There has been a surprising surge in income tax payments from senior citizens during the past year, lifting the overall tax collections from the 60+ population by as much as 61.5% from pre-COVID levels to surpass ₹1 lakh crore. While personal income tax flows have grown …
A man from MP’s Bhind, who earns Rs 58,000 per month, has received yet another notice from the income-tax department demanding him to pay Rs.113 crore in taxes for alleged Rs.132 crore transactions in his account in 2011-12. Despite an investigation launched by none other than …
A superintendent with the Central Goods and Services Tax (GST) department and two others were arrested in Surat in Gujarat for allegedly extorting Rs 12 lakh from a shopkeeper, a police official said on Friday. The CSGST superintendent, his driver and one more person were held …
More than 40.82 crore loans amounting to ₹23.2 lakh crore sanctioned under Pradhan Mantri MUDRA Yojana (PMMY) since inception.MUDRA helped in generation of large-scale employment opportunities at grassroots level and also proved a game changer while boosting Indian economy: Finance Minister Smt. Nirmala Sitharaman.PMMY eased collateral …
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (April 6, 2023) decided to: Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent. The standing deposit …
Total enrolments under various schemes under NPS and APY cross 1.35 crore during Financial Year 2022-23 The number of subscriber enrolments under various schemes under the National Pension System (NPS) and Atal Pension Yojana (APY) crossed 135.95 Lakh during the Financial Year 2022-23 (Table 1). With …
The performance of the Goods and Services Tax Network system has improved steadily over time, resulting in a steady increase in taxpayers in the country, Economic Advisory Council to the Prime Minister (EAC-PM) has said in a working paper. After years of debate, India rolled out …
The Punjab Vigilance Bureau (VB) arrested a Chartered Accountant (CA) Ankush Sareen, a resident of Ludhiana, for taking a bribe of Rs 26 lakh from a man in the name of income tax officers based in Chandigarh. A VB spokesperson said a case has been registered …
The Income Tax department has been given an internal target of issuing refunds within a period of seven days. This came up during the process of drafting the budget. Meeting such a short deadline is a challenge in itself. However, the department has also been able to reduce …
The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be …
