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SMALL TAX PAYERS
Rs 13 lakh cash payment for credit card bill triggers tax notice; man wins case after ITAT accepts ‘family gift’ explanationA Mumbai man faced a tax notice for using Rs 13 lakh cash to pay his credit card bill. He explained the cash as gifts from his wife, father...- Is the Indian middle class dream over? Saurabh Mukherjea on the 3 forces crushing your futureIndia's middle class is in deep trouble. Education no longer guarantees prosperity. Jobs are disappearing, especially in IT. Wages are not ...
- Six big TDS & TCS changes for Tax Year 2026-27: From TDS on NRI property to TCS on overseas remittance for education, know all that has changedNew tax rules for Tax Year 2026-27 begin April 1, 2026. Key changes affect TDS on NRI property and TCS on overseas remittances for educatio...
- Govt to withdraw 1.1 crore small tax demands totalling Rs 3,500 crore: Revenue SecretaryIn her interim budget speech for 2024-25, Finance Minister Nirmala Sitharaman announced withdrawal of outstanding direct tax demands up to ...
- 6.03 crore GST e-invoices generated in December 2020Notably, the e-way bill generation from the National Informatics Centre (NIC) developed e-way bill system is also highest during September ...
- E-way bills: 64.1 million e-invoices generated in October, highest since the introduction of the systemThe e-invoice system under goods and services tax (GST) was launched on October 1, 2020 for the businesses with aggregate turnover of more ...
- Relaxation, clarification on capital gains tax needed in Budget 2020: EYTo encourage small tax payers to invest in the stock market, the government may consider increasing the limit of Rs 1 lakh for taxing the l...
- Small taxpayer got relief in past budgets, says FM Arun JaitleyWith regard to traders with turnover of Rs 2 crore, he said 6 per cent was taken as presumptive income and tax was calculated on that porti...
- Why income tax payers in India are a small and shrinking breedOut of 125 crore Indians only 1.5% (1.9 crore) pay income tax.
- Centre, states reach consensus on control over tax payers: FM Arun JaitleyThe consensus was reached after the Centre agreed to the demand of states to go in for horizontal split with regard to tax payers based on ...
- Revenue dept taking steps to boost growth, jobs: Finance MinistryAs regards corporates, the Revenue Department has lowered the corporate tax rates to 25 per cent for new manufacturing companies.
- Budget 2016: Presumptive taxation regime for professionals introducedBudget 2016 proposes to introduce presumptive taxation regime for professionals which till now was for certain eligible persons engaged in ...
- Budget 2012: Three small changes that can matter to the tax-payerThe changes in the direct tax proposals in this year's Union Budget would not really tax any "expert's" mind. In fact, they were largely co...
- Budget 2012: Income tax exemption limit raised to Rs 2 lakhIndividual will have to pay 10% tax on income between Rs 2 lakh & Rs 5 lakh; 20% between Rs 5 lakh & Rs 10 lakh; and 30% for above Rs 10 la...
- File e-returns, get income-tax refunds in a monthThere is an incentive for taxpayers who file their income-tax returns electronically — they will get their refunds within a month.
- TRPs authorised to prepare TDS, service tax returns, tooMaking it easier for taxpayers to prepare their tax returns, the Income Tax Department has widened the scope of work of Tax Return Preparer...
- I-T dept to accept attachmentsIn a last-minute respite to business houses, partnership firms and small-time investors filing I-T returns, the Gujarat High Court on Monda...
- Can't pay taxes through post officesThe government has withdrawn the facility for tax payers to submit income tax returns through post offices, which was introduced last year,...
- TDS: Ignorance can be taxingWith the govt aiming at widening the TDS regime, most taxpayers are not aware how it impacts them.
- I-T to be click-savvy for small tax payersThe Central Board of Excise and Customs (CBEC) is on a major information technology binge. Just as big companies have got a one-window faci...
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