Income tax

February 1, 2025 1:15 PM

FM Sitharaman’s announcements for internet in govt schools, social security for gig workers

Finance Minister Nirmala Sitharaman announced a slew of initiatives for the poor and marginalised sections including the gig workers. Her blueprint for ‘Viksit Bharat’ includes a social security plan for gig workers and a major thrust on addressing the educational gaps in government-run schools. She announced that broadband connectivity will be provided in all government secondary schools, a move that will bring the students at par with their private counterparts and also open new vistas of...

February 1, 2025 12:43 PM

Tax booster for middle class: No income tax payable on income up to Rs 12 lakh

In a big boost to the Indian middle class, Finance Minister Nirmala Sitharaman on Saturday announced that there will be no income tax payable for incomes up to Rs 12 lakh, and Rs 12.75 lakh for salaried taxpayers (including standard deduction). In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cen...

January 22, 2025 1:34 PM

Centre notifies new income-tax rules for non-resident cruise ship operators

The Central Board of Direct Taxes (CBDT) has notified amendments to the Income-Tax Rules, outlining the conditions for the applicability of the presumptive taxation regime for non-resident cruise ship operators, according to an official statement issued on Wednesday. As a measure to promote investment and employment, the Finance Act, 2024, introduced a presumptive taxation regime for non-residents engaged in the business of operating cruise ships. Additionally, an exemption has been provided f...

July 26, 2024 10:48 PM

Over 5 crore Income Tax Returns filed till July 26

The Income Tax Department of India announced on Friday that over 5 crore Income Tax Returns (ITRs) for the assessment year 2024-25 have been filed as of July 26. This milestone was reached a day earlier compared to the previous year, signaling a robust response from taxpayers. In a statement released on social media platform X, the department expressed its gratitude to taxpayers and tax professionals for their cooperation in achieving this significant number. "We express our gratitude to the t...

April 9, 2024 12:07 PM

Income tax department clarifies misinformation regarding HRA claims

Income Tax Department has addressed concerns raised by taxpayers regarding certain discrepancies in the information provided to the department. These discrepancies were identified during routine verification exercises conducted by the department. The department has clarified that there is no basis for apprehensions regarding retrospective taxation or the reopening of cases related to incorrect claims of House Rent Allowance (HRA) and rent paid by employees. Central Board of Direct Taxes (CBDT)...