Income Tax

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Tax payers may get some relief from budget on Friday

Tax payers will be looking forward to some relief from Finance Minister Pranab Mukherjee who is expected to raise the income tax exemption limit to at least Rs 2 lakh in his budget proposals to be

MPs want new code to benefit taxpayers more

The parliamentary standing committee on finance, which submitted its report on the Direct Tax Code Bill to Lok Sabha Speaker Meira Kumar on Friday, has recommended hiking the tax exemption limit to Rs

Raise IT exemption limit to Rs 3 lakh, says Par panel on DTC

Ahead of the Budget, a Parliamentary panel that scrutinised the Direct Taxes Code (DTC) Bill has suggested that income tax exemption limit be raised to Rs 3 lakh per annum, and the investment limit

I-T dept to start biometric monitoring of staff, officers

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The Income Tax Department has decided to bring its over two-lakh strong staff under biometric monitoring system to ensure strict adherence to working hours.

In an ambitious project rolled out by the

Consensus among MPs to raise I-T exemption limit to Rs 3 lakh

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Ahead of the Budget, a key Parliamentary panel scrutinising the Direct Taxes Code (DTC) is likely to recommend raising of income tax exemption limit to Rs 3 lakh and tax breaks on investments to Rs

No need to file I-T returns if salary doesn't exceed Rs5L/year

Salaried employees earning up to Rs. 5 lakh a year will not be required to file income tax returns from this year, says a Finance Ministry notification.

There are about 85 lakh salaried persons in th

PAN to be most potent tool against tax evasion: I-T Dept

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Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country.

Eleven bank lockers of Ponty Chadha sealed

Eleven bank lockers of liquor baron Ponty Chadha were sealed on Friday by the Income Tax department which claimed to have seized cash and jewellery worth Rs15 crore during searches carried out at his

Income tax sleuths raid business baron in UP

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Nineteen properties owned by Mr Gurdeep Singh Chadha, known as Ponty Chadha, were raided by income-tax department officials across Uttar Pradesh and Delhi on Wednesday.

A multi-business baron, Mr Ch

I-T exemption limit may be hiked to Rs 2 lakh

The finance ministry is considering increasing the tax exemption level for personal income-tax to Rs 2 lakh in the forthcoming Union Budget, likely to be presented in the middle of March, sources said

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