Diabytes
Tax payers News
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DNA: Good news has come in SBI's report, SBI continues to report on increasing the income of the common man.
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Union Budget 2023-24 will be presented on Feb 1. Taxpayers will also have an eye on the budget, scroll down for the direct link and detailed procedure to calculate Income Tax
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Everyone is thinking about "how to submit income tax," thus we are providing you with a straightforward income tax calculator, scroll down for the direct link and steps to calculate Income Tax
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"One crore taxpayers have been registered under the GST till January 24, of which 17.11 lakh are composition dealers," an official statement said.
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Presently, businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for every month. These forms detail outward supplies of taxable goods and/or services, inward supplies for claiming input tax credit and monthly return.
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The government had mandated linking of PAN with Aadhaar by the extended deadline of August 31.
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As India transits to a new era with rollout of GST, the government is leaving no stone unturned for a smooth switchover and has asked tax offices to convert into GST Seva-Kendras to provide all assistance to tax payers.
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Replying to income tax scrutiny notices with supporting documents will soon be just a click away.
The total number of certificates issued by CBDT now stands at approximately 23 lakh.
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India has just 24.4 lakh tax payers who declared an annual income of over Rs 10 lakh yet 25 lakh new cars, including 35,000 luxury cars, are being bought every year for last five years, a top official said.
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The income tax department has conducted the fifth cycle of data matching which has identified an additional 67.54 lakh potential non-filers who have carried out high value transactions in the financial year 2014-15 but did not file return of income for the relevant assessment year i.e. A.Y 2015-16.
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India has expressed reservations on World Bank's 'Doing Business Report' where it has been ranked 172 amongst 190 countries, Finance Minister Arun Jaitley said Friday.
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In a relief to tax payers, the government has asked taxmen not to proceed with recovery of a 'confirmed' demand in relation to indirect taxes during pendency of stay applications.
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The new 10 percent Dividend Tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
To ease communication with the Income-Tax department, the government has allowed tax payers to reply to notices using their registered email address.
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The Income Tax department does not withhold refunds of small taxpayers nor does it generally select their tax returns for scrutiny and detailed analysis, the CBDT has said in an attempt to dispel two of the biggest concerns of this category of assesses.
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The finance minister said honest taxpayers need not fear and pointed out that of the over five crore assesses, only three lakh cases were taken up for scrutiny through a random process.
Finance Minister Arun Jaitley on Saturday said that he does not favour burdening the salaried and middle-class with more taxes but would go after the evaders in widening the net.
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