Ahead of the Union Budget 2025, the EY India has said the government is expected to focus on boosting private capex, tax simplification and reduction in personal income tax, particularly for the lower-income groups, to stimulate demand.
The Confederation of Indian Industry (CII) on Sunday urged the Central government to reduce the income tax for individuals and cut excise duty on fuels to increase disposable incomes in the hands of consumers, which would increase spending thereby spurring economic growth.
The total number of women filing income tax returns in India has shot up by a robust 25.3 per cent in the last four years from 1.83 crore in assessment year (AY) 2019-20 to over 2.29 crore in AY 2023-24, according to figures compiled by the Income Tax Department.
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.
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.
“The collections under DMF as well as interest accrued will be exempted from IT. A Gazette notification has been issued to this effect,” said Coal and Mines Minister Pralhad Joshi here on Saturday.
The deadline for filing ITR for the last financial year was extended to September 30, 2021, in a bid to provide relief to taxpayers amid the pandemic.
