Tax Reform
The government’s new Income Tax Bill promises to streamline taxation with simpler language and fewer sections.
The government’s new Income Tax Bill promises to streamline taxation with simpler language and fewer sections.
Budgets come and go leaving behind a sea of unfulfilled expectations of taxpayers. However, Budget 2025 will long be remembered as one of the few Budgets that warmed the cockles of middle-class hearts.
A pre-budget survey reveals that individual taxpayers want relief on the personal tax front to increase their disposable income in Budget 2025-26 to be presented in Parliament by Finance Minister Nirmala Sitharaman on February 1.
The Centre on Friday cautioned citizens against fraudsters issuing fake and fraudulent summons for Goods and Services Tax (GST) violations.
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.
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.
The Central Board of Direct Taxes has extended the deadline in view of some taxpayers facing difficulties in filing their ITR due to various reasons including the extension of due date for issue of Form 16
