Failure to disclose assets held abroad or income earned on foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law, the Income-Tax (I-T) Department cautioned taxpayers on Sunday.
Finance Minister Nirmala Sithraman said in the Parliament on Wednesday that the primary aim of the Union Budget for 2024-25 is to simplify the tax regime and ensure equitable treatment of all asset classes, as she confirmed the relaxation of the real estate indexation rules.
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As per the provisions of Section 114 of the DMC Act, 2003 (Amended), all buildings and vacant land falling under the jurisdiction of the MCD are liable to pay property tax, it said.
Days after several income tax payers had received notices for wrongly claiming tax deductions under Section 80 P, the Income…
The president was speaking to officer trainees of the 76th batch of the IRS and Assistant Executive Engineers of CPWD (2020 and 2021 batches) who called on her at the Rashtrapati Bhavan.
On giving tax relief to persons with disability, Sitharaman said the law currently provides for deduction to the parent or guardian when they take an insurance scheme for the differently abled person only if the lump sum payment or annuity is available to the differently abled person on the death of the subscriber.
The Food and Civil Supplies Department has been able, with the help of the Income Tax Department, to identify the rich people who have taken BPL cards, Karnataka Food and Civil Supplies Corporation Ltd Commissioner, Dr Shamla Iqbal, said.
KMC board chairman Firhad Hakim said those taxpayers who have received the KMC property tax bill till 31 March in the financial year 2019-20 will be eligible for the tax waiver.
In a tweet earlier in the day, PM Modi said the initiative will strengthen the Government's efforts of reforming and simplifying the tax system and will benefit several honest taxpayers, whose hard work powers national progress.
