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.
Congress Rajya Sabha member Dhiraj Sahu, who was in the news following a Rs 350 crore cash recovery from his premises, has revised his income tax returns and paid taxes for Rs 150 crore, according to sources.
The Kerala High Court on Monday asked the Centre government to produce documents related to the investigation initiated by it against the firm owned by state Chief Minister Vijayan's daughter Veena T.
Life Insurance Corporation of India has received orders for Rs 3,528 crore from Income Tax authorities regarding Income Tax demand issued by Assistant Commissioner of Income Tax, Mumbai.
The Rajya Sabha MP further clarified that the money belongs to his family and other related liquor firms.
Officers of Income Tax (I-T) department conducted raids at the house and offices of former TMC MLA from Raniganj, Sohrab Ali and his other business associates in nine different locations.
