The number of crorepati taxpayers in India increased five times to 2.2 lakh in the income tax assessment year (AY) 2024, compared to AY 2014, according to a new report.
Coming after a wait of almost six months, the Uni on Budget had kindled hopes in many breasts only to be dashed rudely by the Budget document. People who had set their sights on increasing their take home in come were left wondering whether they were better off earlier.
The Revenue Secretary further stated that the efforts of the government will continue to provide a hassle-free, simple, and collaborative approach towards the implementation of taxes.
As a result of these changes, the finance minister said, a salaried employee in the new tax regime stands to save up to Rs 17,500.
The Supreme Court on Friday said that it will hear on July 22 a batch of petitions seeking a probe by a Special Investigation Team (SIT) into the alleged instances of quid pro quo arrangements between corporates and political parties through Electoral Bonds donations.
Preliminary investigations revealed that the Huawei group had made inflated payments against receipt of technical services from its related parties outside India, said a senior officer of the Finance Ministry here on Thursday.
It would have been better if the Budget had focussed more on issues affecting the common man. For example, inflation and unemployment are not mentioned at all in the FM's Budget speech. Co-operative Societies have got some relief from tax in the Budget, but individuals and partnership firms continue to be taxed at double the rates of manufacturing companies. Expectations of the middle class regarding lower petrol prices, increased standard deduction, increased 80C limit etc. have all been belied
According to the Central Board of Direct Taxes (CBDT), a large number of incriminating evidence in the form of documents, diary notings and digital data showing earning of huge unaccounted income by the group and its investment in assets have been found and seized.
The IT department has also seized fourteen bank lockers which were allegedly used to keep the unaccounted cash, benami property papers and jewellery, said a senior officer of the Finance Ministry.
Over 13.44 crore unique taxpayers have logged in till 13th October, 2021.
