase in the income tax slab limit is long overdue and it is something that salaried individuals look forward to during every budget. The new tax slabs are not working for many taxpayers. At the same time, inflation continues to be on the higher side. And it is likely that growth in income of salaried […]
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TDS, or tax deducted at source, is deducted at the source where an individual’s income is generated. As per the Income Tax Act, 1961, every individual/organization is liable to pay taxes if their income is above a certain threshold. Normally, the individual receiving income is liable to pay taxes. But TDS ensures tax deduction at […]
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The Income Tax department has launched a dedicated portal where citizens can provide information about benami property holdings and tax evasion can be submitted. The facility allows for filing of complaints by persons who are existing PAN/Aadhaar holders as well as for persons having no PAN /Aadhaar. After an OTP based validation process (mobile and/or […]
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Late filing of IT returns may lead to fines being imposed on the taxpayer.
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New Delhi: The Income Tax Department on January 13 said it has issued refunds worth over Rs 1.73 lakh crore to more than 1.57 crore taxpayers in the ongoing fiscal till January 11. Of this, personal income tax refunds are worth Rs 57,139 crore, while corporate tax refunds are worth Rs 1.15 lakh crore. CBDT […]
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After an incredibly tough year, there are high expectations from this year’s Union Budget. Measures that will put more disposable income in the hands of the common man and boost economic sentiment would be most welcome. I would like to see a new section being created in the Income Tax Act to provide enhanced, comprehensive […]
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Mumbai: SBI economists have pitched for avoiding new taxes and urged the government to settle past litigations. “There must not be any new taxes in the Budget. Let us have a tax holiday budget, with carefully crafted policies for immediate fiscal lubrication. A gamechanger in the budget could be an honest attempt to settle cases […]
