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.
The Income Tax (IT) department on Friday conducted raids at multiple locations in Bihar's Patna, including the Shivpuri, Patel Nagar, and Boring Road premises of builder Gabbu Singh.
Direct Tax collection up to October 8 stood at Rs 8.98 lakh crore, which is 23.8 per cent higher than the gross collection for the corresponding period of last year. Direct tax collection, net of refunds, stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period of last year. This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23.
Income Tax department said that CBDT has issued refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers.
Mental health experts have written volumes that are in the public domain and easily accessible, if anyone at the helm is interested. This is an issue that does not seem to be on the priority list of anyone in the corridors of power.
The Income Tax Department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a real estate group of Delhi-NCR covering more than 35 premises across Delhi-NCR.
